# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001752724-23-016714
**Filing Date:** 2023-1
**Character Count:** 156335
**Document Hash:** ba6b83198398528f691ab58775c8b534
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016714.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016714

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Trust I
- **CENTRAL INDEX KEY:** 0001217286
- **IRS NUMBER:** 331043149
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 23563088

**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 California Tax Free Bond Fund (Series ID: S000002945)

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

## Nport-Ex

**JPMorgan California Tax Free Bond Fund**

**Schedule of Portfolio Investments as of November 30, 2022**

**(Unaudited)** 

---

| |
|:---|
| &nbsp;&nbsp; THE "UNAUDITED MUTUAL FUNDS HOLDINGS" LIST ("the <br> List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS <br> NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR <br> SALES LITERATURE WITH THE GENERAL PUBLIC. The list is <br> submitted for the general information of the shareholders of the Fund. <br> It is not authorized for distribution to prospective investors in the Fund <br> unless preceded or accompanied by a prospectus. The list has been <br> created from the books and records of the Fund. Holdings are <br> available 60 days after the fund's fiscal quarter, using a trade date <br> accounting convention, by contacting the appropriate service center. <br> The list is subject to change without notice. The list is for <br> informational purposes only and is not intended as an offer or <br> solicitation with respect to the purchase or sale of any security.<br>|
| &nbsp;&nbsp; JPMorgan Asset Management is the marketing name for the asset <br> management business of J.P. Morgan Chase & Co.<br>|
| J.P. Morgan Distribution Services, Inc., member FINRA. |
|© J.P. Morgan Chase & Co., 2022. |

---

------

**JPMorgan California Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **Principal** <br>**Amount** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **Value** <br>**($000)**<br>|
| **Municipal Bonds—97.9%** (a) | **Municipal Bonds—97.9%** (a) | **Municipal Bonds—97.9%** (a) |
| **California—97.9%** | **California—97.9%** | **California—97.9%** |
| **Education—4.9%** |  |  |
| &nbsp;&nbsp;&nbsp; California Educational Facilities Authority, Art Centre College of Design |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 12/01/2028 | 210 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 12/01/2031 | 450 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 12/01/2032 | 275 | 293 |
| &nbsp;&nbsp;&nbsp; California Educational Facilities Authority, Stanford University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T-5, Rev., 5.00%, 3/15/2023 | 1500 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series U-2, Rev., 5.00%, 10/01/2032 | 1500 | 1815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T-1, Rev., 5.00%, 3/15/2039 | 1535 | 1837 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/01/2027 (b) | 565 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 6/01/2031 (b) | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1138 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Series 2022-A, Rev., 5.00%, 8/01/2032(b) | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp; University of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014AM, Rev., 5.00%, 5/15/2028 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020BE, Rev., 5.00%, 5/15/2034 | 1065 | &nbsp;&nbsp;&nbsp;&nbsp; 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016AR, Rev., 5.00%, 5/15/2035 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1601 |
| &nbsp;&nbsp;&nbsp; University of California, Limited Project, Series O, Rev., 5.00%, 5/15/2034 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1659 |
|  |  | &nbsp;&nbsp; 14233 |
| **General Obligation—27.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Allan Hancock Joint Community College District, GO, 5.00%, 8/01/2030 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1294 |
| &nbsp;&nbsp;&nbsp; Chaffey Joint Union High School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, Zero Coupon, 2/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, Zero Coupon, 2/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp; City of San Jose, Disaster Preparedness, Public Safety and Infrastructure |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, GO, 5.00%, 9/01/2036 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, GO, 5.00%, 9/01/2038 | 2710 | &nbsp;&nbsp;&nbsp;&nbsp; 2987 |
| &nbsp;&nbsp;&nbsp; Coast Community College District, Election of 2002, Series 2006B, GO, AGM, Zero Coupon, 8/01/2030 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1558 |
| &nbsp;&nbsp;&nbsp; County of Los Angeles, Beverly Hills Unified School District, Election of 2008, Capital Appreciation, GO, Zero Coupon, 8/01/2023 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1474 |
| &nbsp;&nbsp;&nbsp; East Side Union High School District, Series B, GO, NATL - RE, 5.25%, 2/01/2026 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2118 |
| &nbsp;&nbsp;&nbsp; Escondido Union High School District, Capital Appreciation, Election of 2008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AGC, Zero Coupon, 8/01/2025 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AGC, Zero Coupon, 8/01/2029 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801 |
| &nbsp;&nbsp;&nbsp; Evergreen School District, Series B, GO, AGC, Zero Coupon, 8/01/2024 | 1915 | &nbsp;&nbsp;&nbsp;&nbsp; 1832 |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Series 2019A, GO, 5.00%, 7/01/2032 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1705 |
| &nbsp;&nbsp;&nbsp; Menlo Park City School District, Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611 |
| &nbsp;&nbsp;&nbsp; Mount San Antonio Community College District, Election of 2008, Series 2013A, GO, Zero Coupon, 8/01/2023 | 3205 | &nbsp;&nbsp;&nbsp;&nbsp; 2084 |
| &nbsp;&nbsp;&nbsp; Murrieta Valley Unified School District, GO, AGM, Zero Coupon, 9/01/2024 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 951 |
| &nbsp;&nbsp;&nbsp; Napa Valley Unified School District, Election of 2006, Series 2010A, GO, Zero Coupon, 8/01/2027 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1719 |
| &nbsp;&nbsp;&nbsp; Palo Alto Unified School District, Election of 2008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 8/01/2025 | 1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 8/01/2026 | 1790 | &nbsp;&nbsp;&nbsp;&nbsp; 1609 |
| &nbsp;&nbsp;&nbsp; San Diego Community College District, Election of 2002, GO, Zero Coupon, 8/01/2035 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925 |
| &nbsp;&nbsp;&nbsp; San Diego Unified School District, Election of 1998 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1998C-2, GO, AGM, 5.50%, 7/01/2024 | 2010 | &nbsp;&nbsp;&nbsp;&nbsp; 2103 |

---

------

**JPMorgan California Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **Principal**<br> **Amount**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **General Obligation — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G-1, GO, AGM, 5.25%, 7/01/2028 | 2115 | 2416 |
| &nbsp;&nbsp;&nbsp; San Diego Unified School District, Election of 1998, Series G-1, GO, AGM, 5.25%, 7/01/2028(c) | 385 | 435 |
| &nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District, Election of 2004 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 8/01/2032 | 2000 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019F-1, GO, 5.00%, 8/01/2035 | 1500 | 1685 |
| &nbsp;&nbsp;&nbsp; San Francisco City and County Airport Commission, San Francisco International Airport, GO, 5.00%, 6/15/2031 | 2000 | 2321 |
| &nbsp;&nbsp;&nbsp; San Jose Unified School District, Election of 2002 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, NATL - RE, Zero Coupon, 8/01/2029 | 1500 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, NATL - RE, Zero Coupon, 6/01/2031 | 3035 | 2297 |
| &nbsp;&nbsp;&nbsp; San Mateo County Community College District, Election of 2001, Series 2005B, GO, NATL - RE, Zero Coupon, 9/01/2027 | 1130 | 981 |
| &nbsp;&nbsp;&nbsp; San Mateo County Community College District, Election of 2005 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A, GO, NATL - RE, Zero Coupon, 9/01/2026 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, NATL - RE, Zero Coupon, 9/01/2029 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, NATL - RE, Zero Coupon, 9/01/2034 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655 |
| &nbsp;&nbsp;&nbsp; San Mateo County Community College District, Election of 2014, Series B, GO, 5.00%, 9/01/2033 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1119 |
| &nbsp;&nbsp;&nbsp; San Rafael City Elementary School District, Election of 2002, Series 2004B, GO, NATL - RE, Zero Coupon, 8/01/2029 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1594 |
| &nbsp;&nbsp;&nbsp; Santa Monica Community College District, Election of 2004, Series 2009C, GO, Zero Coupon, 8/01/2027 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South San Francisco Unified School District, Measure J, Dedicated Unlimited Ad Valorem Property Tax, Series C, GO, Zero Coupon, <br> 9/01/2028<br>| 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1496 |
| &nbsp;&nbsp;&nbsp; State of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 10/01/2035 | 2520 | &nbsp;&nbsp;&nbsp;&nbsp; 2636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 3/01/2036 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/01/2037 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2305 |
| &nbsp;&nbsp;&nbsp; State of California, School Facilities, GO, 4.00%, 9/01/2032 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2080 |
| &nbsp;&nbsp;&nbsp; State of California, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/01/2027 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 3/01/2029 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2029 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/01/2030 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/01/2031 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/01/2032 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/01/2033 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/01/2036 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/01/2036 | 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/01/2037 | 1430 | &nbsp;&nbsp;&nbsp;&nbsp; 1563 |
| &nbsp;&nbsp;&nbsp; William S Hart Union High School District, Capital Appreciation Election 2001, Series 2005-B, GO, AGM, Zero Coupon, 9/01/2029 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2030 |
|  |  | &nbsp;&nbsp; 80465 |
| **Hospital—8.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Abag Finance Authority for Nonprofit Corp., Sharp Healthcare, Series 2014A, Rev., 5.00%, 8/01/2031 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Adventist Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 3/01/2026 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 3/01/2029 | 2165 | &nbsp;&nbsp;&nbsp;&nbsp; 2202 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Cedars-Sinai Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 8/15/2033 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 8/15/2035 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 |

---

------

**JPMorgan California Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **Principal**<br> **Amount**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Hospital — continued** |  |  |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Kaiser Permanente, Subseries A-1-G, Rev., 5.00%, 11/01/2027 | 1995 | 2217 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Lucile Salter Packard Children's Hospital at Stanford |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 8/15/2027 | 580 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 8/15/2028 | 850 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 8/15/2030 | 655 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 8/15/2030 | 1000 | 1063 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Stanford Health Clinic, Series 2017A, Rev., 5.00%, 11/15/2034 | 1200 | 1302 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Sutter Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 11/15/2025 | 500 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/15/2034 | 1500 | 1609 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Community Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 2/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 2/01/2033 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092 |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled, Series 2022-P, Rev., 5.00%, 5/15/2037 | 2105 | &nbsp;&nbsp;&nbsp;&nbsp; 2362 |
|  |  | &nbsp;&nbsp; 23537 |
| **Housing—0.6%** |  |  |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Linxs Apartments Project, Senior Lien, Series 2018A, Rev., AMT, 5.00%, 12/31/2028 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1842 |
| **Industrial Development Revenue/Pollution Control Revenue—0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project, Series 2015B-1, Rev., <br> AMT, 3.00%, 11/01/2025<br>| 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1447 |
| **Other Revenue—8.5%** |  |  |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Green Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 4.00%, 8/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 4.00%, 8/01/2026 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020A, Rev., 5.00%, 6/01/2031 | 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1179 |
| &nbsp;&nbsp;&nbsp; California State Public Works Board, State Office Buildings, Series F, Rev., 5.00%, 5/01/2030 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054 |
| &nbsp;&nbsp;&nbsp; California State Public Works Board, Various Capital Projects, Series F, Rev., 5.00%, 5/01/2028 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, San Francisco Campus for Jewish Living Project, Rev., 4.00%, <br> 11/01/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp; City of Long Beach Harbor, Series A, Rev., 5.00%, 5/15/2039 | 1425 | &nbsp;&nbsp;&nbsp;&nbsp; 1559 |
| &nbsp;&nbsp;&nbsp; City of San Bernardino, Single Family Mortgage, Series A, Rev., GNMA COLL, 7.50%, 5/01/2023(c) | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Contra Costa Transportation Authority, Sales Tax, Series A, Rev., 5.00%, 3/01/2032 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2102 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Towne at Glendale Apartments, Rev., 5.00%, 9/01/2037(b) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2017A-1, Rev., 5.00%, 6/01/2024(c) | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinate Sales Tax, Series 2020-A, Rev., 4.00%, <br> 6/01/2035<br>| 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority, Proposition C Senior Sales Tax, Series 2019-B, Rev., 5.00%, <br> 7/01/2035<br>| 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2213 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Public Works Financing Authority, Series G, Rev., 5.00%, 12/01/2037 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1709 |
| &nbsp;&nbsp;&nbsp; Midpeninsula Regional Open Space District, Promissory Notes, 2004 Project Lease |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp; Pasadena Public Financing Authority, Rose Bowl Renovation Project, Series 2010A, Rev., Zero Coupon, 3/01/2030 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771 |
| &nbsp;&nbsp;&nbsp; Riverside Public Financing Authority, Main Library Project, Series 2019A, Rev., 5.00%, 11/01/2034‡ | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp; San Diego Regional Building Authority, County Operations Center, Series 2016A, Rev., 5.00%, 10/15/2033 | 2370 | &nbsp;&nbsp;&nbsp;&nbsp; 2518 |
| &nbsp;&nbsp;&nbsp; Santa Ana Financing Authority, Police Administration and Holding Facility Lease, Series A, Rev., NATL - RE, 6.25%, 7/01/2024(c) | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 |

---

------

**JPMorgan California Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **Principal**<br> **Amount**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Other Revenue — continued** |  |  |
| &nbsp;&nbsp;&nbsp; Santa Ana Financing Authority, Police Administration and Holding Facility Lease, Series A, Rev., NATL - RE, 6.25%, 7/01/2024 | 333 | 345 |
| &nbsp;&nbsp;&nbsp; Santa Clara County Financing Authority, County Facilities, Series 2019A, Rev., 5.00%, 5/01/2029 | 1625 | 1857 |
|  |  | &nbsp;&nbsp; 24800 |
| **Prerefunded—7.9%** |  |  |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, St. Joseph Health System, Series 2013A, Rev., 5.00%, 7/01/2023(c) | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Sutter Health, Series 2016A, Rev., 5.00%, 11/15/2025 (c) | 2650 | 2834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund, Series 2014A, Rev., 5.00%, <br> 10/01/2023(c)<br>| 1000 | 1021 |
| &nbsp;&nbsp;&nbsp; Campbell Union High School District, GO, 5.00%, 8/01/2024(c) | 1700 | 1769 |
| &nbsp;&nbsp;&nbsp; Campbell Union High School District, Election of 2016, Series B, GO, 5.00%, 8/01/2026 (c) | 2370 | 2576 |
| &nbsp;&nbsp;&nbsp; Cupertino Union School District, 2013 Crossover, Series 2013A, GO, 5.00%, 8/01/2023(c) | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp; Eastern Municipal Water District Financing Authority, Water and Wastewater System, Series 2016B, Rev., 5.00%, 7/01/2026(c) | 115 | 124 |
| &nbsp;&nbsp;&nbsp; Los Angeles Community College District, Series 2015A, GO, 5.00%, 8/01/2024(c) | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1562 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, Senior Airport, Series B, Rev., AMT, 5.00%, 7/01/2023(c) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014 |
| &nbsp;&nbsp;&nbsp; San Jose Unified School District, Election of 2012, Series C, GO, 5.00%, 8/01/2024 (c) | 2460 | &nbsp;&nbsp;&nbsp;&nbsp; 2563 |
| &nbsp;&nbsp;&nbsp; San Juan Unified School District, Election of 2002, GO, 5.00%, 8/01/2023(c) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017 |
| &nbsp;&nbsp;&nbsp; San Mateo Union High School District, Election of 2006 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 5.00%, 9/01/2023 (c) | 1005 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 9/01/2023 (c) | 1030 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp; Silicon Valley Clean Water, Wastewater, Rev., 5.00%, 2/01/2024(c) | &nbsp;&nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813 |
| &nbsp;&nbsp;&nbsp; Sonoma County Junior College District, GO, 5.00%, 8/01/2023(c) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017 |
| &nbsp;&nbsp;&nbsp; State of California Department of Water Resources, Central Valley Project, Water System, Series AW, Rev., 5.00%, 12/01/2026(c) | 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2832 |
|  |  | &nbsp;&nbsp; 23246 |
| **Transportation—16.1%** |  |  |
| &nbsp;&nbsp;&nbsp; City of Long Beach Harbor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 5/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 5/15/2030 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., AMT, 5.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 5/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C, Rev., AMT, 5.00%, 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C, Rev., AMT, 5.00%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Rev., 5.00%, 5/15/2039 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., 4.00%, 5/15/2041 | 1755 | &nbsp;&nbsp;&nbsp;&nbsp; 1775 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, International Airport Senior |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 5/15/2027 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 5/15/2030 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/15/2038 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, International Airport Subordinate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 5/15/2030 | 1475 | &nbsp;&nbsp;&nbsp;&nbsp; 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 5/15/2031 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., AMT, 5.00%, 5/15/2034 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foothill Eastern Transportation Corridor Agency, Capital Appreciation, Senior Lien, Series 1995A, Rev., Zero Coupon, <br> 1/01/2026(c)<br>| 1795 | &nbsp;&nbsp;&nbsp;&nbsp; 1648 |

---

------

**JPMorgan California Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **Principal**<br> **Amount**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Transportation — continued** |  |  |
| &nbsp;&nbsp;&nbsp; Norman Y Mineta San Jose International Airport SJC, Series 2021A, Rev., AMT, 5.00%, 3/01/2032 | 2000 | 2166 |
| &nbsp;&nbsp;&nbsp; Port of Los Angeles, Harbor Department |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Rev., 5.00%, 8/01/2026 | 3420 | 3708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., AMT, 5.00%, 8/01/2027 | 1625 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 8/01/2030 | 900 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., AMT, 5.00%, 8/01/2031 | 1500 | 1535 |
| &nbsp;&nbsp;&nbsp; Riverside County Transportation Commission, Senior Lien, Series 2021B-1, Rev., 4.00%, 6/01/2037 | 1250 | 1220 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, Subordinate Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., AMT, 5.00%, 7/01/2031 | 2000 | 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., AMT, 5.00%, 7/01/2033 | 2000 | 2161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 7/01/2034 | 755 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/01/2035 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1071 |
| &nbsp;&nbsp;&nbsp; San Francisco City and County Airport Commission, San Francisco International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, Rev., AMT, 5.00%, 5/01/2025 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., AMT, 5.00%, 5/01/2034 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., AMT, 5.00%, 5/01/2035 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Rev., AMT, 5.00%, 5/01/2037 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., AMT, 5.00%, 5/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City and County Airport Commission, San Francisco International Airport, Special Facilities, SFO Fuel Company LLC, <br> Series 2019A, Rev., AMT, 5.00%, 1/01/2025<br>| 1790 | &nbsp;&nbsp;&nbsp;&nbsp; 1848 |
|  |  | &nbsp;&nbsp; 47147 |
| **Utility—6.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 7/01/2027 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 7/01/2032 | 2480 | &nbsp;&nbsp;&nbsp;&nbsp; 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/01/2036 | 1825 | &nbsp;&nbsp;&nbsp;&nbsp; 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 7/01/2036 | 2715 | &nbsp;&nbsp;&nbsp;&nbsp; 3010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 7/01/2038 | 2410 | &nbsp;&nbsp;&nbsp;&nbsp; 2731 |
| &nbsp;&nbsp;&nbsp; Northern California Power Agency, Hydroelectric Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/01/2028 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/01/2032 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1484 |
| &nbsp;&nbsp;&nbsp; Santa Paula Utility Authority, Rev., AGM, 5.00%, 2/01/2028 | 1620 | &nbsp;&nbsp;&nbsp;&nbsp; 1776 |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Apex Power Project, Series 2014A, Rev., 5.00%, 7/01/2030 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036 |
|  |  | &nbsp;&nbsp; 18055 |
| **Water & Sewer—17.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Alameda County Water District Financing Authority, California Water System, Rev., 5.00%, 6/01/2033 | 1565 | &nbsp;&nbsp;&nbsp;&nbsp; 1861 |
| &nbsp;&nbsp;&nbsp; City of Bakersfield, Wastewater, Series 2015A, Rev., 5.00%, 9/15/2031 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2126 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles, Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/01/2028 | 1825 | &nbsp;&nbsp;&nbsp;&nbsp; 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C, Rev., 5.00%, 6/01/2032 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 6/01/2033 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/01/2034 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/01/2035 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1650 |
| &nbsp;&nbsp;&nbsp; City of San Francisco, Public Utilities Commission Water, Series D, Rev., 5.00%, 11/01/2034 | 2710 | &nbsp;&nbsp;&nbsp;&nbsp; 2956 |
| &nbsp;&nbsp;&nbsp; City of Santa Rosa, Wastewater, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/01/2023 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1471 |

---

------

**JPMorgan California Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **Principal**<br> **Amount**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Water & Sewer — continued** |  |  |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District, Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Rev., 5.00%, 6/01/2034 | 1500 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/01/2038 | 1595 | 1769 |
| &nbsp;&nbsp;&nbsp; Eastern Municipal Water District Financing Authority, Water and Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/01/2033 | 2885 | 3102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/01/2034 | 1250 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/01/2036 | 1850 | 2076 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Series 2020-B, Rev., 5.00%, 7/01/2039 | 2000 | 2220 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Power System, Series 2018D, Rev., 5.00%, 7/01/2031 | 1100 | 1230 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern California, Waterworks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2029 | 1250 | 1444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/01/2038 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/01/2039 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1441 |
| &nbsp;&nbsp;&nbsp; San Francisco City and County Airport Commission, San Francisco International Airport, Series 2018B, Rev., 5.00%, 10/01/2036 | 1675 | &nbsp;&nbsp;&nbsp;&nbsp; 1825 |
| &nbsp;&nbsp;&nbsp; San Francisco City and County Public Utilities Commission Wastewater System, Series 2018-B, Rev., 5.00%, 10/01/2026 | 1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1172 |
| &nbsp;&nbsp;&nbsp; Santa Clara Valley Water District, Water System, Series 2016A, Rev., 5.00%, 6/01/2030 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1711 |
| &nbsp;&nbsp;&nbsp; Southern California Water Replenishment District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/01/2030 | 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/01/2031 | 1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/01/2032 | 2410 | &nbsp;&nbsp;&nbsp;&nbsp; 2549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/01/2038 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of California Department of Water Resources, Central Valley Project, Water System, Series 2019BA, Rev., 5.00%, <br> 12/01/2033<br>| 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1705 |
| &nbsp;&nbsp;&nbsp; State of California Department of Water Resources, Central Velly Project, Series BF, Rev., 5.00%, 12/01/2035 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2369 |
|  |  | &nbsp;&nbsp; 51640 |
| &nbsp;&nbsp;&nbsp; Total California |  | 286412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $291,763)<br>|  | 286412 |
|  | &nbsp;&nbsp;&nbsp; **Shares** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Short-Term Investments—1.1%** | **Short-Term Investments—1.1%** | **Short-Term Investments—1.1%** |
| **Investment Companies—1.1%** | **Investment Companies—1.1%** | **Investment Companies—1.1%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.77% (d) (e)(Cost $3,287) | 3285 | &nbsp;&nbsp;&nbsp;&nbsp; 3287 |
| **Total Investments—99.0%** <br>**(Cost $295,050)**<br>|  | 289699 |
| **Assets in Excess of Other Liabilities—1.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; 2833 |
| **Net Assets—100.0%** |  | **292532** |

---

&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** |  |
| AGC | Insured by Assured Guaranty Corp. |
| AGM | Insured by Assured Guaranty Municipal Corp. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| COLL | Collateral |

---

------

**JPMorgan California Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | |
|:---|:---|
| CR | Custodial Receipts |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| NATL | Insured by National Public Finance Guarantee Corp. |
| RE | Reinsured |
| Rev. | Revenue |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;‡ Value determined using significant unobservable inputs.

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

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

**Futures contracts outstanding as of November 30, 2022 (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>|
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | (66) | 03/22/2023 | USD | (7511) | (58) |

---

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

---

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

---

------

**JPMorgan California Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

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

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

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

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

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

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

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's net asset values ("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.

------

**JPMorgan California Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; California |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education | $— | $14233 | $— | $14233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80465 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23537 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Revenue/Pollution Control Revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1447 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24304 | &nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp;&nbsp; 24800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23246 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47147 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utility | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18055 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51640 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51640 |
| &nbsp;&nbsp;&nbsp; Total California | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 285916 | &nbsp;&nbsp; 496 | &nbsp;&nbsp; 286412 |
| Total Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 285916 | &nbsp;&nbsp; 496 | &nbsp;&nbsp; 286412 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 3287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3287 |
| **Total Investments in Securities** | $3287 | $285916 | $496 | $289699 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $(58) | $— | $— | $(58) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2022**<br>| **Shares at** <br>**November 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money <br> Market Fund Class IM Shares, 1.77% <br> (a) (b)<br>| $9234 | $143121 | $149071 | $4 | $(1) | $3287 | 3285 | $40 | $— |

---

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2023-02-28

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $293265433.87

**Total Liabilities:** $261649.09

**Net Assets:** $293003784.78

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 114.16191000 | **1-Year:** 16255.05671000 | **5-Year:** 70137.06321000 | **10-Year:** 46979.24411000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 466.81130000 | **5-Year:** 416.12806000 | **10-Year:** 818.35326000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008061 | -2.85%               | -0.28%               | 3.24%                |
| Class ID C000008059 | -2.74%               | -0.23%               | 3.23%                |
| Class ID C000008060 | -2.78%               | -0.23%               | 3.25%                |
| Class ID C000205201 | -2.73%               | -0.22%               | 3.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-676246.94              | $-9243302.59                               |
| Month 2  | $-2032846.74             | $797627.53                                 |
| Month 3  | $-3405120.10             | $12425576.64                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue         | Los Angeles County Metropolitan Transportation Authority, Proposition C Senior Sales Tax, Series 2019-B                                       | CUSIP: 54466HHK5<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2213109.80   | 0.76%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                | State of California, Various Purpose                                                                                                          | CUSIP: 13063CMX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3122231.70   | 1.07%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Commission San Francisco International Airport | San Francisco City and County Airport Commission, San Francisco International Airport, Special Facilities, SFO Fuel Company LLC, Series 2019A | CUSIP: 79766DNC9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1847718.55   | 0.63%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Paula Utility Authority                                                      | Santa Paula Utility Authority                                                                                                                 | CUSIP: 802557BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1775926.13   | 0.61%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, Cedars-Sinai Medical Center                                                                 | CUSIP: 13032UBG2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    400000 | PA      | $424846.64    | 0.14%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Water Replenishment District                                   | Southern California Water Replenishment District                                                                                              | CUSIP: 84251KAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1503688.84   | 0.51%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue         | Los Angeles County Metropolitan Transportation Authority Sales Tax                                                                            | CUSIP: 54466HJP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1574839.50   | 0.54%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                | U.S. Treasury 10 Year Note                                                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -66 | NC      | $-57888.60    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Campbell Union High School District                                                | County of Santa Clara, Campbell Union High School District, Election of 2016, Series B                                                        | CUSIP: 134159YN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2173671.20   | 0.74%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Public Works Financing Authority                                | Los Angeles County Public Works Financing Authority                                                                                           | CUSIP: 54473EXG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1709301.75   | 0.58%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                        | California Educational Facilities Authority, Art Centre College of Design, Series 2022A                                                       | CUSIP: 130179TZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $292936.19    | 0.10%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                         | City of Los Angeles Department of Airports, International Airport Senior                                                                      | CUSIP: 544445PQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104157.90   | 0.38%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allan Hancock Joint Community College District/CA                                  | Allan Hancock Joint Community College District                                                                                                | CUSIP: 016730FB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1293845.38   | 0.44%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                | State of California, Various Purpose                                                                                                          | CUSIP: 13063D2F4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2305058.60   | 0.79%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                        | California Educational Facilities Authority, Art Centre College of Design, Series 2022A                                                       | CUSIP: 130179TV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $222266.29    | 0.08%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                                    | Foothill Eastern Transportation Corridor Agency, Capital Appreciation, Senior Lien, Series 1995A                                              | CUSIP: 345105BA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1648349.58   | 0.56%             | 2026-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                           | University of California                                                                                                                      | CUSIP: 91412HGW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1218137.31   | 0.42%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Ana Financing Authority                                                      | Santa Ana Financing Authority, Police Administration and Holding Facility Lease                                                               | CUSIP: 801109BP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    332500 | PA      | $345161.60    | 0.12%             | 2024-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Contra Costa Transportation Authority Sales Tax Revenue                            | Contra Costa County Transportation Authority, Sales Tax                                                                                       | CUSIP: 21221MEK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2101548.80   | 0.72%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                              | CSCDA Community Improvement Authority, Essential Housing, Towne at Glendale Apartments                                                        | CUSIP: 126292CQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $370404.88    | 0.13%             | 2037-09-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                                 | Metropolitan Water District of Southern California                                                                                            | CUSIP: 59266TUH2<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1444266.13   | 0.49%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Los Angeles                                                                | Port of Los Angeles, Harbor Department, Series 2014A                                                                                          | CUSIP: 544552WC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1534987.50   | 0.52%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Water Replenishment District                                   | Southern California Water Replenishment District                                                                                              | CUSIP: 84251KAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2549437.30   | 0.87%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                             | California Municipal Finance Authority, Linxs Apartments Project, Senior Lien, Series 2018A                                                   | CUSIP: 13048VBL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1842075.20   | 0.63%             | 2028-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                        | California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2, Series 2022A                  | CUSIP: 13069AAS7<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1137572.50   | 0.39%             | 2031-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                           | East Bay Municipal Utility District, Water System                                                                                             | CUSIP: 271014J37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1769095.85   | 0.60%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palo Alto Unified School District                                                  | Palo Alto Unified School District, Election of 2008                                                                                           | CUSIP: 697379TD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $942160.96    | 0.32%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Juan Unified School District                                                   | San Juan Unified School District, Election of 2002                                                                                            | CUSIP: 798306SQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016892.40   | 0.35%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue                 | City of San Francisco, Public Utilities Commission Water                                                                                      | CUSIP: 79765R2R9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2956452.82   | 1.01%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Water Replenishment District                                   | Southern California Water Replenishment District                                                                                              | CUSIP: 84251KAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1115307.17   | 0.38%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                        | California Educational Facilities Authority, Art Centre College of Design, Series 2022A                                                       | CUSIP: 130179TY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $479663.19    | 0.16%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                    | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp.                                                      | CUSIP: 13016NEP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1178995.49   | 0.40%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, Adventist Health System, Series 2016A                                                       | CUSIP: 13032UGC6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2201749.14   | 0.75%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Campbell Union High School District                                                | County of Santa Clara, Campbell Union High School District                                                                                    | CUSIP: 134159UG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1768935.00   | 0.60%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South San Francisco Unified School District                                        | South San Francisco Unified School District, Measure J, Dedicated Unlimited Ad Valorem Property Tax                                           | CUSIP: 840058US8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1496054.34   | 0.51%             | 2028-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, Sutter Health, Series 2017A                                                                 | CUSIP: 13032UNS3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1609241.55   | 0.55%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                | State of California, Various Purpose                                                                                                          | CUSIP: 13063DHL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2212328.80   | 0.76%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Commission San Francisco International Airport | San Francisco City and County Airport Commission, San Francisco International Airport, Series 2019A                                           | CUSIP: 79766DLV9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055781.00   | 0.36%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                | State of California, School Facilities                                                                                                        | CUSIP: 13063CA34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2079969.40   | 0.71%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Midpeninsula Regional Open Space District                                          | Midpeninsula Regional Open Space District, Promissory Notes, 2004 Project Lease                                                               | CUSIP: 598022FU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532710.35    | 0.18%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                            | Los Angeles Department of Water and Power, Power System                                                                                       | CUSIP: 5444955U4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2766992.30   | 0.94%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coast Community College District                                                   | Coast Community College District, Election of 2002, Series 2006B                                                                              | CUSIP: 190335DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1557687.40   | 0.53%             | 2030-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, Lucile Salter Packard Children's Hospital at Stanford, Series 2014A                         | CUSIP: 13033L3E5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    655000 | PA      | $674483.56    | 0.23%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                           | University of California, Series 2014AM                                                                                                       | CUSIP: 91412GTU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1552588.50   | 0.53%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                             | Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax                                                              | CUSIP: 544647AZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1704897.45   | 0.58%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue         | San Francisco City and County Public Utilities Commission Wastewater                                                                          | CUSIP: 79768HEY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1172186.77   | 0.40%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                                 | Metropolitan Water District of Southern California                                                                                            | CUSIP: 59266TVL2<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1440773.50   | 0.49%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, Lucile Salter Packard Children's Hospital at Stanford, Series 2014A                         | CUSIP: 13033L3B1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    580000 | PA      | $598411.75    | 0.20%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                | State of California, Various Purpose                                                                                                          | CUSIP: 13063DTW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075634.50   | 0.37%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                         | City of Los Angeles Department of Airports, Series 2022C                                                                                      | CUSIP: 544445XV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $552548.50    | 0.19%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, Cedars-Sinai Medical Center                                                                 | CUSIP: 13032UBR8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266423.75    | 0.09%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eastern Municipal Water District Financing Authority                               | Eastern Municipal Water District Financing Authority, Water and Wastewater System                                                             | CUSIP: 27677SBH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1424824.63   | 0.49%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pasadena Public Financing Authority                                                | Pasadena Public Financing Authority, Rose Bowl Renovation Project, Series 2010A                                                               | CUSIP: 702274AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $771376.30    | 0.26%             | 2030-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                        | San Diego County Regional Airport Authority, Senior Airport                                                                                   | CUSIP: 79739GEL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013758.60   | 0.35%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palo Alto Unified School District                                                  | Palo Alto Unified School District, Election of 2008                                                                                           | CUSIP: 697379TE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1609407.08   | 0.55%             | 2026-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cupertino Union School District                                                    | Cupertino Union School District, 2013 Crossover, Series 2013A                                                                                 | CUSIP: 231237A73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016892.40   | 0.35%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                           | East Bay Municipal Utility District, Water System                                                                                             | CUSIP: 271014M90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1773567.30   | 0.61%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, Sutter Health, Series 2016A                                                                 | CUSIP: 13032UCE6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1229930.41   | 0.42%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Harbor Revenue                                               | City of Long Beach Harbor, Series 2017A                                                                                                       | CUSIP: 542424UX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534991.00    | 0.18%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern California Power Agency                                                   | Northern California Power Agency, Hydroelectric Project                                                                                       | CUSIP: 664845FE9<br>LEI: 549300QYTU4PHD2XHS96 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1684073.70   | 0.57%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport       | San Francisco City and County Airport Commission, San Francisco International Airport                                                         | CUSIP: 79766DTB5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    545000 | PA      | $574546.09    | 0.20%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, Stanford Health Clinic                                                                      | CUSIP: 13032UQM3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1301630.64   | 0.44%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                  | State of California Department of Water Resources, Central Valley Project, Water System                                                       | CUSIP: 13067WTT9<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2368566.00   | 0.81%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                         | City of Los Angeles Department of Airports                                                                                                    | CUSIP: 544445XJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1775306.05   | 0.61%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                         | City of Los Angeles Department of Airports, International Airport Senior                                                                      | CUSIP: 544445EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2140759.00   | 0.73%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, Adventist Health System, Series 2013A                                                       | CUSIP: 13033LR90<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1404796.82   | 0.48%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Escondido Union High School District                                               | Escondido Union High School District, Capital Appreciation, Election of 2008, Series A                                                        | CUSIP: 296353KU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $801025.70    | 0.27%             | 2029-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                        | California Educational Facilities Authority, Stanford University, Series T-5                                                                  | CUSIP: 130178TQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511000.40   | 0.52%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, Sutter Health, Series 2016A                                                                 | CUSIP: 13032UCD8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1604257.05   | 0.55%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                                    | Menlo Park City School District, Capital Appreciation                                                                                         | CUSIP: 586840MK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $611111.16    | 0.21%             | 2032-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Mateo County Community College District                                        | San Mateo County Community College District, Election of 2014                                                                                 | CUSIP: 799038MT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118965.70   | 0.38%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District                                                  | San Diego Unified School District, Election of 1998, Series G-1                                                                               | CUSIP: 797356EU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $435290.63    | 0.15%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Silicon Valley Clean Water                                                         | Silicon Valley Clean Water, Wastewater                                                                                                        | CUSIP: 82707BAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $813650.31    | 0.28%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jose Unified School District                                                   | San Jose Unified School District                                                                                                              | CUSIP: 798186A93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $937694.43    | 0.32%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                | State of California, Various Purpose                                                                                                          | CUSIP: 13063DF60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2636292.96   | 0.90%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                            | Los Angeles Department of Water & Power                                                                                                       | CUSIP: 544532BK9<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2220320.20   | 0.76%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chaffey Joint Union High School District                                           | Chaffey Joint Union High School District                                                                                                      | CUSIP: 157411UL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $159937.10    | 0.05%             | 2033-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                | State of California, Various Purpose                                                                                                          | CUSIP: 13063DHR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1562882.32   | 0.53%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jose Unified School District                                                   | San Jose Unified School District, Election of 2002, Series C                                                                                  | CUSIP: 798186VN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1218997.95   | 0.42%             | 2029-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Diego Regional Building Authority                                              | San Diego Regional Building Authority, County Operations Center, Series 2016A                                                                 | CUSIP: 79730EFN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2370000 | PA      | $2517708.12   | 0.86%             | 2033-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Unified School District                                              | San Francisco Unified School District                                                                                                         | CUSIP: 79771TQN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2321290.20   | 0.79%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara Valley Water District                                                  | Santa Clara Valley Water District, Water System, Series 2016A                                                                                 | CUSIP: 80168QDR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1711159.52   | 0.58%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Monica Community College District                                            | Santa Monica Community College District, Election of 2004                                                                                     | CUSIP: 802385JN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $863200.00    | 0.29%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, Lucile Salter Packard Children's Hospital at Stanford, Series A                             | CUSIP: 13032UCY2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062751.00   | 0.36%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Rosa CA Wastewater Revenue                                           | City of Santa Rosa, Wastewater, Series B                                                                                                      | CUSIP: 802649NY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1471072.95   | 0.50%             | 2023-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                        | San Diego County Regional Airport Authority, Subordinate Airport, Series 2021B                                                                | CUSIP: 79739GNK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2161234.20   | 0.74%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Harbor Revenue                                               | City of Long Beach, Harbor                                                                                                                    | CUSIP: 542424VV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1559325.20   | 0.53%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                           | University of California, Limited Project, Series O                                                                                           | CUSIP: 91412HCS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1658988.90   | 0.57%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                                 | Metropolitan Water District of Southern California, Waterworks                                                                                | CUSIP: 59266TQM6<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2764207.50   | 0.94%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Side Union High School District                                               | East Side Union High School District                                                                                                          | CUSIP: 275281X57<br>LEI: 549300FHNKBG2V8ZLG85 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2117451.00   | 0.72%             | 2026-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Escondido Union High School District                                               | Escondido Union High School District, Capital Appreciation, Election of 2008, Series A                                                        | CUSIP: 296353KQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1386882.45   | 0.47%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sonoma County Junior College District                                              | Sonoma County Junior College District                                                                                                         | CUSIP: 835569DQ4<br>LEI: 549300C1BQ28FZTVYK25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016892.40   | 0.35%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                | State of California, Various Purpose                                                                                                          | CUSIP: 13063C6N5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078182.00   | 0.37%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Bernardino CA                                                          | City of San Bernardino, Single Family Mortgage                                                                                                | CUSIP: 796791AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51028.73     | 0.02%             | 2023-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                        | San Diego County Regional Airport Authority, Subordinate Airport                                                                              | CUSIP: 79739GFM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070963.50   | 0.37%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                             | California Municipal Finance Authority, Community Health System, Series 2021A                                                                 | CUSIP: 13048VYY8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091551.40   | 0.37%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                          | Los Angeles Community College District, Series 2015A                                                                                          | CUSIP: 54438CTF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1562324.10   | 0.53%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                | State of California, Various Purpose                                                                                                          | CUSIP: 13063DUD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072966.40   | 0.71%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Midpeninsula Regional Open Space District                                          | Midpeninsula Regional Open Space District, Promissory Notes, 2004 Project Lease                                                               | CUSIP: 598022FV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $286511.45    | 0.10%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo County Community College District                                        | San Mateo County Community College District, Election of 2005, Series A                                                                       | CUSIP: 799038DL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1616699.20   | 0.55%             | 2029-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Napa Valley Unified School District                                                | Napa Valley Unified School District, Election of 2006, Series 2010A                                                                           | CUSIP: 6303614B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1718494.40   | 0.59%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Evergreen School District                                                          | Evergreen School District                                                                                                                     | CUSIP: 300189CR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1915000 | PA      | $1831581.26   | 0.63%             | 2024-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                | State of California, Various Purpose                                                                                                          | CUSIP: 13063CJY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2048599.40   | 0.70%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                    | California Community Choice Financing Authority, Green Bond                                                                                   | CUSIP: 13013JBD7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009678.90   | 0.34%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                                   | City of Los Angeles, Wastewater System                                                                                                        | CUSIP: 53945CCW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1584267.75   | 0.54%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Los Angeles                                                                | Port of Los Angeles, Harbor Department                                                                                                        | CUSIP: 544552XA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $934500.42    | 0.32%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Water Replenishment District                                   | Southern California Water Replenishment District                                                                                              | CUSIP: 84251KBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1366314.63   | 0.47%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, St. Joseph Health System, Series 2013A                                                      | CUSIP: 13033LX93<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014339.60   | 0.35%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Community College District                                               | San Diego Community College District, Election of 2002                                                                                        | CUSIP: 797272JW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $925152.45    | 0.32%             | 2035-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Harbor Revenue                                               | City of Long Beach Harbor                                                                                                                     | CUSIP: 542424TM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $232171.09    | 0.08%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                | State of California, Various Purpose                                                                                                          | CUSIP: 13063DDW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2206879.40   | 0.75%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Union High School District                                               | San Mateo Union High School District, Election of 2006, Series 2013A                                                                          | CUSIP: 799017TN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1023949.88   | 0.35%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                   | California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project, Series 2015B-1                       | CUSIP: 130536QV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1447490.55   | 0.49%             | 2025-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District                                                  | San Diego Unified School District, Election of 1998, Series G-1                                                                               | CUSIP: 797356EW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2415984.38   | 0.82%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of California                                                                | State of California, Various Purpose                                                                                                          | CUSIP: 13063CSX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1573246.05   | 0.54%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, Sutter Health, Series 2018A                                                                 | CUSIP: 13032UQY7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530487.15    | 0.18%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Harbor Revenue                                               | City of Long Beach Harbor, Series 2014B                                                                                                       | CUSIP: 542424TL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258040.18    | 0.09%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern California Power Agency                                                   | Northern California Power Agency, Hydroelectric Project                                                                                       | CUSIP: 664845FJ8<br>LEI: 549300QYTU4PHD2XHS96 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1484444.75   | 0.51%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Beverly Hills Unified School District CA                                           | County of Los Angeles, Beverly Hills Unified School District, Election of 2008, Capital Appreciation                                          | CUSIP: 088023HS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1474159.35   | 0.50%             | 2023-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                         | City of Los Angeles Department of Airports, International Airport Subordinate, Series 2018C                                                   | CUSIP: 544445FW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1316250.63   | 0.45%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                                   | City of Los Angeles, Wastewater System, Series 2018A                                                                                          | CUSIP: 53945CJT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1650147.15   | 0.56%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo County Community College District                                        | San Mateo County Community College District, Election of 2005                                                                                 | CUSIP: 799038GJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $654803.40    | 0.22%             | 2034-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                        | San Diego County Regional Airport Authority, Subordinate Airport, Series 2021B                                                                | CUSIP: 79739GNH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2176200.40   | 0.74%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                        | San Diego County Regional Airport Authority, Subordinate Airport                                                                              | CUSIP: 79739GGJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $786969.12    | 0.27%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                                | California State Public Works Board, Various Capital Projects                                                                                 | CUSIP: 13068LVT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1582632.75   | 0.54%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Los Angeles                                                                | Port of Los Angeles, Harbor Department                                                                                                        | CUSIP: 544552VY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1664805.68   | 0.57%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                  | State of California Department of Water Resources, Central Valley Project, Water System                                                       | CUSIP: 13067WMA7<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2831947.56   | 0.97%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| William S Hart Union High School District                                          | William S Hart Union High School District, Election of 2001                                                                                   | CUSIP: 969275PS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2030293.00   | 0.69%             | 2029-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                           | University of California, Series 2016AR                                                                                                       | CUSIP: 91412GH81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1601364.60   | 0.55%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                      | San Francisco Bay Area Rapid Transit District, Election of 2004                                                                               | CUSIP: 797661VP7<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2118890.40   | 0.72%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                         | City of Los Angeles Department of Airports, Series 2022C                                                                                      | CUSIP: 544445XU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $549784.95    | 0.19%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                            | Los Angeles Department of Water and Power, Power System                                                                                       | CUSIP: 5444955T7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1229783.28   | 0.42%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                        | California Educational Facilities Authority                                                                                                   | CUSIP: 130178JD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1837463.31   | 0.63%             | 2039-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, Kaiser Permanente                                                                           | CUSIP: 13032UMR6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1995000 | PA      | $2217291.08   | 0.76%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Harbor Revenue                                               | City of Long Beach Harbor                                                                                                                     | CUSIP: 542424UE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2110581.40   | 0.72%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                                | California State Public Works Board, State Office Buildings, Series F                                                                         | CUSIP: 13068LVV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054441.50   | 0.36%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                  | State of California Department of Water Resources, Central Valley Project, Water System                                                       | CUSIP: 13067WQU9<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1704817.05   | 0.58%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                                    | Menlo Park City School District, Capital Appreciation                                                                                         | CUSIP: 586840MJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $363505.25    | 0.12%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                                   | City of Los Angeles, Wastewater System                                                                                                        | CUSIP: 53945CCG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1934782.88   | 0.66%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Los Angeles                                                                | Port of Los Angeles, Harbor Department                                                                                                        | CUSIP: 544552A85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3420000 | PA      | $3708233.15   | 1.27%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Ana Financing Authority                                                      | Santa Ana Financing Authority, Police Administration and Holding Facility Lease                                                               | CUSIP: 801109BH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $342711.96    | 0.12%             | 2024-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                             | California Statewide Communities Development Authority, San Francisco Campus for Jewish Living Project                                        | CUSIP: 13080SJ21<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    140000 | PA      | $148651.92    | 0.05%             | 2029-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                                | City of San Jose, Disaster Preparedness, Public Safety and Infrastructure, Series 2019A-1                                                     | CUSIP: 798135C80<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1666358.70   | 0.57%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Campbell Union High School District                                                | County of Santa Clara, Campbell Union High School District, Election of 2016, Series B                                                        | CUSIP: 134159YL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $402129.17    | 0.14%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                              | California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund, Series 2014A                                    | CUSIP: 13034AEK2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020796.80   | 0.35%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                        | California Educational Facilities Authority, Stanford University, Series U-2                                                                  | CUSIP: 130178M86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1815059.55   | 0.62%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Commission San Francisco International Airport | San Francisco City and County Airport Commission, San Francisco International Airport, Series 2019A                                           | CUSIP: 79766DLU1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2122479.20   | 0.72%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                                  | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                                   | CUSIP: 46645V725<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3285472 | NS      | $3287115.09   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, Lucile Salter Packard Children's Hospital at Stanford, Series 2014A                         | CUSIP: 13033L3C9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    850000 | PA      | $876782.99    | 0.30%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                            | Los Angeles Department of Water and Power, Power System                                                                                       | CUSIP: 544495F41<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1556751.90   | 0.53%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue         | San Francisco City and County Public Utilities Commission Wastewater                                                                          | CUSIP: 79768HFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1824933.61   | 0.62%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                         | City of Los Angeles Department of Airports                                                                                                    | CUSIP: 5444357G9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070080.80   | 0.71%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo County Community College District                                        | San Mateo County Community College District, Election of 2001                                                                                 | CUSIP: 799038CL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $981046.56    | 0.33%             | 2027-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                            | Los Angeles Department of Water and Power, Power System                                                                                       | CUSIP: 5444957Z1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2715000 | PA      | $3010008.37   | 1.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eastern Municipal Water District Financing Authority                               | Eastern Municipal Water District Financing Authority, Water and Wastewater System                                                             | CUSIP: 27677SBY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $123676.78    | 0.04%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                             | Santa Clara County Financing Authority, County Facilities, Series 2019A                                                                       | CUSIP: 801577MT1<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1856691.53   | 0.63%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Rafael City Elementary School District                                         | San Rafael City Elementary School District, Election of 2002                                                                                  | CUSIP: 799306LE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1593675.40   | 0.54%             | 2029-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                         | City of Los Angeles Department of Airports, International Airport Subordinate, Series A                                                       | CUSIP: 544445EG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1579700.81   | 0.54%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                | State of California, Various Purpose                                                                                                          | CUSIP: 13063DHQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2899173.94   | 0.99%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Transportation Commission                                         | Riverside County Transportation Commission, Senior Lien, Series 2021B-1                                                                       | CUSIP: 76912DAU2<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1220049.75   | 0.42%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mount San Antonio Community College District                                       | Mount San Antonio Community College District, Election of 2008, Series 2013A                                                                  | CUSIP: 623040FR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3205000 | PA      | $2083951.90   | 0.71%             | 2030-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Riverside Public Financing Authority                                               | Riverside Public Financing Authority, Main Library Project                                                                                    | CUSIP: 76926CBU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $496238.40    | 0.17%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| San Mateo Union High School District                                               | San Mateo Union High School District, Election of 2006                                                                                        | CUSIP: 799017TE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1049421.27   | 0.36%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo County Community College District                                        | San Mateo County Community College District, Series A                                                                                         | CUSIP: 799038DH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $987267.71    | 0.34%             | 2026-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Bakersfield CA Wastewater Revenue                                          | City of Bakersfield, Wastewater, Series 2015A                                                                                                 | CUSIP: 05753PCJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2126091.40   | 0.73%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                | State of California, Various Purpose                                                                                                          | CUSIP: 13063DLS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105109.30   | 0.38%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Murrieta Valley Unified School District                                            | Murrieta Valley Unified School District                                                                                                       | CUSIP: 626905HX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950477.40    | 0.32%             | 2024-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Commission San Francisco International Airport | San Francisco City and County Airport Commission, San Francisco International Airport, Series 2017D                                           | CUSIP: 79766DKT5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2074025.60   | 0.71%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jose Unified School District                                                   | San Jose Unified School District                                                                                                              | CUSIP: 798186B27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1625337.01   | 0.55%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                | California School Finance Authority, Tax Exempt                                                                                               | CUSIP: 13059THF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $365514.52    | 0.12%             | 2032-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                             | California Municipal Finance Authority, Community Health System, Series 2021A                                                                 | CUSIP: 13048VYX0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $547565.05    | 0.19%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Harbor Revenue                                               | City of Long Beach Harbor, Series 2019A                                                                                                       | CUSIP: 542424VS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $831769.88    | 0.28%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                          | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2017A-1                                                        | CUSIP: 38122NYY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2591740.75   | 0.88%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue              | Regents of the University of California Medical Center Pooled                                                                                 | CUSIP: 913366KK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2362147.22   | 0.81%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series 2016A                                                   | CUSIP: 13032UJF6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3756864.30   | 1.28%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jose Unified School District                                                   | San Jose Unified School District, Election of 2002, Series C                                                                                  | CUSIP: 798186VQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $2297418.82   | 0.78%             | 2031-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                         | Southern California Public Power Authority, Apex Power Project, Series 2014A                                                                  | CUSIP: 84247PHF1<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035784.40   | 0.35%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chaffey Joint Union High School District                                           | Chaffey Joint Union High School District                                                                                                      | CUSIP: 157411UM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $363409.22    | 0.12%             | 2034-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                   | California Health Facilities Financing Authority, Cedars-Sinai Medical Center                                                                 | CUSIP: 13032UKE7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1600226.40   | 0.55%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abag Finance Authority for Nonprofit Corps.                                        | Abag Finance Authority for Nonprofit Corp., Sharp Healthcare, Series 2014A                                                                    | CUSIP: 00037CVP2<br>LEI: 549300EWVCCTI6O2KU84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009549.20   | 0.34%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                            | Los Angeles Department of Water and Power, Power System                                                                                       | CUSIP: 5444956P4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $2009624.67   | 0.69%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                         | City of Los Angeles Department of Airports                                                                                                    | CUSIP: 544445PR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2200211.80   | 0.75%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport       | San Francisco City and County Airport Commission, San Francisco International Airport                                                         | CUSIP: 79766DLX5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1571732.25   | 0.54%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eastern Municipal Water District Financing Authority                               | Eastern Municipal Water District Financing Authority, Water and Wastewater System                                                             | CUSIP: 27677SBK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $2075454.88   | 0.71%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alameda County Water District Financing Authority                                  | Alameda County Water District Financing Authority, California Water System                                                                    | CUSIP: 01112CCK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1860458.70   | 0.63%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                            | Los Angeles Department of Water and Power                                                                                                     | CUSIP: 544532FP4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2731101.17   | 0.93%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                        | California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2                                | CUSIP: 13069AAR9<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    565000 | PA      | $540082.99    | 0.18%             | 2027-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                    | California Community Choice Financing Authority, Green Bond                                                                                   | CUSIP: 13013JBB1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504699.75    | 0.17%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                               | San Diego Unified School District, Election of 1998, Series 1998C-2                                                                           | CUSIP: 797355WY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2103432.24   | 0.72%             | 2024-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                                | City of San Jose, Disaster Preparedness, Public Safety and Infrastructure                                                                     | CUSIP: 798135D22<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2987274.46   | 1.02%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                                   | City of Los Angeles, Wastewater System                                                                                                        | CUSIP: 53945CKU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2387649.60   | 0.81%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                                 | Norman Y Mineta San Jose International Airport SJC                                                                                            | CUSIP: 798136XC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2166142.00   | 0.74%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                                   | City of Los Angeles, Wastewater System, Series 2018A                                                                                          | CUSIP: 53945CJS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108160.60   | 0.38%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                      | San Francisco Bay Area Rapid Transit District, Election of 2004                                                                               | CUSIP: 797661YW9<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1684479.00   | 0.57%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Harbor Revenue                                               | City of Long Beach Harbor, Series 2014B                                                                                                       | CUSIP: 542424TJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258619.60    | 0.09%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eastern Municipal Water District Financing Authority                               | Eastern Municipal Water District Financing Authority, Water and Wastewater System                                                             | CUSIP: 27677SCL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2885000 | PA      | $3102222.32   | 1.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                         | City of Los Angeles Department of Airports, International Airport Subordinate                                                                 | CUSIP: 5444356B1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1313768.50   | 0.45%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer