# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001752724-25-180666
**Filing Date:** 2025-7
**Character Count:** 165712
**Document Hash:** 19049660dfc7459da3960fad72578a3d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180666.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180666

**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 I
- **CENTRAL INDEX KEY:** 0001217286

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 251154617

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

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

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

## Series and Classes Contracts Data

### JPMorgan New York Tax Free Bond Fund (Series ID: S000002948)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008072 | Class I      | JNYIX           |
| C000008073 | Class A      | VANTX           |
| C000008075 | Class C      | JCNTX           |
| C000205202 | Class R6     | VINRX           |

## Nport-Ex

**JPMorgan New York 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 New York 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—94.4%** (a) | **Municipal Bonds—94.4%** (a) | **Municipal Bonds—94.4%** (a) |
| **Alabama—1.0%** | **Alabama—1.0%** | **Alabama—1.0%** |
| **Utility—1.0%** | **Utility—1.0%** | **Utility—1.0%** |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project, Series 2024D, Rev., 5.00%, 11/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2882 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District (The), Project No. 2, Series 2024B, Rev., 5.00%, 5/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3927 |
| **California—1.2%** | **California—1.2%** | **California—1.2%** |
| **Other Revenue—0.9%** | **Other Revenue—0.9%** | **Other Revenue—0.9%** |
| &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) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2906 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 7300 | &nbsp;&nbsp;&nbsp;&nbsp; 783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3689 |
| **Utility—0.3%** | **Utility—0.3%** | **Utility—0.3%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project, Series 2024H, Rev., 5.00%, 8/1/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 4753 |
| **Florida—0.1%** | **Florida—0.1%** | **Florida—0.1%** |
| **Transportation—0.1%** | **Transportation—0.1%** | **Transportation—0.1%** |
| &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; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
| **Georgia—3.1%** | **Georgia—3.1%** | **Georgia—3.1%** |
| **Utility—3.1%** | **Utility—3.1%** | **Utility—3.1%** |
| &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; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 4/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 9/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2360 | &nbsp;&nbsp;&nbsp;&nbsp; 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., 5.00%, 12/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4947 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12270 |
| **Iowa—0.3%** | **Iowa—0.3%** | **Iowa—0.3%** |
| **Other Revenue—0.3%** | **Other Revenue—0.3%** | **Other Revenue—0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021-B-2, Rev., Zero Coupon, <br> 6/1/2065<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 |
| **Kentucky—0.4%** | **Kentucky—0.4%** | **Kentucky—0.4%** |
| **Utility—0.4%** | **Utility—0.4%** | **Utility—0.4%** |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply, Series 2024A, Rev., 5.00%, 7/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1555 |
| **New York—83.9%** | **New York—83.9%** | **New York—83.9%** |
| **Education—7.5%** | **Education—7.5%** | **Education—7.5%** |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Bay Ridge Preparatory School Project, Series 2024, Rev., 5.00%, 9/1/2044 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1270 | &nbsp;&nbsp;&nbsp;&nbsp; 1178 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Success Academy Charter School Project, Series 2025, Rev., 5.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079 |
| &nbsp;&nbsp;&nbsp; Clinton County Capital Resource Corp., CVCES Boces Project, Series 2025, Rev., 5.00%, 7/1/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 724 |
| &nbsp;&nbsp;&nbsp; Madison County Capital Resource Corp., Colgate University Refunding Project, Rev., 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Eugenio Maria De Hostos Charter School Project, Series 2024A, Rev., 5.00%, <br> 7/1/2044 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1188 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Series 2024, Rev., 5.25%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3050 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Brooklyn Law School, Series 2019A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2474 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Court Facilities Lease, Series 2005A, Rev., AMBAC, 5.50%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5122 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, New York University, Series 2001-1, Rev., AMBAC, 5.50%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2280 | &nbsp;&nbsp;&nbsp;&nbsp; 2284 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Pace University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072 |

---

------

**JPMorgan New York 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** |
| **Education — continued** | **Education — continued** | **Education — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.50%, 5/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.50%, 5/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3029 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program, Series 2025A, Rev., A.G., 5.00%, 10/1/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2110 | &nbsp;&nbsp;&nbsp;&nbsp; 2325 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Supported Debt University Facilities, Series 2020A, Rev., 4.00%, 7/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1688 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, The New School, Series 2025A, Rev., 4.25%, 7/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1328 |
| &nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp., Syracuse University Project, Rev., 4.50%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29877 |
| **General Obligation—13.2%** | **General Obligation—13.2%** | **General Obligation—13.2%** |
| &nbsp;&nbsp;&nbsp; Camden Central School District, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; Chappaqua Central School District, GO, 4.00%, 7/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp;&nbsp; 1013 |
| &nbsp;&nbsp;&nbsp; City of Jamestown, GO, BAN, 4.25%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5670 | &nbsp;&nbsp;&nbsp;&nbsp; 5721 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2008, Series 2008 L-4, GO, VRDO, 1.55%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2022, Series 2022D, Subseries D-1, GO, 5.25%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1601 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2023, Series 2023A, Subseries A-4, GO, VRDO, 1.45%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp;&nbsp; 935 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2024, Series 2024A, GO, 5.00%, 8/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3850 | &nbsp;&nbsp;&nbsp;&nbsp; 3949 |
| &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%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025G, Subseries G-1, GO, 5.25%, 2/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041 |
| &nbsp;&nbsp;&nbsp; City of Yonkers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, A.G., 5.00%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, A.G., 5.00%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, A.G., 5.00%, 2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1505 | &nbsp;&nbsp;&nbsp;&nbsp; 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, A.G., 5.00%, 2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp; County of Albany, Series 2022A, GO, 4.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp;&nbsp; 1094 |
| &nbsp;&nbsp;&nbsp; County of Erie, Buffalo Bills Stadium Project, Series 2024B, GO, 5.25%, 9/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1591 |
| &nbsp;&nbsp;&nbsp; County of Nassau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, A.G., 4.00%, 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 4.25%, 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1775 |
| &nbsp;&nbsp;&nbsp; County of Nassau, General Improvement, Series 2023A, GO, A.G., 4.00%, 4/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1405 |
| &nbsp;&nbsp;&nbsp; County of Onondaga |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, GO, 4.00%, 6/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, 4.00%, 8/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1565 | &nbsp;&nbsp;&nbsp;&nbsp; 1432 |
| &nbsp;&nbsp;&nbsp; County of Suffolk, Series 2017D, GO, 4.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3375 | &nbsp;&nbsp;&nbsp;&nbsp; 3451 |
| &nbsp;&nbsp;&nbsp; Gloversville Enlarged School District, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; Medina Central School District, GO, BAN, 4.50%, 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3504 |
| &nbsp;&nbsp;&nbsp; Northeastern Clinton Central School District, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; State of New York, Series 2023A, GO, 5.00%, 3/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067 |
| &nbsp;&nbsp;&nbsp; Town of Clarkstown, Series 2023, GO, 4.00%, 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 990 | &nbsp;&nbsp;&nbsp;&nbsp; 965 |
| &nbsp;&nbsp;&nbsp; Town of Hempstead, GO, 4.00%, 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1725 | &nbsp;&nbsp;&nbsp;&nbsp; 1645 |
| &nbsp;&nbsp;&nbsp; Town of Huntington, Public Improvement, Series 2022A, GO, 4.00%, 6/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp;&nbsp; 1403 |

---

------

**JPMorgan New York 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** |
| **General Obligation — continued** | **General Obligation — continued** | **General Obligation — continued** |
| &nbsp;&nbsp;&nbsp; Uniondale Union Free School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 52373 |
| **Hospital—3.2%** | **Hospital—3.2%** | **Hospital—3.2%** |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 2-B, Rev., 5.00%, 7/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 1, Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1655 | &nbsp;&nbsp;&nbsp;&nbsp; 1863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 1-B, Rev., 4.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 1, Rev., 5.25%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Northwell Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.25%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1595 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, White Plains Hospital, Series 2024, Rev., 5.25%, 10/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001 |
| &nbsp;&nbsp;&nbsp; Oneida County Local Development Corp., Mohawk Valley Health System Project, Series 2019A, Rev., A.G., 4.00%, 12/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1785 | &nbsp;&nbsp;&nbsp;&nbsp; 1546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12639 |
| **Housing—2.8%** | **Housing—2.8%** | **Housing—2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Series 2024 CL F, Rev., 5.25%, <br> 12/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp;&nbsp;&nbsp; 3963 |
| &nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, 160 Madison Avenue LLC, Series 2013A, Rev., VRDO, 1.60%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4225 | &nbsp;&nbsp;&nbsp;&nbsp; 4225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, 160 West 62nd Street Housing, Series 2011A-2, Rev., FHLMC COLL, 3.60%, <br> 4/1/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1981 |
| &nbsp;&nbsp;&nbsp; Onondaga County Trust for Cultural Resources, Abby Lane Housing Corp., Series 2017, Rev., 5.00%, 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11157 |
| **Industrial Development Revenue/Pollution Control Revenue—2.6%** | **Industrial Development Revenue/Pollution Control Revenue—2.6%** | **Industrial Development Revenue/Pollution Control Revenue—2.6%** |
| &nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Queens Baseball Stadium Project, Series 2021A, Rev., A.G., 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1358 |
| &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; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2660 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., Goldman Sachs Headquarters LLC, Series 2005, Rev., 5.25%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2460 | &nbsp;&nbsp;&nbsp;&nbsp; 2744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program, Series 2021B, Rev., 4.00%, <br> 8/15/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1380 | &nbsp;&nbsp;&nbsp;&nbsp; 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp.,Solid Waste Disposal, Waste Management, Inc. Project, Rev., AMT, 4.10%, <br> 8/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10128 |
| **Other Revenue—25.1%** | **Other Revenue—25.1%** | **Other Revenue—25.1%** |
| &nbsp;&nbsp;&nbsp; Battery Park City Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D-1, Rev., VRDO, 1.53%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13600 | &nbsp;&nbsp;&nbsp;&nbsp; 13600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1335 | &nbsp;&nbsp;&nbsp;&nbsp; 1367 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3620 | &nbsp;&nbsp;&nbsp;&nbsp; 4003 |
| &nbsp;&nbsp;&nbsp; Chautauqua Tobacco Asset Securitization Corp., Series 2014, Rev., 5.00%, 6/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp;&nbsp;&nbsp; 2851 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 3/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020E, Rev., 4.00%, 3/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1340 |

---

------

**JPMorgan New York 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** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| &nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., Second Indenture |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp;&nbsp; 1631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2125 | &nbsp;&nbsp;&nbsp;&nbsp; 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 2/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1730 | &nbsp;&nbsp;&nbsp;&nbsp; 1672 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015, Series 2015S-1, Rev., 5.00%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2502 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019S-2A, Rev., 5.00%, 7/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019S-3A, Rev., 5.00%, 7/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011, Series 2011A-4, Rev., VRDO, 1.50%, <br> 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017, Series 2017E1, Rev., 5.00%, 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019, Series 2019C-4, Rev., VRDO, 1.50%, <br> 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022, Series 2022F, Subseries F-1, Rev., 4.00%, <br> 2/1/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1951 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023, Series 2023F, Rev., 5.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2077 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 5/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024F, Subseries F-1, Rev., 4.25%, 2/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 893 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025D, Rev., 5.00%, 5/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2019, Series B-1, Rev., 5.00%, <br> 8/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1535 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025-J, Subseries J-1, <br> Rev., 5.50%, 5/1/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2122 |
| &nbsp;&nbsp;&nbsp; New York Convention Center Development Corp., Hotel Unit Fee Secured, Rev., 5.00%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2170 | &nbsp;&nbsp;&nbsp;&nbsp; 2133 |
| &nbsp;&nbsp;&nbsp; New York Convention Center Development Corp., Senior Lien, Hotel Unit Fee Secured, Series A, Rev., Zero Coupon, 11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured, Series B, Rev., Zero Coupon, <br> 11/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4090 | &nbsp;&nbsp;&nbsp;&nbsp; 2864 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018E-2, Rev., 5.00%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 3/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-1, Rev., 4.00%, 3/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 |
| &nbsp;&nbsp;&nbsp; Suffolk Regional Off-Track Betting Corp., Series 2024, Rev., 5.75%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp; Suffolk Tobacco Asset Securitization Corp., Series 2021A-2, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2358 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority Sales Tax, Series 2024A, Subseries A-1, Rev., 4.13%, 5/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 3515 | &nbsp;&nbsp;&nbsp;&nbsp; 2895 |
| &nbsp;&nbsp;&nbsp; TSASC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 6/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2051 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Kendal on Hudson Project, Series 2022B, Rev., 5.00%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021A, Rev., 5.00%, <br> 7/1/2056 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1734 |

---

------

**JPMorgan New York 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** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| &nbsp;&nbsp;&nbsp; Westchester Tobacco Asset Securitization Corp., Tobacco Settlement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1775 | &nbsp;&nbsp;&nbsp;&nbsp; 1796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 99253 |
| **Special Tax—4.6%** | **Special Tax—4.6%** | **Special Tax—4.6%** |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 4.00%, 3/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 3/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2842 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 3/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 3/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1557 |
| &nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, State Personal Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B-2, Rev., 3.30%, 12/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 4.55%, 12/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 913 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority, Personal Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, Rev., 4.00%, 3/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 3/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, Rev., 4.00%, 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18240 |
| **Transportation—13.5%** | **Transportation—13.5%** | **Transportation—13.5%** |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A-2, Rev., 5.00%, 5/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2185 | &nbsp;&nbsp;&nbsp;&nbsp; 2276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4120 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Dedicated Tax Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., Zero Coupon, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.25%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1039 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L, Rev., 5.00%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, Rev., 4.00%, 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2338 |
| &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; Series 2018, Rev., AMT, 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., AMT, 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2155 | &nbsp;&nbsp;&nbsp;&nbsp; 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., AMT, 4.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2315 | &nbsp;&nbsp;&nbsp;&nbsp; 2157 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 6/30/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., AMT, A.G., 0.0%, 12/31/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1227 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 221, Rev., AMT, 4.00%, 7/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1355 | &nbsp;&nbsp;&nbsp;&nbsp; 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 244, Rev., 5.00%, 7/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 248, Rev., 5.00%, 1/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 245, Rev., 5.00%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1531 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, Series 2024B,SubseriesB-3, Rev., 5.00%, 11/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5040 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., Zero Coupon, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1543 |

---

------

**JPMorgan New York 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** |
| **Transportation — continued** | **Transportation — continued** | **Transportation — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 4.00%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 4.00%, 11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1504 |
| &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;&nbsp; 53361 |
| **Utility—6.6%** | **Utility—6.6%** | **Utility—6.6%** |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 3.00%, 9/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2725 | &nbsp;&nbsp;&nbsp;&nbsp; 2732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1949 |
| &nbsp;&nbsp;&nbsp; New York Power Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2702 |
| &nbsp;&nbsp;&nbsp; New York Power Authority, Green Transmission Project, Series 2022A, Rev., A.G., 5.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp;&nbsp; 916 |
| &nbsp;&nbsp;&nbsp; New York State Energy Research and Development Authority, Series 1997A, Rev., 3.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3996 |
| &nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, Series 2016A, Rev., 5.00%, 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3308 |
| &nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, Restructuring Bond, Series 2016B, Rev., 5.00%, 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2450 | &nbsp;&nbsp;&nbsp;&nbsp; 2492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26198 |
| **Water & Sewer—4.8%** | **Water & Sewer—4.8%** | **Water & Sewer—4.8%** |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution, Series 2025BB, Rev., 5.00%, 6/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025DD, Rev., 5.50%, 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025CC, Rev., 5.00%, 6/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2018, Series <br> 2018CC-1, Rev., 4.00%, 6/15/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020CC-1, Rev., 4.00%, 6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries 202DD-3, Rev., 4.00%, 6/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2022, Series <br> 2022, Subseries BB-1, Rev., 4.00%, 6/15/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2025, Series <br> 2025AA, Subseries AA-1, Rev., 5.25%, 6/15/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance <br> Authority Projects - Second Resolution<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017E, Rev., 5.00%, 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 6/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Pooled Financing Program, <br> Series 2005B, Rev., 5.50%, 10/15/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3535 | &nbsp;&nbsp;&nbsp;&nbsp; 3566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program, Series 2025A, Rev., 5.00%, <br> 9/15/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18831 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 332057 |

---

------

**JPMorgan New York 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** |
| **Water & Sewer — continued** | **Water & Sewer — continued** | **Water & Sewer — continued** |
| **North Carolina—0.5%** | **North Carolina—0.5%** | **North Carolina—0.5%** |
| **Housing—0.5%** | **Housing—0.5%** | **Housing—0.5%** |
| &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 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, 1/1/2056 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2123 |
| **Ohio—0.3%** | **Ohio—0.3%** | **Ohio—0.3%** |
| **Other Revenue—0.1%** | **Other Revenue—0.1%** | **Other Revenue—0.1%** |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp;&nbsp;&nbsp; 374 |
| **Transportation—0.2%** | **Transportation—0.2%** | **Transportation—0.2%** |
| &nbsp;&nbsp;&nbsp; Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 1375 |
| **Pennsylvania—0.3%** | **Pennsylvania—0.3%** | **Pennsylvania—0.3%** |
| **Other Revenue—0.3%** | **Other Revenue—0.3%** | **Other Revenue—0.3%** |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-146A, Rev., 6.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089 |
| **Puerto Rico—1.5%** | **Puerto Rico—1.5%** | **Puerto Rico—1.5%** |
| **General Obligation—0.5%** | **General Obligation—0.5%** | **General Obligation—0.5%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, Series 2022A-1, GO, 5.63%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2052 |
| **Other Revenue—1.0%** | **Other Revenue—1.0%** | **Other Revenue—1.0%** |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., Zero Coupon, 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Rev., 4.78%, 7/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3738 |
| &nbsp;&nbsp;&nbsp; Total Puerto Rico |  | &nbsp;&nbsp;&nbsp;&nbsp; 5790 |
| **South Dakota—0.4%** | **South Dakota—0.4%** | **South Dakota—0.4%** |
| **Housing—0.4%** | **Housing—0.4%** | **Housing—0.4%** |
| &nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.25%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp; 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1671 |
| **Texas—0.6%** | **Texas—0.6%** | **Texas—0.6%** |
| **Industrial Development Revenue/Pollution Control Revenue—0.2%** | **Industrial Development Revenue/Pollution Control Revenue—0.2%** | **Industrial Development Revenue/Pollution Control Revenue—0.2%** |
| &nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Waste Management, Inc. Project, Series 2020B, Rev., AMT, 3.95%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| **Utility—0.4%** | **Utility—0.4%** | **Utility—0.4%** |
| &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; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1579 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 2579 |

---

------

**JPMorgan New York 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** |
| **Utility — continued** | **Utility — continued** | **Utility — continued** |
| **Wisconsin—0.8%** | **Wisconsin—0.8%** | **Wisconsin—0.8%** |
| **Industrial Development Revenue/Pollution Control Revenue—0.3%** | **Industrial Development Revenue/Pollution Control Revenue—0.3%** | **Industrial Development Revenue/Pollution Control Revenue—0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership, Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, <br> 9/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 970 | &nbsp;&nbsp;&nbsp;&nbsp; 1041 |
| **Transportation—0.5%** | **Transportation—0.5%** | **Transportation—0.5%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.75%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2051 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 3092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $380,157)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 373540 |
|  | &nbsp;&nbsp;&nbsp; **Shares** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Short-Term Investments—5.2%** | **Short-Term Investments—5.2%** | **Short-Term Investments—5.2%** |
| **Investment Companies—5.2%** | **Investment Companies—5.2%** | **Investment Companies—5.2%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.30% (f) (g)(Cost $20,597) | &nbsp;&nbsp;&nbsp;&nbsp; 20596 | &nbsp;&nbsp;&nbsp;&nbsp; 20598 |
| **Total Investments—99.6%** <br>**(Cost $400,754)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **394138** |
| **Assets in Excess of Other Liabilities—0.4%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1440** |
| **Net Assets—100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **395578** |

---

&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 |
| COLL | Collateral |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| MTA | Metropolitan Transportation Authority |
| Rev. | Revenue |
| 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) 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;(d) 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;(e) Security is prerefunded or escrowed to maturity.

&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.

------

**JPMorgan New York Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**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 Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4299 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (3046)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1512)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (72)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17 |

---

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

---

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

---

------

**JPMorgan New York 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; $373540 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $373540 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 20598 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20598 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $20598 | &nbsp;&nbsp;&nbsp;&nbsp; $373540 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $394138 |

---

------

**JPMorgan New York 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; $89 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $89 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(72)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $17 |

---

**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>| $20688 | $69655 | $69745 | $—<br> (c)<br>| $—<br> (c)<br>| $20598 | 20596 | $167 | $— |

---

&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 I

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

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

- **b. EDGAR series identifier (if any):** S000002948

- **c. LEI of Series:** 84650YTJCL4Y4SYY2Z84

**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:** $398625500.28

**Total Liabilities:** $3620171.09

**Net Assets:** $395005329.19

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 716.18076000 | **1-Year:** 11540.12314000 | **5-Year:** 43197.62438000 | **10-Year:** 130467.67993000 | **30-Year:** 28452.20238000

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

- **3-Month:** 134.63344000 | **1-Year:** 865.05490000 | **5-Year:** 3564.32608000 | **10-Year:** 6294.08911000 | **30-Year:** 16069.17555000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205202 | -1.26%               | -0.32%               | -0.33%               |
| Class ID C000008073 | -1.28%               | -0.49%               | -0.35%               |
| Class ID C000008075 | -1.33%               | -0.38%               | -0.55%               |
| Class ID C000008072 | -1.42%               | -0.32%               | -0.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $20829.30                | $-6108967.41                               |
| Month 2  | $-1309310.78             | $-1315010.53                               |
| Month 3  | $-349219.98              | $-2324178.35                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                      | Title                                                                                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Chautauqua Tobacco Asset Securitization Corp.                             | Chautauqua Tobacco Asset Securitization Corp., Series 2014                                                                                             | CUSIP: 162564BB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $2850793.92   | 0.72%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Onondaga NY                                                     | County of Onondaga, Series 2022                                                                                                                        | CUSIP: 68277DHA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015112.20   | 0.51%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Pace University, Series 2024A                                                                                      | CUSIP: 65000B4Z8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3029195.40   | 0.77%             | 2056-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2024A                                                                                                | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2360000 | PA      | $2478134.76   | 0.63%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                   | Port Authority of New York and New Jersey, Consolidated, Series 244                                                                                    | CUSIP: 73358XMA7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2110393.20   | 0.53%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, White Plains Hospital, Series 2024                                                                                 | CUSIP: 65000B7X0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000680.60   | 0.51%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                       | City of New York, Fiscal Year 2022, Series 2022D, Subseries D-1                                                                                        | CUSIP: 64966QB66<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1601372.55   | 0.41%             | 2039-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                             | New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program, Series 2021B                                           | CUSIP: 64985HL70<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1364899.35   | 0.35%             | 2039-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Huntington NY                                                     | Town of Huntington, Public Improvement, Series 2022A                                                                                                   | CUSIP: 446457H30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1402623.71   | 0.36%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp.                                         | Hudson Yards Infrastructure Corp., Second Indenture, Series 2017A                                                                                      | CUSIP: 44420RAS9<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1630751.82   | 0.41%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2013A                                                                          | CUSIP: 89602NG24<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2251930.50   | 0.57%             | 2032-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                | South Dakota Housing Development Authority, Series 2024C                                                                                               | CUSIP: 83756LBH7<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    495000 | PA      | $547017.22    | 0.14%             | 2055-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                     | Metropolitan Transportation Authority, Series 2015A-2                                                                                                  | CUSIP: 59261AG68<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2275666.58   | 0.58%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                              | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025-J, Subseries J-1                          | CUSIP: 64972JTU2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2122233.20   | 0.54%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Series 2024                                                                                                        | CUSIP: 65000BT81<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3049861.80   | 0.77%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2019C                                                                          | CUSIP: 89602RFQ3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1266912.90   | 0.32%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2024D                                                                                                | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2092088.00   | 0.53%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                            | Black Belt Energy Gas District, Gas Project, Series 2024D                                                                                              | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2881529.48   | 0.73%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                  | Metropolitan Transportation Authority Dedicated Tax Fund, Series 2016A                                                                                 | CUSIP: 59259N2W2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1038948.44   | 0.26%             | 2034-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, State Sales Tax, Series 2023A-1                                                                                    | CUSIP: 64990ASP1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1005897.43   | 0.25%             | 2043-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                            | Empire State Development Corp., State Personal Income Tax, General Purpose, Series 2020E                                                               | CUSIP: 650036DK9<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1339866.75   | 0.34%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2024A                                                           | CUSIP: 64990KFX6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1556962.95   | 0.39%             | 2052-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                  | New York Power Authority, Series 2024A                                                                                                                 | CUSIP: 64989KMC7<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1602260.85   | 0.41%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Yonkers NY                                                        | City of Yonkers, Series 2024A                                                                                                                          | CUSIP: 9860822L8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1575775.64   | 0.40%             | 2042-02-15      | 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    | 0.25%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                        | New York Liberty Development Corp., Goldman Sachs Headquarters LLC, Series 2005                                                                        | CUSIP: 531127AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2743871.70   | 0.69%             | 2035-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | New York City Municipal Water Finance Authority, Second General Resolution, Fiscal Year 2025, Series 2025DD                                            | CUSIP: 64972GP73<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128548.90   | 0.29%             | 2039-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | New York City Municipal Water Finance Authority, Second General Resolution, Fiscal Year 2025, Series 2025CC                                            | CUSIP: 64972GN26<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2065843.00   | 0.52%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                   | Port Authority of New York and New Jersey, Consolidated, Series 245                                                                                    | CUSIP: 73358XND0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1530829.35   | 0.39%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                             | New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Seco | CUSIP: 64986DPL3<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048322.80   | 0.27%             | 2053-06-15      | Fixed         | 5.25%                 | 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        |   7300000 | PA      | $783092.17    | 0.20%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Battery Park City Authority                                               | Battery Park City Authority, Series 2019D-1                                                                                                            | CUSIP: 07133AJB9<br>LEI: 549300RF3SFDOWRHVM56 | Long             | STIV             | MUN               | US        |  13600000 | PA      | $13600000.00  | 3.44%             | 2038-11-01      | Variable      | 2.93%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                     | Utility Debt Securitization Authority, Series 2016A                                                                                                    | CUSIP: 91802RCG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3307660.53   | 0.84%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2023A                                                                          | CUSIP: 89602HFR3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1601555.04   | 0.41%             | 2037-11-15      | 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        |    250000 | PA      | $229461.00    | 0.06%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2021C                                                                                                | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2752713.43   | 0.70%             | 2052-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                | Westchester County Local Development Corp., Kendal on Hudson Project, Series 2022B                                                                     | CUSIP: 95737TFB7<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    240000 | PA      | $252517.30    | 0.06%             | 2032-01-01      | Fixed         | 5.00%                 | 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        |   3900000 | PA      | $3963139.83   | 1.00%             | 2031-12-15      | Fixed         | 5.25%                 | 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        |   2315000 | PA      | $2157554.77   | 0.55%             | 2036-01-01      | 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: 64966SLY0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048360.90   | 0.27%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester Tobacco Asset Securitization Corp.                            | Westchester Tobacco Asset Securitization Corp., Tobacco Settlement, Series B                                                                           | CUSIP: 957480BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1795737.33   | 0.45%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                  | New York Power Authority, Green Transmission Project, Series 2022A                                                                                     | CUSIP: 65000XAM2<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |    840000 | PA      | $916204.30    | 0.23%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2022A                                                                          | CUSIP: 89602HCB1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2040000 | PA      | $1904455.06   | 0.48%             | 2041-05-15      | 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        |        38 | NC      | $89084.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Convention Center Development Corp.                              | New York Convention Center Development Corp., Hotel Unit Fee Secured                                                                                   | CUSIP: 649451DC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2132845.69   | 0.54%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                              | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024, Series 2024F, Subseries F-1                                        | CUSIP: 64972JGX0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $892679.50    | 0.23%             | 2054-02-01      | Fixed         | 4.25%                 | 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        |   1000000 | PA      | $1063695.10   | 0.27%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Hempstead NY                                                      | Town of Hempstead                                                                                                                                      | CUSIP: 424672T37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1645431.27   | 0.42%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Battery Park City Authority                                               | Battery Park City Authority, Series 2019B                                                                                                              | CUSIP: 07133AHY1<br>LEI: 549300RF3SFDOWRHVM56 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2086191.40   | 0.53%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 2025 1                                                              | CUSIP: 64985SBX0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    515000 | PA      | $531506.16    | 0.13%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue         | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019, Series 2019S-2A                                                          | CUSIP: 64972HU34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2079688.80   | 0.53%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                                   | CUSIP: 64985SDH3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2325012.17   | 0.59%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Nassau NY                                                       | County of Nassau, General Improvement, Series 2023A                                                                                                    | CUSIP: 63165T3Y9<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1404574.50   | 0.36%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New York                                                         | State of New York, Series 2023A                                                                                                                        | CUSIP: 649791SL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067313.10   | 0.27%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                               | New York City Industrial Development Agency, Queens Baseball Stadium Project, Series 2021A                                                             | CUSIP: 64971PKZ7<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1357750.88   | 0.34%             | 2031-01-01      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $999970.90    | 0.25%             | 2040-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                   | Port Authority of New York and New Jersey, Consolidated, Series 248                                                                                    | CUSIP: 73358XPY2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2050590.40   | 0.52%             | 2050-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                 | New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project, Series 2024B                                | CUSIP: 650116HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1226577.40   | 0.31%             | 2054-12-31      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                          | New York State Thruway Authority, Personal Income Tax, Series 2021A-1                                                                                  | CUSIP: 650028XC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2293693.50   | 0.58%             | 2042-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Court Facilities Lease, Series 2005A                                                                               | CUSIP: 64983QHZ5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5121434.50   | 1.30%             | 2026-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chappaqua Central School District                                         | Chappaqua Central School District                                                                                                                      | CUSIP: 159555NC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1012772.48   | 0.26%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Tobacco Settlement Authority                                         | Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021-B-2, Class 2                                      | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $1029622.30   | 0.26%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                       | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-146A                                                                          | CUSIP: 70879QXV0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088468.20   | 0.28%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| County of Suffolk NY                                                      | County of Suffolk, Series 2017D                                                                                                                        | CUSIP: 86476PWT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3451049.55   | 0.87%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Ultra Bond                                                                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -13 | NC      | $-34749.57    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| TSASC, Inc.                                                               | TSASC, Inc., Series A                                                                                                                                  | CUSIP: 898526FD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013121.60   | 0.51%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                     | New York State Housing Finance Agency, Sate Personal Income Tax, Series 2024C                                                                          | CUSIP: 649870QF2<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $912776.40    | 0.23%             | 2054-12-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                              | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured, Series B                                                       | CUSIP: 649451FX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4090000 | PA      | $2864136.20   | 0.73%             | 2033-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Brooklyn Law School, Series 2019A                                                                                  | CUSIP: 64990GMJ8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2473544.88   | 0.63%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp.                                  | Suffolk Regional Off-Track Betting Corp., Series 2024                                                                                                  | CUSIP: 86480TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023251.80   | 0.26%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp.                                         | Hudson Yards Infrastructure Corp., Second Indenture, Series 2017A                                                                                      | CUSIP: 44420RBC3<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2158241.16   | 0.55%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                       | City of New York, Fiscal Year 2008, Series 2008 L-4                                                                                                    | CUSIP: 64966G4P4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.51%             | 2038-04-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                              | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024, Series 2024B                                                       | CUSIP: 64972JAT5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041462.20   | 0.26%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Yonkers NY                                                        | City of Yonkers, Series 2024A                                                                                                                          | CUSIP: 9860822K0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051674.00   | 0.27%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018                   | CUSIP: 650116CK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2179823.01   | 0.55%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021A                                            | CUSIP: 95737TEU6<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1734111.00   | 0.44%             | 2056-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York Power Authority                                                  | New York Power Authority, Series 2024A                                                                                                                 | CUSIP: 64989KME3<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055987.00   | 0.27%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison County Capital Resource Corp.                                     | Madison County Capital Resource Corp., Colgate University Refunding Project                                                                            | CUSIP: 557363ET1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1236511.17   | 0.31%             | 2041-07-01      | Fixed         | 5.00%                 | 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    | 0.22%             | 2058-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Gloversville Enlarged School District                                     | Gloversville Enlarged School District                                                                                                                  | CUSIP: 379874JE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000670.60   | 0.25%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                          | Kentucky Public Energy Authority, Gas Supply, Series 2024A                                                                                             | CUSIP: 74440DEL4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1555071.45   | 0.39%             | 2055-05-01      | Variable      | 5.00%                 | 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        |   2000000 | PA      | $1870320.80   | 0.47%             | 2050-12-01      | Fixed         | 4.50%                 | 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        |       -27 | NC      | $-37364.05    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| City of Jamestown NY                                                      | City of Jamestown                                                                                                                                      | CUSIP: 470574J96<br>LEI: 549300B6ML3S2H2XXS23 | Long             | DBT              | MUN               | US        |   5670081 | PA      | $5721431.52   | 1.45%             | 2026-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2020A                                                           | CUSIP: 64990FYQ1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1484913.62   | 0.38%             | 2047-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority, Senior Lien                                                                                                                  | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023999.50   | 0.26%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                               | Long Island Power Authority, Electric System, Series 2019A                                                                                             | CUSIP: 542691CK4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2732464.05   | 0.69%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, State Sales Tax, Series 2018E-2                                                                                    | CUSIP: 64990AMJ1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088118.80   | 0.53%             | 2033-03-15      | Fixed         | 5.00%                 | 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        |   1500000 | PA      | $1578914.10   | 0.40%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Onondaga NY                                                     | County of Onondaga, Series 2024                                                                                                                        | CUSIP: 68277DJY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1432322.43   | 0.36%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2020, Series Subseries 202DD-3         | CUSIP: 64972GWL4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2298973.75   | 0.58%             | 2042-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 2025 1                                                              | CUSIP: 64985SBW2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1863065.11   | 0.47%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                            | Empire State Development Corp., State Personal Income Tax, General Purpose, Series 2020C                                                               | CUSIP: 650036BY1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984762.70    | 0.25%             | 2037-03-15      | Fixed         | 4.00%                 | 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   | 0.28%             | 2056-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Town of Clarkstown NY                                                     | Town of Clarkstown, Series 2023                                                                                                                        | CUSIP: 1823067Y0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $964810.54    | 0.24%             | 2039-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Yonkers NY                                                        | City of Yonkers, Series 2024B                                                                                                                          | CUSIP: 9860823C7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051674.00   | 0.27%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clinton County Capital Resource Corp.                                     | Clinton County Capital Resource Corp., CVCES Boces Project, Series 2025                                                                                | CUSIP: 187469AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $724088.03    | 0.18%             | 2046-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| TSASC, Inc.                                                               | TSASC, Inc., Series B                                                                                                                                  | CUSIP: 898526FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2050760.17   | 0.52%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                          | New York State Thruway Authority, Personal Income Tax, Series 2021A-1                                                                                  | CUSIP: 650028WY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1465987.50   | 0.37%             | 2038-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Erie NY                                                         | County of Erie, Buffalo Bills Stadium Project, Series 2024B                                                                                            | CUSIP: 295084YS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1590888.30   | 0.40%             | 2048-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Camden Central School District                                            | Camden Central School District                                                                                                                         | CUSIP: 133123MG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000628.90   | 0.25%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                       | City of New York, Fiscal Year 2023, Series 2023A, Subseries A-4                                                                                        | CUSIP: 64966QH37<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |    935000 | PA      | $935000.00    | 0.24%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                               | Long Island Power Authority, Electric System, Series 2018                                                                                              | CUSIP: 542691BR0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2080861.60   | 0.53%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                               | Long Island Power Authority, Electric System, Series 2021A                                                                                             | CUSIP: 542691EV8<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $1948594.77   | 0.49%             | 2041-09-01      | 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        |   1000000 | PA      | $1027168.80   | 0.26%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Albany NY                                                       | County of Albany, Series 2022A                                                                                                                         | CUSIP: 01212PEZ5<br>LEI: 549300GBQON0LOLHN826 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1093639.00   | 0.28%             | 2036-06-01      | Fixed         | 4.00%                 | 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        |    970000 | PA      | $1041278.51   | 0.26%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2022, Series 2022, Subseries BB-1      | CUSIP: 64972GZP2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1350157.20   | 0.34%             | 2045-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, State Sales Tax, Series 2015B                                                                                      | CUSIP: 64990ADY8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5023791.50   | 1.27%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011, Series 2011A-4                                                     | CUSIP: 64971XKU1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.51%             | 2039-08-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 2022 1-B                                                            | CUSIP: 65000BPS1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1116984.83   | 0.28%             | 2051-07-01      | Fixed         | 4.00%                 | 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        |   2000000 | PA      | $1830823.00   | 0.46%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Nassau NY                                                       | County of Nassau, Series 2022A                                                                                                                         | CUSIP: 63165T3B9<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1775497.40   | 0.45%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Westchester Tobacco Asset Securitization Corp.                            | Westchester Tobacco Asset Securitization Corp., Tobacco Settlement, Series B                                                                           | CUSIP: 957480BN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2018054.60   | 0.51%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                             | New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program, Series 2025A                                           | CUSIP: 64985H4K0<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035247.70   | 0.26%             | 2050-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                              | New York Convention Center Development Corp., Senior Lien, Hotel Unit Fee Secured, Series A                                                            | CUSIP: 649451EH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $502380.96    | 0.13%             | 2047-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                  | New York Power Authority, Series 2020A                                                                                                                 | CUSIP: 64989KLD6<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2702126.10   | 0.68%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                      | Triborough Bridge and Tunnel Authority, Series 2024B,SubseriesB-3                                                                                      | CUSIP: 89602HHK6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5040148.50   | 1.28%             | 2043-11-15      | Variable      | 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-2                                                                                            | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $894968.60    | 0.23%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                  | Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project, Series 2024                                                          | CUSIP: 12008EWA0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   3620000 | PA      | $4002671.65   | 1.01%             | 2032-12-01      | Fixed         | 5.00%                 | 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: 650116HM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512364.05   | 0.38%             | 2054-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017, Series 2017E1                                                      | CUSIP: 64971W4T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2035320.40   | 0.52%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                             | New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Seco | CUSIP: 64986DFR1<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1264040.13   | 0.32%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Uniondale Union Free School District                                      | Uniondale Union Free School District                                                                                                                   | CUSIP: 909058ET2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1943013.00   | 0.49%             | 2041-01-15      | Fixed         | 4.00%                 | 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        |   2500000 | PA      | $2660452.75   | 0.67%             | 2029-03-01      | Fixed         | 5.00%                 | 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   | 0.52%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                   | Port Authority of New York and New Jersey, Consolidated, Series 221                                                                                    | CUSIP: 73358W5Q3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1278329.49   | 0.32%             | 2039-07-15      | Fixed         | 4.00%                 | 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        |   4750000 | PA      | $4947506.90   | 1.25%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Battery Park City Authority                                               | Battery Park City Authority, Series 2023A                                                                                                              | CUSIP: 07133AJM5<br>LEI: 549300RF3SFDOWRHVM56 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1366680.22   | 0.35%             | 2053-11-01      | Fixed         | 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   | 0.52%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Suffolk Tobacco Asset Securitization Corp.                                | Suffolk Tobacco Asset Securitization Corp., Series 2021A-2                                                                                             | CUSIP: 864809BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2357716.28   | 0.60%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSASC, Inc.                                                               | TSASC, Inc., Series A                                                                                                                                  | CUSIP: 898526FE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008581.80   | 0.51%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Clinton Central School District                              | Northeastern Clinton Central School District                                                                                                           | CUSIP: 664416HR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000705.20   | 0.25%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                     | Utility Debt Securitization Authority, Restructuring Bond, Series 2016B                                                                                | CUSIP: 91802RCZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2492212.28   | 0.63%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, State Sales Tax, Series 2016A                                                                                      | CUSIP: 64990AFB6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2039353.80   | 0.52%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District (The)                               | Southeast Alabama Gas Supply District (The), Project No. 2, Series 2024B                                                                               | CUSIP: 84131TBT8<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045152.20   | 0.26%             | 2049-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Northwell Health Obligated Group, Series 2022A                                                                     | CUSIP: 65000BNH7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000702.20   | 0.51%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Nassau NY                                                       | County of Nassau, Series 2021A                                                                                                                         | CUSIP: 63165TX75<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036474.20   | 0.52%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                | Monroe County Industrial Development Corp., Eugenio Maria De Hostos Charter School Project, Series 2024A                                               | CUSIP: 61075TXU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1188331.85   | 0.30%             | 2044-07-01      | Fixed         | 5.00%                 | Yes           |                  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        |   3000000 | PA      | $2906031.30   | 0.74%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2018, Series 2018CC-1                  | CUSIP: 64972GPS7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1123406.25   | 0.28%             | 2037-06-15      | Fixed         | 4.00%                 | 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        |   3500000 | PA      | $3363500.35   | 0.85%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series B                                                                              | CUSIP: 89602N7M0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1542676.65   | 0.39%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                  | Metropolitan Transportation Authority Dedicated Tax Fund, Series 2012A                                                                                 | CUSIP: 59259NT29<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3296676.80   | 0.83%             | 2030-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                   | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                            | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4500000 | PA      | $1435788.90   | 0.36%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, State Sales Tax, Series 2017A                                                                                      | CUSIP: 64990AGG4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2053965.60   | 0.52%             | 2034-03-15      | 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        |  20596339 | NS      | $20598398.22  | 5.21%             |  |  |  | No            |                  1 | On Loan: No      |
| New York State Housing Finance Agency                                     | New York State Housing Finance Agency, 160 Madison Avenue LLC, Series 2013A                                                                            | CUSIP: 64986UA72<br>LEI: 5493000LS7KCDB02O506 | Long             | STIV             | MUN               | US        |   4225000 | PA      | $4225000.00   | 1.07%             | 2046-11-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2025, Series 2025AA, Subseries AA-1    | CUSIP: 64972GK37<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040272.80   | 0.26%             | 2053-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Onondaga County Trust for Cultural Resources                              | Onondaga County Trust for Cultural Resources, Abby Lane Housing Corp., Series 2017                                                                     | CUSIP: 68276FDH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987831.80    | 0.25%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                | South Dakota Housing Development Authority, Series 2025A                                                                                               | CUSIP: 83756LBS3<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1124073.30   | 0.28%             | 2055-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                  | Build NYC Resource Corp., Bay Ridge Preparatory School Project, Series 2024                                                                            | CUSIP: 12008EWC6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1178098.48   | 0.30%             | 2044-09-01      | 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-1                                                                                            | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1500000 | PA      | $1406921.40   | 0.36%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Pace University, Series 2024A                                                                                      | CUSIP: 65000B4N5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072325.50   | 0.27%             | 2035-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Uniondale Union Free School District                                      | Uniondale Union Free School District                                                                                                                   | CUSIP: 909058EQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008729.00   | 0.51%             | 2038-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                             | New York State Environmental Facilities Corp.,Solid Waste Disposal, Waste Management, Inc. Project                                                     | CUSIP: 649852AN0<br>LEI: 549300QJ33JJW73OQO60 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2000891.00   | 0.51%             | 2030-05-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Pace University, Series 2024A                                                                                      | CUSIP: 65000B4Y1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    225000 | PA      | $228915.07    | 0.06%             | 2049-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                          | New York State Thruway Authority, Series N                                                                                                             | CUSIP: 650009T94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2337673.50   | 0.59%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, State Supported Debt University Facilities, Series 2020A                                                           | CUSIP: 64990GYB2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1687529.60   | 0.43%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 2025 2-B                                                            | CUSIP: 64985SBY8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085710.90   | 0.27%             | 2049-07-01      | Variable      | 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 2022, Series 2022F, Subseries F-1                                        | CUSIP: 64971XT81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1950986.40   | 0.49%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2020, Series 2020CC-1                  | CUSIP: 64972GVG6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1883141.00   | 0.48%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                            | Empire State Development Corp., State Sales Tax, Series 2021A                                                                                          | CUSIP: 64985TCR0<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4500540.00   | 1.14%             | 2044-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Northwell Health Obligated Group, Series 2025A                                                                     | CUSIP: 65000B6X1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094188.30   | 0.28%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                          | New York State Thruway Authority, Series L                                                                                                             | CUSIP: 650009R54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2340324.90   | 0.59%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                  | Build NYC Resource Corp., Success Academy Charter School Project, Series 2025                                                                          | CUSIP: 12008EVK9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079381.40   | 0.27%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                     | Metropolitan Transportation Authority, Series 2024B                                                                                                    | CUSIP: 59261A3L9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4120512.40   | 1.04%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                    | New York State Energy Research and Development Authority, Series 1997A                                                                                 | CUSIP: 649845HE7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3996482.00   | 1.01%             | 2032-08-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                  | Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project, Series 2024                                                          | CUSIP: 12008EVX1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048220.30   | 0.27%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                          | New York State Thruway Authority, Personal Income Tax, Series 2022A                                                                                    | CUSIP: 650028YT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5210336.50   | 1.32%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Yonkers NY                                                        | City of Yonkers, Series 2024B                                                                                                                          | CUSIP: 9860823D5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047027.00   | 0.27%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                     | New York State Housing Finance Agency, Sate Personal Income Tax, Series 2024B-2                                                                        | CUSIP: 649870PH9<br>LEI: 5493000LS7KCDB02O506 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1488038.40   | 0.38%             | 2054-12-15      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, New York University, Series 2001-1                                                                                 | CUSIP: 64983XWJ9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2284373.72   | 0.58%             | 2025-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                    | Triborough Bridge and Tunnel Authority Sales Tax, Series 2024A, Subseries A-1                                                                          | CUSIP: 896035DG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3515000 | PA      | $2895399.35   | 0.73%             | 2064-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2020A                                                                          | CUSIP: 89602RGA7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503696.45   | 0.38%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medina Central School District                                            | Medina Central School District                                                                                                                         | CUSIP: 584802GQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3504550.00   | 0.89%             | 2025-07-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Northwell Health Obligated Group, Series 2022A                                                                     | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1399927.19   | 0.35%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                     | New York State Housing Finance Agency, 160 West 62nd Street Housing, Series 2011A-2                                                                    | CUSIP: 64987JZ38<br>LEI: 5493000LS7KCDB02O506 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1980630.40   | 0.50%             | 2044-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Oneida County Local Development Corp.                                     | Oneida County Local Development Corp., Mohawk Valley Health System Project, Series 2019A                                                               | CUSIP: 682440BM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1545912.28   | 0.39%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019, Series 2019C-4                                                     | CUSIP: 64971XKS6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.28%             | 2044-11-01      | Variable      | 3.05%                 | 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: 64972JNK0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033317.10   | 0.26%             | 2044-05-01      | 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        |   1000000 | PA      | $1040636.60   | 0.26%             | 2050-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue         | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015, Series 2015S-1                                                           | CUSIP: 64972HVK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502079.50   | 0.63%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue   | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2019, Series B-1                                            | CUSIP: 64971XHJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1599599.40   | 0.40%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                            | Empire State Development Corp., State Personal Income Tax, General Purpose, Series 2020A                                                               | CUSIP: 650036AK2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2842612.20   | 0.72%             | 2040-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue         | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019, Series 2019S-3A                                                          | CUSIP: 64972HY63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4159377.60   | 1.05%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp.                                         | Hudson Yards Infrastructure Corp., Second Indenture, Series 2022A                                                                                      | CUSIP: 44420RCB4<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1671579.98   | 0.42%             | 2040-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | New York City Municipal Water Finance Authority, Second General Resolution, Series 2025BB                                                              | CUSIP: 64972GL44<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026899.40   | 0.26%             | 2048-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                       | City of New York, Fiscal Year 2024, Series 2024A                                                                                                       | CUSIP: 64966Q6L9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3949360.42   | 1.00%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018                   | CUSIP: 650116CE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4017088.40   | 1.02%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                             | New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Pooled Financing Program, Series 2005B            | CUSIP: 64986AJC6<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   3535000 | PA      | $3565922.06   | 0.90%             | 2025-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, The New School, Series 2025A                                                                                       | CUSIP: 64985SBV4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1328152.80   | 0.34%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp.                                         | Hudson Yards Infrastructure Corp., Second Indenture, Series 2017A                                                                                      | CUSIP: 44420RBA7<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2544025.25   | 0.64%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023, Series 2023F                                                       | CUSIP: 64971X7C6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2077344.40   | 0.53%             | 2042-02-01      | 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        |   1000000 | PA      | $1000745.60   | 0.25%             | 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        |   3900000 | PA      | $374345.79    | 0.09%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer