# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001752724-25-180630
**Filing Date:** 2025-7
**Character Count:** 409286
**Document Hash:** a2d73666e65c36219c989decebd68b5a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180630.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180630

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 251154588

**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 National Municipal Income Fund (Series ID: S000002946)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008063 | Class I      | JITIX           |
| C000008064 | Class A      | JITAX           |
| C000008066 | Class C      | JITCX           |
| C000195047 | Class R6     | JITZX           |

## Nport-Ex

**JPMorgan National Municipal Income Fund**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 96.5% (a)** | **Municipal Bonds — 96.5% (a)** | **Municipal Bonds — 96.5% (a)** |
| **Alabama — 1.9%** | **Alabama — 1.9%** | **Alabama — 1.9%** |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-1, Rev., 4.00%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8455 | &nbsp;&nbsp;&nbsp;&nbsp; 8432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 11/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13590 | &nbsp;&nbsp;&nbsp;&nbsp; 14240 |
| &nbsp;&nbsp;&nbsp; County of Jefferson sewer, Rev., 5.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4232 |
| &nbsp;&nbsp;&nbsp; Mobile County Industrial Development Authority, Calvert LLC Project Series 2024B, Rev., AMT, 4.75%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3156 |
| &nbsp;&nbsp;&nbsp; Selma Industrial Development Board, International Paper Co. Projects Series 2019A, Rev., 3.45%, 10/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1195 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6705 | &nbsp;&nbsp;&nbsp;&nbsp; 6556 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 37811 |
| **Alaska — 0.1%** | **Alaska — 0.1%** | **Alaska — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation Series 2021B-2, Class 2, <br> Rev., Zero Coupon, 6/1/2066<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10385 | &nbsp;&nbsp;&nbsp;&nbsp; 1281 |
| **Arizona — 2.6%** | **Arizona — 2.6%** | **Arizona — 2.6%** |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Equitable School Revolving Fund LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1775 | &nbsp;&nbsp;&nbsp;&nbsp; 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2025A-2, Rev., 5.13%, <br> 1/1/2059<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6665 | &nbsp;&nbsp;&nbsp;&nbsp; 6094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Series 2023A, Rev., 5.00%, <br> 11/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1563 |
| &nbsp;&nbsp;&nbsp; City of Lake Havasu City Wastewater System, Senior Lien, GO, 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1411 |
| &nbsp;&nbsp;&nbsp; City of Mesa Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University <br> Project<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima (The), La Posada at Pusch Ridge Project Series 2022B-3, Rev., 5.13%, <br> 6/25/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2101 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Honorhealth Series 2019A, Rev., 5.00%, 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1280 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, HonorHealth Series 2019A, Rev., 5.00%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Ottawa University, Rev., 5.13%, 10/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Valley Christian Schools Project Series 2023A, Rev., 6.00%, 7/1/2043 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp;&nbsp; 908 |
| &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067 |
| &nbsp;&nbsp;&nbsp; Pima County Unified School District No. 1 Tucson, Project of 2023 Series 2024A, GO, A.G., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County Public Transportation Fund, Rev., 5.25%, <br> 7/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement and Power District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 1/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10240 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement and Power District, Arizona Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3125 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6228 |
| &nbsp;&nbsp;&nbsp; Scottsdale Municipal Property Corp., Excise Tax, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1570 | &nbsp;&nbsp;&nbsp;&nbsp; 1605 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 51855 |
| **California — 7.2%** | **California — 7.2%** | **California — 7.2%** |
| &nbsp;&nbsp;&nbsp; Alvord Unified School District, 2007 Election Series 2011B, GO, A.G., Zero Coupon, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 925 |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-1, Rev., 4.00%, 8/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 19915 | &nbsp;&nbsp;&nbsp;&nbsp; 19679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024H, Rev., 5.00%, 8/1/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5750 | &nbsp;&nbsp;&nbsp;&nbsp; 6116 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency Series 2006A, Rev., Zero Coupon, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 9500 | &nbsp;&nbsp;&nbsp;&nbsp; 2227 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., Zero Coupon, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 1815 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, PIH Health Series 2020A, Rev., 4.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2025A, Rev., AMT, <br> 9.50%, 1/1/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14530 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority Series 2021A, Rev., AMT, 3.75%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2998 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, California Baptist University Series 2025A, Rev., 5.00%, 11/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Community Health System Series 2021A, Rev., A.G. - CR, 3.00%, 2/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3609 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 7/1/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp;&nbsp; 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 7/1/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/21/2045 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 988 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Senior Living The James Series 2024A, Rev., 6.50%, 6/1/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3355 | &nbsp;&nbsp;&nbsp;&nbsp; 3128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project Series 1999A, COP, AMBAC, Zero Coupon, <br> 8/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10445 | &nbsp;&nbsp;&nbsp;&nbsp; 10394 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles, Wastewater System, Subordinate Series 2025A, Rev., 5.00%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2050 |
| &nbsp;&nbsp;&nbsp; Desert Sands Unified School District, Election of 2024, GO, 4.00%, 8/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 915 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 6/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 4291 |
| &nbsp;&nbsp;&nbsp; Grossmont-Cuyamaca Community College District, Election of 2002 Series 2008C, GO, A.G., Zero Coupon, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19585 | &nbsp;&nbsp;&nbsp;&nbsp; 18884 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1410 | &nbsp;&nbsp;&nbsp;&nbsp; 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3555 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp; 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 884 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1514 |
| &nbsp;&nbsp;&nbsp; Menlo Park City School District, Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1950 | &nbsp;&nbsp;&nbsp;&nbsp; 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 613 |
| &nbsp;&nbsp;&nbsp; Mountain View-Los Altos Union High School District, Election of 2010 Series C, GO, Zero Coupon, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 938 |
| &nbsp;&nbsp;&nbsp; New Haven Unified School District, Election of 2024 Series A, GO, 4.50%, 8/1/2054 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5742 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; Ontario Public Financing Authority Series 2025A, Rev., 4.50%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1894 |
| &nbsp;&nbsp;&nbsp; River Islands Public Financing Authority, Facilities District No. 2003 Series 2022A-1, A.G., 5.00%, 9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority Series 2021B, Rev., AMT, 5.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5180 | &nbsp;&nbsp;&nbsp;&nbsp; 5093 |
| &nbsp;&nbsp;&nbsp; San Jose Evergreen Community College District Series C, GO, 4.00%, 9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1955 |
| &nbsp;&nbsp;&nbsp; Santa Clara County Financing Authority, Multiple Facilities Projects Series 2015P, Rev., 5.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp;&nbsp; 8413 |
| &nbsp;&nbsp;&nbsp; West Hills Community College District, GO, A.G., 4.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1652 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 140987 |
| **Colorado — 4.1%** | **Colorado — 4.1%** | **Colorado — 4.1%** |
| &nbsp;&nbsp;&nbsp; Baseline Metropolitan District No. 1 Series 2024A, GO, A.G., 5.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1615 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 18390 | &nbsp;&nbsp;&nbsp;&nbsp; 18725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AMT, 5.00%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 8750 | &nbsp;&nbsp;&nbsp;&nbsp; 9068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AMT, 5.50%, 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AMT, 5.50%, 11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6274 |
| &nbsp;&nbsp;&nbsp; Clear Creek Transit Metropolitan District No. 2, Limited Tax Series 2021A, GO, 5.00%, 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp;&nbsp; 437 |
| &nbsp;&nbsp;&nbsp; Colorado Bridge and Tunnel Enterprise Series 2024A, Rev., A.G., 5.25%, 12/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1615 | &nbsp;&nbsp;&nbsp;&nbsp; 1670 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Children's Hospital Colorado Project Series 2019A-2, Rev., 5.00%, 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1240 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9839 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, School Health System Series 2019A, Rev., 4.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2605 | &nbsp;&nbsp;&nbsp;&nbsp; 2505 |
| &nbsp;&nbsp;&nbsp; Dominion Water and Sanitation District, Rev., 5.25%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1905 | &nbsp;&nbsp;&nbsp;&nbsp; 1931 |
| &nbsp;&nbsp;&nbsp; Raindance Metropolitan District No. 1, Non-Potable Water System, Rev., 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 746 | &nbsp;&nbsp;&nbsp;&nbsp; 699 |
| &nbsp;&nbsp;&nbsp; Rocky Mountain Rail Park Metropolitan District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 12/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 12/1/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 714 |
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado Series 2025A, GO, 5.00%, 4/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6318 |
| &nbsp;&nbsp;&nbsp; State of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, COP, 4.00%, 12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3100 | &nbsp;&nbsp;&nbsp;&nbsp; 2935 |
| &nbsp;&nbsp;&nbsp; Third Creek Metropolitan District No. 1, Limited Tax Series 2022A-1, GO, 4.75%, 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1515 | &nbsp;&nbsp;&nbsp;&nbsp; 1128 |
| &nbsp;&nbsp;&nbsp; Verve Metropolitan District No. 1, GO, 5.75%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2009 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 79881 |
| **Connecticut — 0.3%** | **Connecticut — 0.3%** | **Connecticut — 0.3%** |
| &nbsp;&nbsp;&nbsp; City of Stamford, Water Pollution Control System and Facility |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Series 2022E, GO, 5.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2815 | &nbsp;&nbsp;&nbsp;&nbsp; 3085 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Special Tax, Transportation Infrastructure Purpose Series 2024B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2504 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 6240 |
| **Delaware — 0.1%** | **Delaware — 0.1%** | **Delaware — 0.1%** |
| &nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Newark Charter School, Inc., Project, Rev., 5.00%, 9/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1549 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **District of Columbia — 1.4%** | **District of Columbia — 1.4%** | **District of Columbia — 1.4%** |
| &nbsp;&nbsp;&nbsp; District of Columbia Series 2015A, GO, 5.00%, 6/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12275 | &nbsp;&nbsp;&nbsp;&nbsp; 12286 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Series 2017B, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5750 | &nbsp;&nbsp;&nbsp;&nbsp; 5910 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated Series 2024A, Rev., 4.38%, 7/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 10690 | &nbsp;&nbsp;&nbsp;&nbsp; 9495 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 27691 |
| **Florida — 2.3%** | **Florida — 2.3%** | **Florida — 2.3%** |
| &nbsp;&nbsp;&nbsp; City of Jacksonville, Health Care Facilities, Brooks Rehabilitation Project, Rev., 4.00%, 11/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 5512 |
| &nbsp;&nbsp;&nbsp; City of Miami, Forever Infrastructure Project Series 2024A, Rev., 5.50%, 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2638 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Rev., Zero Coupon, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 2540 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Building Better Communities Program Series 2016A, GO, 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5355 | &nbsp;&nbsp;&nbsp;&nbsp; 5436 |
| &nbsp;&nbsp;&nbsp; Florida Atlantic University Finance Corp., Student Housing Project Series 2024, Rev., 5.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Florida Passenger Rail Project Series 2024, Rev., AMT, 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1836 |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Homeowner Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 1, Rev., GNMA / FNMA / FHLMC, 3.50%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp;&nbsp; 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, Baycare Health System Series 2024E, Rev., VRDO, LIQ : Royal Bank of <br> Canada, 1.45%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 |
| &nbsp;&nbsp;&nbsp; Lee County School Board (The) Series 2023A, COP, 5.00%, 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 6725 | &nbsp;&nbsp;&nbsp;&nbsp; 6953 |
| &nbsp;&nbsp;&nbsp; Middleton Community Development District A, City of Wildwood, Florida Special Assessment, 5.85%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp; 778 |
| &nbsp;&nbsp;&nbsp; Orlando Utilities Commission Series 2025A, Rev., 5.00%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2047 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Series 2023, Rev., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 4735 | &nbsp;&nbsp;&nbsp;&nbsp; 5017 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System Series 2024D, Rev., 4.00%, 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 | &nbsp;&nbsp;&nbsp;&nbsp; 1215 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15, 4.85%, 5/1/2038 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 44767 |
| **Georgia — 5.1%** | **Georgia — 5.1%** | **Georgia — 5.1%** |
| &nbsp;&nbsp;&nbsp; Bartow County Development Authority, Georgia Power Co. Plant Series 2009-1, Rev., 3.95%, 3/8/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2025 |
| &nbsp;&nbsp;&nbsp; County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5675 |
| &nbsp;&nbsp;&nbsp; Fayette County Development Authority, United States Soccer Federation, Inc. Project Series 2024, Rev., 5.00%, 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1119 |
| &nbsp;&nbsp;&nbsp; Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project, Rev., RAN, 5.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2105 | &nbsp;&nbsp;&nbsp;&nbsp; 2282 |
| &nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 4.00%, 1/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2005 | &nbsp;&nbsp;&nbsp;&nbsp; 1636 |
| &nbsp;&nbsp;&nbsp; Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1785 | &nbsp;&nbsp;&nbsp;&nbsp; 1713 |
| &nbsp;&nbsp;&nbsp; Georgia State Road and Tollway Authority, Managed Lane System Series 2021A, Rev., GTD, 4.00%, 7/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1975 |
| &nbsp;&nbsp;&nbsp; Henry County, Water and Sewerage Authority, Rev., A.G. - CR, BHAC - CR, NATL - RE, 5.25%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5315 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 4.00%, 12/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 6/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 28490 | &nbsp;&nbsp;&nbsp;&nbsp; 29406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 3/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9430 | &nbsp;&nbsp;&nbsp;&nbsp; 9812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 4/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8440 | &nbsp;&nbsp;&nbsp;&nbsp; 8829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 9/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8690 | &nbsp;&nbsp;&nbsp;&nbsp; 9125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., 5.00%, 12/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2083 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project Series 2019A, Rev., 5.00%, 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3944 |
| &nbsp;&nbsp;&nbsp; Roswell Development Authority, Wellsatar Healthcare, Inc. Series 2025A, Rev., VRDO, LOC : Truist Bank, 1.45%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9500 | &nbsp;&nbsp;&nbsp;&nbsp; 9500 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 100714 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Idaho — 0.7%** | **Idaho — 0.7%** | **Idaho — 0.7%** |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, St. Luke's Health System Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 3/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 3/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3268 |
| &nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Federal Highway Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., GRAN, 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2550 | &nbsp;&nbsp;&nbsp;&nbsp; 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., GRAN, 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp;&nbsp; 4917 |
| &nbsp;&nbsp;&nbsp; Total Idaho |  | &nbsp;&nbsp;&nbsp;&nbsp; 12879 |
| **Illinois — 7.5%** | **Illinois — 7.5%** | **Illinois — 7.5%** |
| &nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3315 | &nbsp;&nbsp;&nbsp;&nbsp; 3473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1455 | &nbsp;&nbsp;&nbsp;&nbsp; 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, 5.75%, 1/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, General Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 1/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2032 |
| &nbsp;&nbsp;&nbsp; City of Chicago, Waterworks, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001, Rev., AMBAC, 5.75%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., A.G., 5.00%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3160 | &nbsp;&nbsp;&nbsp;&nbsp; 3289 |
| &nbsp;&nbsp;&nbsp; Cook County Community Consolidated School District No. 15 Palatine, GO, 4.00%, 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 701 |
| &nbsp;&nbsp;&nbsp; County of Cook, Sales Tax, Rev., 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3751 |
| &nbsp;&nbsp;&nbsp; DuPage and Cook Counties, Community Unit School District No. 205 Elmhurst Series 2022, GO, 4.00%, 9/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp;&nbsp;&nbsp; 956 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Centerpointjoliet Terminal Series 2020, Rev., AMT, 4.13%, 12/31/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern Memorial Healthcare Series 2021B, Rev., VRDO, LIQ : Royal Bank of Canada, 1.45%, <br> 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Silver Cross Hospital and Medical Centers Series 2025B-2, Rev., 5.00%, 8/15/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3661 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3280 | &nbsp;&nbsp;&nbsp;&nbsp; 3568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113 |
| &nbsp;&nbsp;&nbsp; Park Ridge Park District Series 2023B, GO, 4.00%, 12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 | &nbsp;&nbsp;&nbsp;&nbsp; 946 |
| &nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.50%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.50%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 22820 | &nbsp;&nbsp;&nbsp;&nbsp; 24301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.25%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 13520 | &nbsp;&nbsp;&nbsp;&nbsp; 14191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.25%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9416 |
| &nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., Senior Lien Series 2024A, Rev., 5.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1847 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp;&nbsp;&nbsp; 4956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5175 | &nbsp;&nbsp;&nbsp;&nbsp; 5301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5765 | &nbsp;&nbsp;&nbsp;&nbsp; 6139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, 4.00%, 11/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 5880 | &nbsp;&nbsp;&nbsp;&nbsp; 5146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, GO, 5.50%, 5/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Village of Bolingbrook, Will and Dupage Counties, Special Service Areas Numbers 2001-1, 2001-2, 2001-3, and 2002-1, A.G., <br> 4.00%, 3/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp;&nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp; Will County Community Unit School District No. 365-U Valley View, GO, 3.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1525 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 146001 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — 1.9%** | **Indiana — 1.9%** | **Indiana — 1.9%** |
| &nbsp;&nbsp;&nbsp; City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 615 |
| &nbsp;&nbsp;&nbsp; City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 5.25%, 11/1/2040 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4560 | &nbsp;&nbsp;&nbsp;&nbsp; 3927 |
| &nbsp;&nbsp;&nbsp; City of Rockport, Indiana Michigan Power Co. Project Series 2009A, Rev., 3.05%, 6/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp;&nbsp; 11600 |
| &nbsp;&nbsp;&nbsp; City of Valparaiso, Green Oaks of Valparaiso Project, Rev., 5.38%, 12/1/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1346 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Goshen Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 11/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indiana University Health Obligated Group Series 2023B1, Rev., 5.00%, 7/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3152 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, State Revolving Fund Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1132 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Tippecanoe LLC- Student Housing Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021A, Rev., 5.25%, 4/1/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1564 |
| &nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Vita of New Whiteland Project, Rev., 6.75%, 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4829 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1719 |
| &nbsp;&nbsp;&nbsp; Whitley County Multi School Building Corp., Ad Valorem Property Tax, Rev., 5.00%, 7/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3310 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 37572 |
| **Iowa — 0.2%** | **Iowa — 0.2%** | **Iowa — 0.2%** |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed Series 2021-B-2, Class 2, Rev., Zero <br> Coupon, 6/1/2065<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 2942 |
| &nbsp;&nbsp;&nbsp; Total Iowa |  | &nbsp;&nbsp;&nbsp;&nbsp; 3813 |
| **Kansas — 0.9%** | **Kansas — 0.9%** | **Kansas — 0.9%** |
| &nbsp;&nbsp;&nbsp; Johnson and Miami Counties Unified School District No. 230 Spring Hills Series 2018A, GO, 4.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2965 | &nbsp;&nbsp;&nbsp;&nbsp; 2971 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 4.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 6765 | &nbsp;&nbsp;&nbsp;&nbsp; 6681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 4.00%, 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 6415 | &nbsp;&nbsp;&nbsp;&nbsp; 6253 |
| &nbsp;&nbsp;&nbsp; State of Kansas Department of Transportation Series 2025A, Rev., 5.00%, 9/1/2043 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2315 | &nbsp;&nbsp;&nbsp;&nbsp; 2436 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 18341 |
| **Kentucky — 1.4%** | **Kentucky — 1.4%** | **Kentucky — 1.4%** |
| &nbsp;&nbsp;&nbsp; County of Boone, Duke Energy Kentucky, Inc. Series 2008A, Rev., 3.70%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5220 | &nbsp;&nbsp;&nbsp;&nbsp; 5234 |
| &nbsp;&nbsp;&nbsp; County of Carroll, Kentucky Environmental Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008A, Rev., AMT, 2.00%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 11025 | &nbsp;&nbsp;&nbsp;&nbsp; 9271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006B, Rev., AMT, 2.13%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 7440 | &nbsp;&nbsp;&nbsp;&nbsp; 5843 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Kentucky — continued** | **Kentucky — continued** | **Kentucky — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series 2017B, Rev., 5.00%, <br> 8/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2885 | &nbsp;&nbsp;&nbsp;&nbsp; 2985 |
| &nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Owensboro Health, Inc. Series 2017A, Rev., A.G., 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1677 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 27374 |
| **Louisiana — 0.9%** | **Louisiana — 0.9%** | **Louisiana — 0.9%** |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Mentorship Steam Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2042 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp;&nbsp;&nbsp; 564 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3635 |
| &nbsp;&nbsp;&nbsp; State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2025A, Rev., 5.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2154 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 17699 |
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
| &nbsp;&nbsp;&nbsp; Maine Municipal Bond Bank Series 2025A, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
| **Maryland — 1.4%** | **Maryland — 1.4%** | **Maryland — 1.4%** |
| &nbsp;&nbsp;&nbsp; City of Baltimore, Consolidated Public Improvement Series 2017B, GO, 5.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, Multi- Family, Villages At Marley Station Series 2024D-2, Rev., 3.30%, <br> 1/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 999 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 987 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue Series 2017A, Rev., 5.00%, 5/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1173 |
| &nbsp;&nbsp;&nbsp; Maryland Stadium Authority, Built to Learn, Rev., 5.00%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3524 |
| &nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 4.00%, 6/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 13035 | &nbsp;&nbsp;&nbsp;&nbsp; 12172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 4.00%, 6/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 5430 | &nbsp;&nbsp;&nbsp;&nbsp; 4940 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 26892 |
| **Massachusetts — 1.1%** | **Massachusetts — 1.1%** | **Massachusetts — 1.1%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan Series E, GO, AMBAC, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5043 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Assessment Series 2006A, Rev., 5.25%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2254 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority, Sales Tax Series 2006A, Rev., 5.25%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5463 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Amherst College Issue Series 2025A, Rev., 5.00%, 11/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Brown University Health Obligated Group Series 2025B, Rev., 5.00%, <br> 8/15/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2476 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Lasell Village, Inc. Issue, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048 |
| &nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority, Green Bond Series 2016C, Rev., 4.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1923 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 22149 |
| **Michigan — 1.0%** | **Michigan — 1.0%** | **Michigan — 1.0%** |
| &nbsp;&nbsp;&nbsp; City of Detroit, Unlimited Tax Series 2021A, GO, 5.00%, 4/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| &nbsp;&nbsp;&nbsp; Karegnondi Water Authority, Water Supply System Series 2024, Rev., 5.00%, 11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1571 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Henry Ford Health System, Rev., 4.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1833 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016MI, Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013MI-4, Rev., 4.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 934 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Corewell Health Series 2025B-2, Rev., 5.00%, 6/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority Series 2023B, Rev., 5.75%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project, Rev., AMT, 4.00%, <br> 10/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1118 |
| &nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Series 2020B, Rev., 4.00%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 5150 | &nbsp;&nbsp;&nbsp;&nbsp; 5033 |
| &nbsp;&nbsp;&nbsp; West Ottawa Public Schools, Unlimited Tax, GO, A.G., 4.00%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 18788 |
| **Minnesota — 0.6%** | **Minnesota — 0.6%** | **Minnesota — 0.6%** |
| &nbsp;&nbsp;&nbsp; City of Center City, Health Care Facilities, Hazelden Betty Ford Foundation Project Series 2025, Rev., 5.00%, 11/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004 |
| &nbsp;&nbsp;&nbsp; City of Minneapolis, Health Care System, Fairview Health Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 6230 | &nbsp;&nbsp;&nbsp;&nbsp; 5868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 975 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Residential Housing Series 2024O, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2485 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 11028 |
| **Mississippi — 1.2%** | **Mississippi — 1.2%** | **Mississippi — 1.2%** |
| &nbsp;&nbsp;&nbsp; State of Mississippi |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 4.00%, 11/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5030 | &nbsp;&nbsp;&nbsp;&nbsp; 5112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 4.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 19155 | &nbsp;&nbsp;&nbsp;&nbsp; 18679 |
| &nbsp;&nbsp;&nbsp; Total Mississippi |  | &nbsp;&nbsp;&nbsp;&nbsp; 23791 |
| **Missouri — 0.8%** | **Missouri — 0.8%** | **Missouri — 0.8%** |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 4.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, St. Louis University Series 2008B, Rev., VRDO, LOC : Wells <br> Fargo Bank NA, 1.25%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1355 | &nbsp;&nbsp;&nbsp;&nbsp; 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, Airport Terminal Modernization Project Series 2019B, Rev., AMT, 5.00%, <br> 3/1/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4710 | &nbsp;&nbsp;&nbsp;&nbsp; 4745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, City International Airport Terminal Modernization Project Series 2019B, Rev., <br> AMT, 5.00%, 3/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project Series 1998C, <br> Rev., 2.75%, 9/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3092 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 15044 |
| **Montana — 0.1%** | **Montana — 0.1%** | **Montana — 0.1%** |
| &nbsp;&nbsp;&nbsp; County of Gallatin, Bozeman Fiber Project Series 2021A, Rev., 4.00%, 10/15/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1567 |
| **Nebraska — 0.7%** | **Nebraska — 0.7%** | **Nebraska — 0.7%** |
| &nbsp;&nbsp;&nbsp; Douglas County School District No. 001, Omaha Public, GO, 4.00%, 12/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated <br> Group Series 2019A, Rev., 4.00%, 1/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1922 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nebraska — continued** | **Nebraska — continued** | **Nebraska — continued** |
| &nbsp;&nbsp;&nbsp; Nebraska Investment Finance Authority, Single Family Housing Series 2024G, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096 |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District, Electric System Series 2024C, Rev., 5.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2258 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp;&nbsp;&nbsp; 14640 |
| **Nevada — 0.2%** | **Nevada — 0.2%** | **Nevada — 0.2%** |
| &nbsp;&nbsp;&nbsp; City of North Las Vegas, Water and wastewater Reclamation System Limited Tax Series 2024B, GO, 5.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1103 |
| &nbsp;&nbsp;&nbsp; Clark County School District, Limited Tax Series 2020A, GO, A.G., 4.00%, 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 | &nbsp;&nbsp;&nbsp;&nbsp; 1009 |
| &nbsp;&nbsp;&nbsp; Nye County School District Series 2023, GO, PSF-GTD, 5.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1360 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 |
| &nbsp;&nbsp;&nbsp; Total Nevada |  | &nbsp;&nbsp;&nbsp;&nbsp; 3612 |
| **New Hampshire — 0.7%** | **New Hampshire — 0.7%** | **New Hampshire — 0.7%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Tamarron Project Series 2024, Rev., 5.25%, 12/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1687 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, University of Nevada Reno Project Series 2023A, Rev., 5.25%, 6/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4098 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2035 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 6/1/2050 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2062 |
| &nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act, Rev., 5.25%, 8/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp;&nbsp; 5479 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp; 14404 |
| **New Jersey — 3.4%** | **New Jersey — 3.4%** | **New Jersey — 3.4%** |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019LLL, Rev., 5.00%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018EEE, Rev., 5.00%, 6/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1255 | &nbsp;&nbsp;&nbsp;&nbsp; 1258 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Transit Transportation Project Series 2020A, Rev., 4.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3027 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9585 | &nbsp;&nbsp;&nbsp;&nbsp; 9728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 11500 | &nbsp;&nbsp;&nbsp;&nbsp; 11652 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019BB, Rev., 5.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024CC, Rev., 5.00%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020AA, Rev., 4.00%, 6/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 6/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024CC, Rev., 5.00%, 6/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024CC, Rev., 4.13%, 6/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024CC, Rev., 5.25%, 6/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1534 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp;&nbsp; 6366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8005 | &nbsp;&nbsp;&nbsp;&nbsp; 8177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 6255 | &nbsp;&nbsp;&nbsp;&nbsp; 6168 |
| &nbsp;&nbsp;&nbsp; Township of North Brunswick, General Improvement, GO, 4.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1540 | &nbsp;&nbsp;&nbsp;&nbsp; 1505 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 66723 |
| **New Mexico — 0.1%** | **New Mexico — 0.1%** | **New Mexico — 0.1%** |
| &nbsp;&nbsp;&nbsp; Albuquerque Municipal School District No. 12, School Building, GO, 5.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp;&nbsp; 1274 |
| &nbsp;&nbsp;&nbsp; County of Bernalillo Gross Receipts Tax Series 1996B, Rev., NATL - RE - IBC, 5.70%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp; 1637 |
| **New York — 17.8%** | **New York — 17.8%** | **New York — 17.8%** |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Grand Concourse Academy Charter School Series 2022A, Rev., 5.00%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2018 Series 2018B-1, GO, 4.00%, 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 6450 | &nbsp;&nbsp;&nbsp;&nbsp; 5854 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, GO, 5.50%, 4/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, GO, 5.50%, 4/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3105 | &nbsp;&nbsp;&nbsp;&nbsp; 3295 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2025 Series 2025G, Subseries G-1, GO, 5.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2530 | &nbsp;&nbsp;&nbsp;&nbsp; 2652 |
| &nbsp;&nbsp;&nbsp; County of Nassau, General Improvement Series 2025A, GO, 4.00%, 4/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 9135 | &nbsp;&nbsp;&nbsp;&nbsp; 8211 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 3/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 13555 | &nbsp;&nbsp;&nbsp;&nbsp; 13978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 10080 | &nbsp;&nbsp;&nbsp;&nbsp; 9274 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 3.00%, 9/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 18775 | &nbsp;&nbsp;&nbsp;&nbsp; 18043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3121 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Series 2024B, Rev., 5.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2060 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Climate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 4.00%, 11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C-1, Rev., 5.00%, 11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1487 |
| &nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.63%, 7/1/2042 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp;&nbsp; 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project Series 2024 CL F, Class F, Rev., <br> 5.25%, 12/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution, Fiscal Year 2025 Series 2025DD, Rev., 5.50%, <br> 6/15/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Series 2009BB-2, Rev., <br> VRDO, LIQ : UBS AG, 1.52%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2017 <br> Series 2017EE, Rev., 5.00%, 6/15/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5138 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020CC-1, Rev., 4.00%, 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020CC-2, Rev., 4.00%, 6/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4644 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Series 2025, Subseries G-1, Rev., 5.00%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3045 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2025 Series 2025E, Rev., 5.50%, 11/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3191 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured Series C, Rev., 5.00%, 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6656 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017E1, Rev., 5.00%, 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 6445 | &nbsp;&nbsp;&nbsp;&nbsp; 6518 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series 2019A-1, Rev., 5.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2144 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020 Series 2020B-1, Rev., 4.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3770 | &nbsp;&nbsp;&nbsp;&nbsp; 3658 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021 Series 2021A, Rev., 4.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 10575 | &nbsp;&nbsp;&nbsp;&nbsp; 10168 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022F, Subseries F-1, Rev., 4.00%, 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C, Subseries C-1, Rev., 4.00%, 2/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 7750 | &nbsp;&nbsp;&nbsp;&nbsp; 6837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024 Series 2024F, Subseries F-1, Rev., 4.25%, <br> 2/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025 Series 2025-J, Subseries J-1, <br> Rev., 5.50%, 5/1/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., Zero Coupon, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., Zero Coupon, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., A.G. - CR, Zero Coupon, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 9315 | &nbsp;&nbsp;&nbsp;&nbsp; 2522 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., Secured by Port Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC-2021, Rev., A.G. - CR, 3.00%, 2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 3345 | &nbsp;&nbsp;&nbsp;&nbsp; 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC-2021, Rev., 2.75%, 2/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1402 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., World Trade Centre Series 1WTC-2021, Rev., 2.25%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 3140 |
| &nbsp;&nbsp;&nbsp; New York Power Authority Series 2024A, Rev., 4.00%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp;&nbsp;&nbsp; 2782 |
| &nbsp;&nbsp;&nbsp; New York Power Authority, Green Transmission Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.00%, 11/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.13%, 11/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3304 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center Series 2025 2-B, Rev., 5.00%, 7/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2171 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, New York University Series 2025A, Rev., 5.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1278 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Pace University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp; 925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 5/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.50%, 5/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1297 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Personal Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 3/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, Rev., 4.00%, 2/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1311 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program Series 2025A, Rev., A.G., 5.00%, 10/1/2034 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2160 | &nbsp;&nbsp;&nbsp;&nbsp; 2414 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 3/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 4680 | &nbsp;&nbsp;&nbsp;&nbsp; 4547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021E, Rev., 4.00%, 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 3/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 18070 | &nbsp;&nbsp;&nbsp;&nbsp; 15784 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 3/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 8020 | &nbsp;&nbsp;&nbsp;&nbsp; 8233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018E, Rev., 5.00%, 3/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2045 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, White Plains Hospital Series 2024, Rev., 5.25%, 10/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance <br> Authority Projects - Second Resolution<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 7515 | &nbsp;&nbsp;&nbsp;&nbsp; 7524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 6/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3145 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority Series O, Rev., 4.00%, 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp;&nbsp;&nbsp; 3602 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority, Personal Income Tax Series 2022A, Rev., 5.00%, 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12422 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., AMT, 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6230 | &nbsp;&nbsp;&nbsp;&nbsp; 6325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., AMT, 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 9885 | &nbsp;&nbsp;&nbsp;&nbsp; 9943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3920 | &nbsp;&nbsp;&nbsp;&nbsp; 3945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 5350 | &nbsp;&nbsp;&nbsp;&nbsp; 5288 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.38%, 10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1497 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., JFK International Airport New Terminal One Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, A.G., 5.50%, 6/30/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, A.G., 5.50%, 6/30/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, A.G., 5.50%, 6/30/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, A.G., 5.00%, 6/30/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1482 |
| &nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp., Syracuse University Project, Rev., 4.50%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2806 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 223, Rev., AMT, 4.00%, 7/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2975 | &nbsp;&nbsp;&nbsp;&nbsp; 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 248, Rev., 5.00%, 1/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 895 | &nbsp;&nbsp;&nbsp;&nbsp; 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 248, Rev., 5.00%, 1/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1635 | &nbsp;&nbsp;&nbsp;&nbsp; 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 248, Rev., 5.00%, 1/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 248, Rev., 5.00%, 1/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 93, Rev., 6.13%, 6/1/2094 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6008 |
| &nbsp;&nbsp;&nbsp; Sherburne Earlville Central School District, GO, BAN, 4.50%, 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1502 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority Series 2018D, Rev., 4.00%, 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3907 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2012B, Rev., Zero Coupon, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8860 | &nbsp;&nbsp;&nbsp;&nbsp; 6700 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 4.50%, 12/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 919 |
| &nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, Rev., 5.00%, 12/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project Series 2021A, Rev., 5.00%, <br> 7/1/2041 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10450 | &nbsp;&nbsp;&nbsp;&nbsp; 9972 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 348440 |
| **North Carolina — 1.9%** | **North Carolina — 1.9%** | **North Carolina — 1.9%** |
| &nbsp;&nbsp;&nbsp; City of Asheville Water System Series 2024, Rev., 5.00%, 8/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1495 | &nbsp;&nbsp;&nbsp;&nbsp; 1591 |
| &nbsp;&nbsp;&nbsp; County of Buncombe, Limited Tax, Rev., 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 843 |
| &nbsp;&nbsp;&nbsp; County of Harnett, Limited Tax, Rev., 5.00%, 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1112 |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership-1998 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, 1/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 55-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, 1/1/2056 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5617 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Twin Lakes Community Series 2025A, Rev., 5.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 970 |
| &nbsp;&nbsp;&nbsp; State of North Carolina, Rev., 5.00%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 15345 | &nbsp;&nbsp;&nbsp;&nbsp; 16252 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 38014 |
| **North Dakota — 0.1%** | **North Dakota — 0.1%** | **North Dakota — 0.1%** |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2025A, Rev., 6.00%, 1/1/2056 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1906 |
| **Ohio — 2.6%** | **Ohio — 2.6%** | **Ohio — 2.6%** |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-2 CL 1, Rev., 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., 5.00%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 5624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 20400 | &nbsp;&nbsp;&nbsp;&nbsp; 1958 |
| &nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, John Glenn Columbus International Airport Series 2025B, Rev., 5.25%, 1/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1555 |
| &nbsp;&nbsp;&nbsp; County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc. Series 2025A, Rev., 5.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1960 | &nbsp;&nbsp;&nbsp;&nbsp; 2054 |
| &nbsp;&nbsp;&nbsp; Grandview Heights City School District, GO, 5.00%, 12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1605 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 |
| &nbsp;&nbsp;&nbsp; Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9105 | &nbsp;&nbsp;&nbsp;&nbsp; 9112 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Duke Energy Corp. Series 2022A, Rev., AMT, 4.25%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., VRDO, LIQ : TD Bank NA, 1.45%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1591 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2019A, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 16390 | &nbsp;&nbsp;&nbsp;&nbsp; 17602 |
| &nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp; 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 913 |
| &nbsp;&nbsp;&nbsp; State of Ohio, University Hospitals Health System, Inc. Series 2021E, Rev., 4.00%, 1/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1618 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 51568 |
| **Oklahoma — 0.1%** | **Oklahoma — 0.1%** | **Oklahoma — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project Series 2025A, Rev., 5.00%, <br> 7/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1183 |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 801 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 1984 |
| **Oregon — 0.9%** | **Oregon — 0.9%** | **Oregon — 0.9%** |
| &nbsp;&nbsp;&nbsp; Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series B, GO, Zero Coupon, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 4465 |
| &nbsp;&nbsp;&nbsp; Multnomah County School District No. 40 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 6/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 623 |
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Peacehealth Series 2018A, Rev., VRDO, LOC : US Bank NA, 1.45%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9875 | &nbsp;&nbsp;&nbsp;&nbsp; 9875 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-F Project Series 2025F, GO, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1650 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 17484 |
| **Pennsylvania — 3.1%** | **Pennsylvania — 3.1%** | **Pennsylvania — 3.1%** |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3800 | &nbsp;&nbsp;&nbsp;&nbsp; 3932 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp;&nbsp; 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2620 | &nbsp;&nbsp;&nbsp;&nbsp; 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp;&nbsp; 1167 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania Series 2024B, GO, 4.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1870 | &nbsp;&nbsp;&nbsp;&nbsp; 1806 |
| &nbsp;&nbsp;&nbsp; County of Delaware Series 2024, GO, 5.00%, 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1475 | &nbsp;&nbsp;&nbsp;&nbsp; 1541 |
| &nbsp;&nbsp;&nbsp; Erie City Water Authority Series 2019B, Rev., A.G., 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1325 |
| &nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority, Health Center, Masonic Villages Project Series 2015, Rev., 5.00%, 6/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1215 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority Series 2022B, Rev., 5.00%, 5/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 4.00%, <br> 9/1/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2950 | &nbsp;&nbsp;&nbsp;&nbsp; 2804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2020C, <br> Rev., 4.00%, 11/15/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Constellation Energy Generation Series 2023A, Rev., 4.10%, <br> 4/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12050 | &nbsp;&nbsp;&nbsp;&nbsp; 12197 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges, Rev., AMT, A.G., 5.00%, 12/31/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 5645 | &nbsp;&nbsp;&nbsp;&nbsp; 5431 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Single Family Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-141A, Rev., 5.75%, 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 -147A, Rev., 6.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-146A, Rev., 6.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Subordinate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 4.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 4.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Holy Family University Project Series 2023, Rev., 5.50%, 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2135 | &nbsp;&nbsp;&nbsp;&nbsp; 2260 |
| &nbsp;&nbsp;&nbsp; Redevelopment Authority of the City of Philadelphia, Service Agreement Series 2024B, Rev., 5.00%, 9/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
| &nbsp;&nbsp;&nbsp; School District of the City of Erie (The), Limited Tax Series 2019A, GO, A.G., 4.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1158 |
| &nbsp;&nbsp;&nbsp; Wilkes-Barre Area School District, GO, 3.75%, 4/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1323 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 61190 |
| **Puerto Rico — 1.3%** | **Puerto Rico — 1.3%** | **Puerto Rico — 1.3%** |
| &nbsp;&nbsp;&nbsp; Puerto Rico Public Finance Corp. Series 2001E, Rev., A.G. - CR, 6.00%, 8/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10285 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax (Puerto Rico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., Zero Coupon, 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 4467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 12391 | &nbsp;&nbsp;&nbsp;&nbsp; 11622 |
| &nbsp;&nbsp;&nbsp; Total Puerto Rico |  | &nbsp;&nbsp;&nbsp;&nbsp; 26374 |
| **Rhode Island — 0.3%** | **Rhode Island — 0.3%** | **Rhode Island — 0.3%** |
| &nbsp;&nbsp;&nbsp; Rhode Island Housing and Mortgage Finance Corp., Homeowenership Series 84-A, Rev., GNMA COLL, 5.00%, 4/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp;&nbsp;&nbsp; 708 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. Series B, Rev., 5.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4957 |
| &nbsp;&nbsp;&nbsp; Total Rhode Island |  | &nbsp;&nbsp;&nbsp;&nbsp; 5665 |
| **South Carolina — 0.5%** | **South Carolina — 0.5%** | **South Carolina — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group Series 2024A, Rev., 5.50%, <br> 11/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority Series 2025A, Rev., 5.00%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Santee Cooper Series 2024A, Rev., 5.25%, 12/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Housing Finance and Development Authority Series 2025B, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 7/1/2055 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5611 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 9689 |
| **South Dakota — 0.1%** | **South Dakota — 0.1%** | **South Dakota — 0.1%** |
| &nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 |
| **Tennessee — 5.4%** | **Tennessee — 5.4%** | **Tennessee — 5.4%** |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County, GO, 4.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 15290 | &nbsp;&nbsp;&nbsp;&nbsp; 15290 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 5.50%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 5.50%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 5.25%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 9470 | &nbsp;&nbsp;&nbsp;&nbsp; 9667 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The), Subordinate Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1680 | &nbsp;&nbsp;&nbsp;&nbsp; 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AMT, 5.00%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group Series 2024B, Rev., <br> 5.00%, 9/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3605 | &nbsp;&nbsp;&nbsp;&nbsp; 3755 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., <br> 5.75%, 10/1/2059<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7940 | &nbsp;&nbsp;&nbsp;&nbsp; 5254 |
| &nbsp;&nbsp;&nbsp; Tennergy Corp., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10330 | &nbsp;&nbsp;&nbsp;&nbsp; 10315 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Gas Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 4.00%, 11/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 33150 | &nbsp;&nbsp;&nbsp;&nbsp; 33165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-1, Rev., 5.00%, 5/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14065 | &nbsp;&nbsp;&nbsp;&nbsp; 14401 |
| &nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency Series 2025-1A, Rev., GNMA / FNMA / FHLMC, 6.00%, 1/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2832 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 105307 |
| **Texas — 6.2%** | **Texas — 6.2%** | **Texas — 6.2%** |
| &nbsp;&nbsp;&nbsp; Barbers Hill Independent School District, Unlimited Tax Series 2022, GO, PSF-GTD, 5.00%, 2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 4525 | &nbsp;&nbsp;&nbsp;&nbsp; 4727 |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Senior Lien Series 2021B, Rev., 4.00%, 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 928 |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 5/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1103 |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2256 |
| &nbsp;&nbsp;&nbsp; City of Dallas Housing Finance Corp., Rosemont at Ash Creek Apartments Series 2023, Rev., FHA, 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1385 |
| &nbsp;&nbsp;&nbsp; City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., AMT, 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., AMT, 5.25%, 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6250 | &nbsp;&nbsp;&nbsp;&nbsp; 6416 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., A.G., 5.75%, 12/1/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2346 |
| &nbsp;&nbsp;&nbsp; City of Mesquite, Combination tax, GO, 4.13%, 2/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1665 | &nbsp;&nbsp;&nbsp;&nbsp; 1561 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Idea Public Schools Series 2019, Rev., PSF-GTD, 4.00%, 8/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1860 | &nbsp;&nbsp;&nbsp;&nbsp; 1825 |
| &nbsp;&nbsp;&nbsp; Coastal Water Authority, City of Houston Projects, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5115 | &nbsp;&nbsp;&nbsp;&nbsp; 5122 |
| &nbsp;&nbsp;&nbsp; County of Fort Bend Toll Road, Senior Lien, Rev., A.G., 5.00%, 3/1/2045 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2053 |
| &nbsp;&nbsp;&nbsp; County of Harris, First Lien Series 2024A, Rev., 5.00%, 8/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1596 |
| &nbsp;&nbsp;&nbsp; County of Harris, Unlimited Tax Series 2023A, GO, 4.25%, 9/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1832 |
| &nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, Sales Tax, Senior Lien Series 2016A, Rev., 5.00%, 12/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 9905 | &nbsp;&nbsp;&nbsp;&nbsp; 10004 |
| &nbsp;&nbsp;&nbsp; Denison Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 4.00%, 8/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2865 | &nbsp;&nbsp;&nbsp;&nbsp; 2614 |
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 4.00%, 10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 5100 | &nbsp;&nbsp;&nbsp;&nbsp; 4521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 4.00%, 10/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 944 |
| &nbsp;&nbsp;&nbsp; Housing Options, Inc., The Culbreath, Rev., 3.75%, 11/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014 |
| &nbsp;&nbsp;&nbsp; Little Elm Independent School District Series 2024, GO, PSF-GTD, 4.00%, 8/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 863 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, Rev., 5.00%, 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4956 |
| &nbsp;&nbsp;&nbsp; Mansfield Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 4.00%, 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1038 |
| &nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Graphic Packaging International LLC Project, Rev., AMT, 5.00%, 6/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1532 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier Series 2020A, Rev., 4.00%, 1/2/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4964 |
| &nbsp;&nbsp;&nbsp; Pasadena Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5218 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - Texas A&M University System Series 2009A, Rev., 5.25%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2015 | &nbsp;&nbsp;&nbsp;&nbsp; 2018 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - University of Texas System Series 2025A, Rev., 5.00%, 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District Series 2025B, GO, PSF-GTD, 5.00%, 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1571 |
| &nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., Trinity University Project Series 2024A, Rev., 5.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project Series 2020B-1, <br> Rev., 4.00%, 11/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5035 | &nbsp;&nbsp;&nbsp;&nbsp; 4876 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply Series 2023B, Rev., 5.50%, 1/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6135 | &nbsp;&nbsp;&nbsp;&nbsp; 6706 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply Series 2024, Rev., 5.00%, 1/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9473 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, State Water Implementation Fund Series 2018B, Rev., 5.00%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7441 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority of Texas, Livingston Regional Water Supply System Project Series 2023, Rev., 5.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1294 |
| &nbsp;&nbsp;&nbsp; Weatherford Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1261 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 122405 |
| **Utah — 2.4%** | **Utah — 2.4%** | **Utah — 2.4%** |
| &nbsp;&nbsp;&nbsp; County of Utah, IHC Health Services, Inc. Series 2018C, Rev., VRDO, LIQ : TD Bank NA, 1.10%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; Intermountain Power Agency, Utah Powe Supply Series 2022A, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3855 | &nbsp;&nbsp;&nbsp;&nbsp; 4030 |
| &nbsp;&nbsp;&nbsp; Intermountain Power Agency, Utah Power Supply Series 2023A, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2305 | &nbsp;&nbsp;&nbsp;&nbsp; 2424 |
| &nbsp;&nbsp;&nbsp; Utah Housing Corp., Single Family Mortgage Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2214 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Clearfield City Project, Rev., 4.00%, 10/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp;&nbsp;&nbsp; 852 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Tax-Exempt Telecommunications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp;&nbsp; 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1560 | &nbsp;&nbsp;&nbsp;&nbsp; 1486 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 47781 |
| **Virginia — 0.5%** | **Virginia — 0.5%** | **Virginia — 0.5%** |
| &nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, Rev., 4.00%, 5/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1524 |
| &nbsp;&nbsp;&nbsp; Prince William County Service Authority, Water and Sewer System, Rev., 5.00%, 7/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, Educational Facilities, Washington and Lee University Project, Rev., NATL - RE, 5.25%, <br> 1/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |
| &nbsp;&nbsp;&nbsp; Virginia Public School Authority, 1997 Resolution Series 2025A, Rev., 5.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2210 | &nbsp;&nbsp;&nbsp;&nbsp; 2437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien, Elizabeth River Crossing Opco, LLC Project, Rev., AMT, 4.00%, <br> 1/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2957 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 9155 |
| **Washington — 1.8%** | **Washington — 1.8%** | **Washington — 1.8%** |
| &nbsp;&nbsp;&nbsp; Chelan County Public Utility District No. 1 Series 2020A, Rev., 4.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1670 | &nbsp;&nbsp;&nbsp;&nbsp; 1631 |
| &nbsp;&nbsp;&nbsp; County of Snohomish, Limited Tax, GO, 4.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp;&nbsp; 1446 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Project 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2263 |
| &nbsp;&nbsp;&nbsp; Fircrest Properties, State of Washington Dshs Project, Rev., 5.50%, 6/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4215 |
| &nbsp;&nbsp;&nbsp; King and Pierce Counties Valley Regional Fire Authority, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, A.G., 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp;&nbsp;&nbsp; 1688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, A.G., 5.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, A.G., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, A.G., 5.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1085 | &nbsp;&nbsp;&nbsp;&nbsp; 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, A.G., 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 |
| &nbsp;&nbsp;&nbsp; State of Washington, Various Purpose Series 2018A, GO, 5.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10166 |
| &nbsp;&nbsp;&nbsp; Vancouver Housing Authority Series 2025, Rev., 4.25%, 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2859 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Rockwood Retirement Communities Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1920 | &nbsp;&nbsp;&nbsp;&nbsp; 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1884 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 35734 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project, Rev., AMT, <br> 4.63%, 5/15/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2982 |
| **Wisconsin — 0.6%** | **Wisconsin — 0.6%** | **Wisconsin — 0.6%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Ascend Leadership Academy Project Series 2021A, Rev., 5.00%, 6/15/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp;&nbsp; 871 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Cone Health Series 2022A, Rev., 5.00%, 10/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 6530 | &nbsp;&nbsp;&nbsp;&nbsp; 6532 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Senior Lien, Rev., AMT, 5.50%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2048 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group, Rev., 4.38%, 8/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 861 |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 965 | &nbsp;&nbsp;&nbsp;&nbsp; 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.00%, 3/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 12431 |
| **Wyoming — 0.7%** | **Wyoming — 0.7%** | **Wyoming — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Campbell, Solid Waste Facilities, Basin Electric Power Co-operative, Dry Fork Station Facilities Series 2019A, Rev., <br> 3.63%, 7/15/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13570 | &nbsp;&nbsp;&nbsp;&nbsp; 11730 |
| &nbsp;&nbsp;&nbsp; Wyoming Community Development Authority Series 2023-1, Rev., 5.75%, 6/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2690 | &nbsp;&nbsp;&nbsp;&nbsp; 2822 |
| &nbsp;&nbsp;&nbsp; Total Wyoming |  | &nbsp;&nbsp;&nbsp;&nbsp; 14552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $1,904,157)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1891598 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Short-Term Investments — 3.8%** | **Short-Term Investments — 3.8%** | **Short-Term Investments — 3.8%** |
| **Investment Companies — 3.8%** | **Investment Companies — 3.8%** | **Investment Companies — 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.30% (f) (g) <br>(Cost $74,334)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 74331 | &nbsp;&nbsp;&nbsp;&nbsp; 74339 |
| **Total Investments — 100.3%** <br>**(Cost $1,978,491)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **1965937** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(5553)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1960384** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| BHAC | Insured by Berkshire Hathaway Assurance Corp. |
| COLL | Collateral |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GRAN | Grant Revenue Anticipation Notes |
| GTD | Guaranteed |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | |
|:---|:---|
| IBC | Insured Bond Certificates |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| RAN | Revenue Anticipation Note |
| RE | Reinsured |
| Rev. | Revenue |
| VRDO | Variable Rate Demand Obligation |

---

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

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

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

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

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

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

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

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

**Futures contracts outstanding as of May 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21720 | &nbsp;&nbsp;&nbsp;&nbsp; 450 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (15343)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (188)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (7444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (171)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (359)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 91 |

---

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

---

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

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1891598 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1891598 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 74339 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74339 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $74339 | &nbsp;&nbsp;&nbsp;&nbsp; $1891598 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1965937 |

---

------

**JPMorgan National Municipal Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $450 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $450 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(359)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(359)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $91 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $91 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 2.30% (a) (b)<br>| $145229 | $196974 | $267864 | $— | $—<br> (c)<br>| $74339 | 74331 | $984 | $— |

---

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

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

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

(c) Amount rounds to less than one thousand.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan National Municipal Income Fund

- **b. EDGAR series identifier (if any):** S000002946

- **c. LEI of Series:** SV3P1Y04RQXW5FQJPM75

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1990497561.32

**Total Liabilities:** $29641106.64

**Net Assets:** $1960856454.68

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 3014.00728000 | **1-Year:** 69318.07856000 | **5-Year:** 301675.31319000 | **10-Year:** 529075.13765000 | **30-Year:** 155648.72914000

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

- **3-Month:** 108.89211000 | **1-Year:** 2039.89167000 | **5-Year:** 10484.14501000 | **10-Year:** 48462.84596000 | **30-Year:** 76493.11969000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000195047 | -1.38%               | -0.47%               | -0.07%               |
| Class ID C000008064 | -1.38%               | -0.39%               | -0.18%               |
| Class ID C000008063 | -1.39%               | -0.48%               | -0.06%               |
| Class ID C000008066 | -1.37%               | -0.54%               | -0.14%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22916.24                | $-33242659.00                              |
| Month 2  | $-6927489.04             | $-9860078.13                               |
| Month 3  | $-3799955.68             | $-4877123.66                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                       | Title                                                                                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Omaha School District                                                      | Douglas County School District No. 001, Omaha Public                                                                                                   | CUSIP: 259291PX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9364488.00   | 0.48%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson & Miami Counties Unified School District No. 230 Spring Hills      | Johnson and Miami Counties Unified School District No. 230 Spring Hills, Series 2018A                                                                  | CUSIP: 478164JU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2965000 | PA      | $2970862.40   | 0.15%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                  | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                                 | CUSIP: 45471ASZ6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    355000 | PA      | $327208.04    | 0.02%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                            | Menlo Park City School District, Capital Appreciation                                                                                                  | CUSIP: 586840MQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1172055.11   | 0.06%             | 2037-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                    | Trinity River Authority of Texas, Livingston Regional Water Supply System Project, Series 2023                                                         | CUSIP: 896560XV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1294264.45   | 0.07%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                        | City of New York, Series FISCAL 2024 D                                                                                                                 | CUSIP: 64966SCP9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3105000 | PA      | $3295065.12   | 0.17%             | 2049-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| King & Pierce Counties Valley Regional Fire Authority                      | King and Pierce Counties Valley Regional Fire Authority, Washington Unlimited Tax, Series 2024                                                         | CUSIP: 92007ABZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1414002.33   | 0.07%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                       | Chicago Midway International Airport, Senior Lien, Series 2023A                                                                                        | CUSIP: 167562RU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1535740.57   | 0.08%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                    | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Series 2019A                                                                | CUSIP: 62620HDH2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986974.80    | 0.05%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                  | New Jersey Economic Development Authority, Transit Transportation Project, Series 2020A                                                                | CUSIP: 64577XBB1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3027049.68   | 0.15%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denison Independent School District                                        | Denison Independent School District, Unlimited Tax, Series 2023                                                                                        | CUSIP: 248415ZF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2865000 | PA      | $2614217.67   | 0.13%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                              | Main Street Natural Gas, Inc., Gas Supply, Series 2024A                                                                                                | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   8690000 | PA      | $9124996.20   | 0.47%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                               | Commonwealth of Pennsylvania, Series 2024B                                                                                                             | CUSIP: 70914P4F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1806197.66   | 0.09%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, White Plains Hospital, Series 2024                                                                                 | CUSIP: 65000B7X0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000340.30   | 0.05%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri         | Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital                                                         | CUSIP: 60637AQX3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1376927.97   | 0.07%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                   | Massachusetts Development Finance Agency, Lasell Village, Inc. Issue                                                                                   | CUSIP: 57585BJJ8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048556.40   | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                        | City of New York, Fiscal Year 2018, Series 2018B-1                                                                                                     | CUSIP: 64966MRD3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   6450000 | PA      | $5853994.20   | 0.30%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                          | State of Illinois, Series 2022B                                                                                                                        | CUSIP: 452153EC9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10781649.00  | 0.55%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                               | New York City Transitional Finance Authority, Series 2025, Subseries G-1                                                                               | CUSIP: 64972JJF6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3045437.70   | 0.16%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                             | Empire State Development Corp., State Sales Tax, Series 2019A                                                                                          | CUSIP: 64985TAJ0<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  13555000 | PA      | $13977897.02  | 0.71%             | 2039-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                     | Illinois Housing Development Authority, Series 2024E                                                                                                   | CUSIP: 45203MB83<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   3280000 | PA      | $3567897.74   | 0.18%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                           | Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series 2024B                                                  | CUSIP: 734195DZ0<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026488.90   | 0.05%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                              | Main Street Natural Gas, Inc., Gas Supply, Series 2023B                                                                                                | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   9430000 | PA      | $9812312.95   | 0.50%             | 2030-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                      | County of Buncombe, Limited Tax                                                                                                                        | CUSIP: 120525KE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $842879.25    | 0.04%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Snohomish WA                                                     | County of Snohomish, Limited Tax                                                                                                                       | CUSIP: 833086EL1<br>LEI: 254900GIDXGQFYCOA089 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1445596.68   | 0.07%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                            | Kentucky Economic Development Finance Authority, Owensboro Health, Inc., Series 2017A                                                                  | CUSIP: 49126KKB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1677287.15   | 0.09%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                         | Selma Industrial Development Board, International Paper Co. Projects, Series 2019A                                                                     | CUSIP: 81647PAG8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1225000 | PA      | $1194875.17   | 0.06%             | 2033-11-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                    | Port Authority of New York and New Jersey, Consolidated, Series 248                                                                                    | CUSIP: 73358XPX4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2233991.69   | 0.11%             | 2045-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rocky Mountain Rail Park Metropolitan District                             | Rocky Mountain Rail Park Metropolitan District, Limited Tax, Series 2021A                                                                              | CUSIP: 774762AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $747012.83    | 0.04%             | 2031-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Michigan Finance Authority                                                 | Michigan Finance Authority, Trinity Health Credit Group, Series 2016MI                                                                                 | CUSIP: 59447TGY3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4644619.54   | 0.24%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                                | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5350000 | PA      | $5287590.65   | 0.27%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                          | State of Illinois, Series 2022A                                                                                                                        | CUSIP: 452153CV9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5765000 | PA      | $6139372.18   | 0.31%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                          | Indiana Housing and Community Development Authority, Vita of New Whiteland Project                                                                     | CUSIP: 45506CBH9<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4828811.50   | 0.25%             | 2043-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - Texas A&M University System                    | Permanent University Fund - Texas A&M University System, Series 2009A                                                                                  | CUSIP: 882117N26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2018204.45   | 0.10%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                            | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2020, Series 2020CC-1                  | CUSIP: 64972GVD3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9735116.00   | 0.50%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Scottsdale Municipal Property Corp.                                        | Scottsdale Municipal Property Corp., Excise Tax                                                                                                        | CUSIP: 810489JS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1604606.88   | 0.08%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                     | Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project, Series 2025A                                                    | CUSIP: 678514DZ0<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1183493.96   | 0.06%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of North Brunswick NJ                                             | Township of North Brunswick, General Improvement                                                                                                       | CUSIP: 658017Q92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1505303.03   | 0.08%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barbers Hill Independent School District                                   | Barbers Hill Independent School District, Unlimited Tax, Series 2022                                                                                   | CUSIP: 067167B39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4525000 | PA      | $4727302.34   | 0.24%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Assessment                      | Massachusetts Bay Transportation Authority Assessment, Series 2006A                                                                                    | CUSIP: 575577HR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2253740.40   | 0.11%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                 | Utah Infrastructure Agency, Tax-Exempt Telecommunications, Series 2018A                                                                                | CUSIP: 917467AR3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    745000 | PA      | $748020.45    | 0.04%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, Pace University, Series 2024A                                                                                      | CUSIP: 65000B4H8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531502.50    | 0.03%             | 2030-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                       | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2012B                                                                          | CUSIP: 89602NA20<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   8860000 | PA      | $6699512.92   | 0.34%             | 2032-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                       | County of Harnett, Limited Tax                                                                                                                         | CUSIP: 41333TCP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1112341.00   | 0.06%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baseline Metropolitan District No. 1                                       | Baseline Metropolitan District No. 1, Series 2024A                                                                                                     | CUSIP: 069826AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1614544.50   | 0.08%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                         | Mission Economic Development Corp., Graphic Packaging International LLC Project                                                                        | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1531923.75   | 0.08%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                              | Central Texas Turnpike System, Second Tier, Series 2024C                                                                                               | CUSIP: 88283KBZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2255845.67   | 0.12%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chelan County Public Utility District No. 1                                | Chelan County Public Utility District No. 1, Series 2020A                                                                                              | CUSIP: 163103VH4<br>LEI: 5493004E8FN9GU2SU067 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1630905.80   | 0.08%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Stamford CT Water Pollution Control System & Facility Revenue      | City of Stamford, Water Pollution Control System and Facility, Series 2013A                                                                            | CUSIP: 852660CE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300513.93    | 0.02%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                 | Utah Infrastructure Agency, Clearfield City Project                                                                                                    | CUSIP: 917466CY8<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    915000 | PA      | $852286.27    | 0.04%             | 2040-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Little Elm Independent School District                                     | Little Elm Independent School District, Series 2024                                                                                                    | CUSIP: 5370967W3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $862864.40    | 0.04%             | 2054-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District               | Salt River Project Agricultural Improvement and Power District, Arizona Electric System, Series 2017A                                                  | CUSIP: 79574CCS0<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3124845.60   | 0.16%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesquite TX                                                        | City of Mesquite, Combination tax                                                                                                                      | CUSIP: 59074PMW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1561361.24   | 0.08%             | 2040-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                               | Orlando Utilities Commission, Series 2025A                                                                                                             | CUSIP: 686507NE0<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047433.20   | 0.10%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Educational Health Cultural & Social Services Finance Authority   | Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated Group, Series 2019A              | CUSIP: 63967UAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1921862.40   | 0.10%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                               | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025-J, Subseries J-1                          | CUSIP: 64972JTU2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061116.60   | 0.05%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Round Rock Independent School District                                     | Round Rock Independent School District, Series 2025B                                                                                                   | CUSIP: 779240RJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1570943.05   | 0.08%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                              | Main Street Natural Gas, Inc., Gas Supply, Series 2024D                                                                                                | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   8440000 | PA      | $8828611.36   | 0.45%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Alvord Unified School District                                             | Alvord Unified School District, 2007 Election, Series 2011B                                                                                            | CUSIP: 022555UK0<br>LEI: 549300Q9J0UCO75DL276 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $925456.35    | 0.05%             | 2036-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                             | Black Belt Energy Gas District, Gas Project, Series 2024D                                                                                              | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  13590000 | PA      | $14239994.75  | 0.73%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                        | Idaho Housing and Finance Association, Federal Highway Trust, Series 2015A                                                                             | CUSIP: 45129WMQ0<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2555328.23   | 0.13%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                          | City and County of Denver, Airport System, Series 2018A                                                                                                | CUSIP: 249182LG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18390000 | PA      | $18724999.60  | 0.95%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)               | Industrial Development Authority of the County of Pima (The), La Posada at Pusch Ridge Project, Series 2022B-3                                         | CUSIP: 72178AAM4<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2101088.01   | 0.11%             | 2029-11-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                  | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                        | CUSIP: 235241RV0<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   9905000 | PA      | $10003839.02  | 0.51%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                             | Washington Metropolitan Area Transit Authority, Series 2017B                                                                                           | CUSIP: 938782FM6<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5910262.28   | 0.30%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                     | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CCA5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    440000 | PA      | $391163.21    | 0.02%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                 | Intermountain Power Agency, Utah Power Supply, Series 2023A                                                                                            | CUSIP: 45884AF32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2305000 | PA      | $2424527.85   | 0.12%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp./TN                                                          | Tennergy Corp., Gas Supply, Series 2021A                                                                                                               | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |  10330000 | PA      | $10314961.59  | 0.53%             | 2028-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                | Omaha Public Power District, Electric System, Series 2024C                                                                                             | CUSIP: 682001NE8<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2257762.09   | 0.12%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King & Pierce Counties Valley Regional Fire Authority                      | King and Pierce Counties Valley Regional Fire Authority, Washington Unlimited Tax, Series 2024                                                         | CUSIP: 92007ABX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1688113.24   | 0.09%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                           | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1166881.63   | 0.06%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                           | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1875000.00   | 0.10%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                          | Idaho Health Facilities Authority, St. Luke's Health System Project, Series 2025C                                                                      | CUSIP: 451295H69<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3268384.20   | 0.17%             | 2060-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                               | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured, Series B                                                       | CUSIP: 649451FW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1474113.80   | 0.08%             | 2032-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                    | South Carolina Public Service Authority, Series 2025A                                                                                                  | CUSIP: 8371515R6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003122.80   | 0.05%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                            | Fairfax County Industrial Development Authority, Series 2022                                                                                           | CUSIP: 30382VAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1523936.37   | 0.08%             | 2042-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue               | Los Angeles Department of Water and Power Water System, Series 2022D                                                                                   | CUSIP: 544525N53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $720755.15    | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                         | Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier, Series 2020C                                                                | CUSIP: 38611TCC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $944330.97    | 0.05%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                      | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                  | CUSIP: 546399LS3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    440000 | PA      | $377807.85    | 0.02%             | 2042-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                         | Tennessee Energy Acquisition Corp., Gas Project, Series 2018                                                                                           | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  33150000 | PA      | $33164937.39  | 1.69%             | 2025-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                         | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1351141.90   | 0.07%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                       | State of Mississippi, Series 2018A                                                                                                                     | CUSIP: 605581LC9<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   5030000 | PA      | $5111998.56   | 0.26%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri         | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects, Series 2016B                                  | CUSIP: 60635H2D0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001487.60   | 0.05%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                       | Chicago Midway International Airport, Senior Lien, Series 2023A                                                                                        | CUSIP: 167562SG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051821.10   | 0.05%             | 2048-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                              | Central Texas Turnpike System, First Tier, Series 2024B                                                                                                | CUSIP: 88283KBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2104083.00   | 0.11%             | 2042-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                     | Permanent University Fund - University of Texas System, Series 2025A                                                                                   | CUSIP: 915130CG1<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034295.80   | 0.05%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                               | State of Kansas Department of Transportation, Series 2025A                                                                                             | CUSIP: 485424UD5<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   2315000 | PA      | $2436622.00   | 0.12%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                      | Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges                                                                       | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5645000 | PA      | $5431236.27   | 0.28%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                               | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project                                            | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |   3000000 | PA      | $2981796.30   | 0.15%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                     | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBZ1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    100000 | PA      | $94946.54     | 0.00%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                          | Philadelphia Authority for Industrial Development, Holy Family University Project, Series 2023                                                         | CUSIP: 71780TBJ1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2135000 | PA      | $2260005.10   | 0.12%             | 2037-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                              | North Texas Tollway Authority, First Tier, Series 2020A                                                                                                | CUSIP: 66285WZW9<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4964235.50   | 0.25%             | 2038-01-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No. 40                                    | Multnomah County School District No. 40, Series A                                                                                                      | CUSIP: 625693HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $623015.90    | 0.03%             | 2036-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                     | Lancaster County Hospital Authority, Health Center, Masonic Villages Project, Series 2015                                                              | CUSIP: 514045E90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1215000.00   | 0.06%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., JFK International Airport New Terminal One Project, Series 2023                                             | CUSIP: 650116GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2336461.43   | 0.12%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                       | Chicago Midway International Airport, Senior Lien, Series 2023A                                                                                        | CUSIP: 167562RT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3315000 | PA      | $3472994.23   | 0.18%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Municipal School District No. 12                               | Albuquerque Municipal School District No. 12, School Building                                                                                          | CUSIP: 013595VX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1273368.94   | 0.06%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                       | Colorado Health Facilities Authority, Children's Hospital Colorado Project, Series 2019A-2                                                             | CUSIP: 19648FKR4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1240199.80   | 0.06%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fayette County Development Authority                                       | Fayette County Development Authority, United States Soccer Federation, Inc. Project, Series 2024                                                       | CUSIP: 31222PAT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1118577.79   | 0.06%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                 | Utah Infrastructure Agency, Tax-Exempt Telecommunications                                                                                              | CUSIP: 917471AY0<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1485598.61   | 0.08%             | 2038-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                               | Kansas City Industrial Development Authority, City International Airport Terminal Modernization Project, Series 2019B                                  | CUSIP: 48504NAW9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1849392.72   | 0.09%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                             | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2024CC                                                                  | CUSIP: 64613CGF9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3049863.60   | 0.16%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                           | Ohio Water Development Authority, Water Pollution Control Loan Fund, Series 2019A                                                                      | CUSIP: 677660UZ3<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |  16390000 | PA      | $17602137.20  | 0.90%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue    | New York City Transitional Finance Authority, Future Tax Secured, Series C                                                                             | CUSIP: 64971WV23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6656398.45   | 0.34%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                      | North Carolina Housing Finance Agency, Homeownership, Series 55-C                                                                                      | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3997318.00   | 0.20%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                            | New York City Municipal Water Finance Authority, Second General Resolution, Fiscal Year 2025, Series 2025DD                                            | CUSIP: 64972GP73<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1692823.35   | 0.09%             | 2039-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Jeffersonville IN                                                  | City of Jeffersonville, Vivera Senior Living of Jeffersonville Project, Series 2020A                                                                   | CUSIP: 475666AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4560000 | PA      | $3926745.05   | 0.20%             | 2040-11-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                | Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group, Series 2024B                                   | CUSIP: 821691AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3605000 | PA      | $3754889.41   | 0.19%             | 2029-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                      | Metropolitan Transportation Authority, Climate Bond, Series 2020C-1                                                                                    | CUSIP: 59261AG43<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1487015.10   | 0.08%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                    | Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series 2018A                                                     | CUSIP: 613603YV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2803832.22   | 0.14%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, Personal Income Tax, Series 2021A                                                                                  | CUSIP: 64990FZS6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2267061.47   | 0.12%             | 2037-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                         | New York Liberty Development Corp., Secured by Port Authority, Series 1WTC-2021                                                                        | CUSIP: 649519FD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3345000 | PA      | $2594759.65   | 0.13%             | 2042-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                              | New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Seco | CUSIP: 64986DPL3<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3144968.40   | 0.16%             | 2053-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                  | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B-2                                                                 | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  40000000 | PA      | $4290916.00   | 0.22%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community Consolidated School District No. 15 Palatine         | Cook County Community Consolidated School District No. 15 Palatine                                                                                     | CUSIP: 213291RZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $700952.63    | 0.04%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Nassau NY                                                        | County of Nassau, General Improvement, Series 2025A                                                                                                    | CUSIP: 63165T6Y6<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |   9135000 | PA      | $8211146.39   | 0.42%             | 2046-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Bolingbrook IL                                                  | Village of Bolingbrook, Will and Dupage Counties, Special Service Areas Numbers 2001-1, 2001-2, 2001-3, and 2002-1                                     | CUSIP: 09755VBC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $1008396.28   | 0.05%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                       | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2024D                                                                       | CUSIP: 1675936G2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010233.00   | 0.05%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                    | South Carolina Public Service Authority, Santee Cooper, Series 2024A                                                                                   | CUSIP: 8371514E6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2044230.40   | 0.10%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                          | Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series 2024                                                              | CUSIP: 340618DQ7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1835688.00   | 0.09%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                    | Washington Suburban Sanitary Commission                                                                                                                | CUSIP: 940158DL9<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |  13035000 | PA      | $12171591.58  | 0.62%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                               | Clark County School District, Limited Tax, Series 2020A                                                                                                | CUSIP: 181059P59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1009483.89   | 0.05%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                             | Metropolitan Nashville Airport Authority (The), Series 2022B                                                                                           | CUSIP: 592190QW5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1974413.25   | 0.10%             | 2041-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                     | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBW8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    200000 | PA      | $195095.78    | 0.01%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                              | Main Street Natural Gas, Inc., Gas Supply, Series 2021C                                                                                                | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502466.75   | 0.13%             | 2052-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                         | Montgomery County Industrial Development Authority, Constellation Energy Generation, Series 2023A                                                      | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  12050000 | PA      | $12196931.68  | 0.62%             | 2028-04-03      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund         | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2024D                                                                       | CUSIP: 67766WT28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1591276.80   | 0.08%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                    | New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Series 2024 CL F                                              | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1321046.61   | 0.07%             | 2031-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                        | City of New York, Fiscal Year 2025, Series 2025G, Subseries G-1                                                                                        | CUSIP: 64966SLY0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2652353.08   | 0.14%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                           | Minnesota Housing Finance Agency, Residential Housing, Series 2024O                                                                                    | CUSIP: 60416UGU3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2484714.60   | 0.13%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                 | Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project, Series 2022A                                            | CUSIP: 61075YAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1352931.85   | 0.07%             | 2042-07-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| City of Rockport IN                                                        | City of Rockport, Indiana Michigan Power Co. Project, Series 2009A                                                                                     | CUSIP: 773835BR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11600000 | PA      | $11600000.00  | 0.59%             | 2025-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue      | State of Florida Department of Transportation Turnpike System, Series 2024D                                                                            | CUSIP: 343137VQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1214623.01   | 0.06%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)      | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A         | CUSIP: 71885DCU4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1328567.76   | 0.07%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coastal Water Authority                                                    | Coastal Water Authority, City of Houston Projects                                                                                                      | CUSIP: 19057PEQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5115000 | PA      | $5121528.79   | 0.26%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                            | California County Tobacco Securitization Agency, Series 2006A                                                                                          | CUSIP: 13016NCT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9500000 | PA      | $2226737.30   | 0.11%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Jose Evergreen Community College District                              | San Jose Evergreen Community College District, Series C                                                                                                | CUSIP: 798189TE6<br>LEI: 5493006H31JIFYW6Z091 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1955148.60   | 0.10%             | 2042-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                           | Energy Northwest, Project 1, Series 2025A                                                                                                              | CUSIP: 29270C7B5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2262851.40   | 0.12%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                            | Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project, Series 2025A                                        | CUSIP: 45527CEB4<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    800000 | PA      | $846315.20    | 0.04%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                | Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series 2020A                                                     | CUSIP: 939783C87<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1940669.18   | 0.10%             | 2032-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Dallas Housing Finance Corp.                                       | City of Dallas Housing Finance Corp., Rosemont At Ash Creek Apartments, Series 2023                                                                    | CUSIP: 235298BS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1385498.95   | 0.07%             | 2026-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                               | Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project                                                         | CUSIP: 362762QZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2282218.48   | 0.12%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                      | Metropolitan Transportation Authority, Climate Bond, Series 2025A                                                                                      | CUSIP: 59261A5A1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2085794.40   | 0.11%             | 2043-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                       | City of Baltimore, Consolidated Public Improvement, Series 2017B                                                                                       | CUSIP: 059189VN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2101525.00   | 0.11%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District               | Salt River Project Agricultural Improvement and Power District, Series 2023A                                                                           | CUSIP: 79574CFL2<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10240464.00  | 0.52%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                                | CUSIP: 650116CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3920000 | PA      | $3945220.10   | 0.20%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | U.S. Treasury Long Bond                                                                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       192 | NC      | $450128.55    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Los Angeles Department of Water & Power                                    | Los Angeles Department of Water and Power, Power System, Series 2025A                                                                                  | CUSIP: 544532PW8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514337.90   | 0.08%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                               | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024, Series 2024F, Subseries F-1                                        | CUSIP: 64972JGX0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1785359.00   | 0.09%             | 2054-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                            | California Community Choice Financing Authority, Clean Energy Project, Series 2024H                                                                    | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $6116246.83   | 0.31%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Karegnondi Water Authority                                                 | Karegnondi Water Authority, Water Supply System, Series 2024                                                                                           | CUSIP: 48563UCT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1571274.15   | 0.08%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue  | Wisconsin Housing and Economic Development Authority Home Ownership, Series 2024C                                                                      | CUSIP: 97689QWD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082937.00   | 0.06%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                      | Metropolitan Transportation Authority, Climate Bond, Series 2019B                                                                                      | CUSIP: 59261AYX9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $826070.30    | 0.04%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                          | Indiana Housing and Community Development Authority, Vita of Marion Project, Series 2021A                                                              | CUSIP: 45506CBA4<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1563624.00   | 0.08%             | 2041-04-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                        | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2023-141A                                                                          | CUSIP: 70879QSZ7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3958577.63   | 0.20%             | 2053-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                     | Santa Clara County Financing Authority, Multiple Facilities Projects, Series 2015P                                                                     | CUSIP: 801577KF3<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |   8400000 | PA      | $8413305.60   | 0.43%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                 | Middleton Community Development District A, City of Wildwood, Florida Special Assessment                                                               | CUSIP: 596681AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $777891.77    | 0.04%             | 2037-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                     | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBU2<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     85000 | PA      | $84067.39     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                    | State of North Carolina                                                                                                                                | CUSIP: 658268EE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15345000 | PA      | $16252236.30  | 0.83%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                             | Sales Tax Securitization Corp., Series 2018C                                                                                                           | CUSIP: 79467BCE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9416149.20   | 0.48%             | 2035-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                            | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2017, Series 2017EE                    | CUSIP: 64972GNK6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5138167.00   | 0.26%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri         | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects, Series 2019C                                  | CUSIP: 60635H2W8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1488899.55   | 0.08%             | 2030-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                  | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                                 | CUSIP: 45471ASY9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    340000 | PA      | $317309.96    | 0.02%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                              | Village Community Development District No. 15                                                                                                          | CUSIP: 92708KAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005370.20   | 0.05%             | 2038-05-01      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Housing Options, Inc.                                                      | Housing Options, Inc., The Culbreath                                                                                                                   | CUSIP: 44183TAM5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2013789.40   | 0.10%             | 2045-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                        | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                                  | CUSIP: 97712JMU4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $860865.20    | 0.04%             | 2055-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, State Sales Tax, Series 2018C                                                                                      | CUSIP: 64990AKA2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   8020000 | PA      | $8232891.70   | 0.42%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                 | Illinois Finance Authority, Centerpointjoliet Terminal, Series 2020                                                                                    | CUSIP: 45203PAB0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   2750000 | PA      | $2651625.08   | 0.14%             | 2050-12-01      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Virginia College Building Authority                                        | Virginia College Building Authority, Educational Facilities, Washington & Lee University Project                                                       | CUSIP: 927780SJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1134806.96   | 0.06%             | 2026-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                      | City of Chicago, Waterworks, Second Lien, Series 2023B                                                                                                 | CUSIP: 167736X28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3160000 | PA      | $3288874.91   | 0.17%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                          | City and County of Denver, Airport System, Series 2022A                                                                                                | CUSIP: 249182QU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6274188.60   | 0.32%             | 2042-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                                | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9885000 | PA      | $9942728.40   | 0.51%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                              | Florida Housing Finance Corp., Homeowner Mortgage, Series 2022 1                                                                                       | CUSIP: 34074MZA2<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1222592.94   | 0.06%             | 2052-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                   | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                                      | CUSIP: 63607YCQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077618.30   | 0.05%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Weatherford Independent School District                                    | Weatherford Independent School District, Unlmited Tax                                                                                                  | CUSIP: 947134A36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1260726.84   | 0.06%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                | Vancouver Housing Authority, Series 2025                                                                                                               | CUSIP: 921626PU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2859171.90   | 0.15%             | 2038-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                              | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511HW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1087681.87   | 0.06%             | 2032-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                          | Southeast Energy Authority A Cooperative District, Project No. 2, Series 2021B                                                                         | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   6705000 | PA      | $6556100.05   | 0.33%             | 2031-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                    | Port Authority of New York and New Jersey, Consolidated, Series 248                                                                                    | CUSIP: 73358XPY2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3332209.40   | 0.17%             | 2050-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                  | Maine Municipal Bond Bank, Series 2025A                                                                                                                | CUSIP: 56045SBF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083218.40   | 0.06%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                   | Massachusetts Development Finance Agency, Amherst College Issue, Series 2025A                                                                          | CUSIP: 57585BKD9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3941998.20   | 0.20%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyoming Community Development Authority                                    | Wyoming Community Development Authority, Series 2023-1                                                                                                 | CUSIP: 98322QE78<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   2690000 | PA      | $2822456.41   | 0.14%             | 2053-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                             | Metropolitan Nashville Airport Authority (The), Series 2022B                                                                                           | CUSIP: 592190QX3<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2093633.20   | 0.11%             | 2042-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                             | Buckeye Tobacco Settlement Financing Authority, Series 2020A-2 CL 1, Class 1                                                                           | CUSIP: 118217CT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3801117.60   | 0.19%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pima County Unified School District No. 1 Tucson                           | Pima County Unified School District No. 1 Tucson, Project of 2023, Series 2024A                                                                        | CUSIP: 721799H98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091572.60   | 0.06%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue    | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017, Series B                                                           | CUSIP: 64971WT26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6445000 | PA      | $6518241.62   | 0.33%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                    | Los Angeles Department of Water and Power, Power System, Series 2025A                                                                                  | CUSIP: 544532PA6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037261.20   | 0.05%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                  | City of Houston Airport System, United Airlines, Inc. Terminal Improvement Projects, Series 2024B                                                      | CUSIP: 442349HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6415580.00   | 0.33%             | 2033-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                           | Pennsylvania Turnpike Commission, Subordinate, Series 2023                                                                                             | CUSIP: 709225HC3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046726.60   | 0.05%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                      | City of Chicago Waterworks, Second Lien, Series 2001                                                                                                   | CUSIP: 167736SJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5843789.60   | 0.30%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund         | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2024C                                                                       | CUSIP: 67766WQ21<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.06%             | 2054-12-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                              | Commonwealth of Massachusetts, Consolidated Loan, Series E                                                                                             | CUSIP: 57582PBC3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5042987.00   | 0.26%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                          | Idaho Health Facilities Authority, St. Luke's Health System Project, Series 2025B                                                                      | CUSIP: 451295H51<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2139253.80   | 0.11%             | 2060-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                           | City of Los Angeles, Wastewater System, Subordinate, Series 2025A                                                                                      | CUSIP: 53945CMD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2049813.40   | 0.10%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                     | City of Minneapolis, Health Care System, Fairview Health Services, Series 2018A                                                                        | CUSIP: 60374VEF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975225.50    | 0.05%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                            | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Series 2009BB-2                                    | CUSIP: 64972FWL6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.10%             | 2039-06-15      | Variable      | 3.02%                 | No            |                  2 | On Loan: No      |
| Iowa Tobacco Settlement Authority                                          | Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021-B-2, Class 2                                      | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $2941778.00   | 0.15%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                            | Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project, Series 2025A                                        | CUSIP: 45527CED0<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1718582.42   | 0.09%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                  | Metropolitan Government of Nashville and Davidson County                                                                                               | CUSIP: 592112TN6<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |  15290000 | PA      | $15289876.15  | 0.78%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                  | New Jersey Economic Development Authority, School Facilities Construction, Series 2018EEE                                                              | CUSIP: 64577XEH5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1258461.92   | 0.06%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                        | State of Washington, Various Purpose, Series 2018A                                                                                                     | CUSIP: 93974DQ35<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10166189.00  | 0.52%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                | New Hampshire Health and Education Facilities Authority Act, Series 2025                                                                               | CUSIP: 64461XMF9<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5478555.42   | 0.28%             | 2055-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                        | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-146A                                                                          | CUSIP: 70879QXV0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088468.20   | 0.06%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                | Long Island Power Authority, Electric System, Series 2018                                                                                              | CUSIP: 542691BQ2<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5221384.00   | 0.27%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                      | City of Valparaiso, Green Oaks of Valparaiso Project                                                                                                   | CUSIP: 920286AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1345788.12   | 0.07%             | 2041-12-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                           | Maricopa County Industrial Development Authority, HonorHealth, Series 2019A                                                                            | CUSIP: 56678PAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037710.00   | 0.05%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                             | Sales Tax Securitization Corp., Series 2018C                                                                                                           | CUSIP: 79467BCD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13520000 | PA      | $14191288.28  | 0.72%             | 2034-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                       | Kansas Development Finance Authority, Series 2025A                                                                                                     | CUSIP: 48542RX66<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   6765000 | PA      | $6680705.39   | 0.34%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware PA                                                      | County of Delaware, Series 2024                                                                                                                        | CUSIP: 246001A27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1540970.26   | 0.08%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                       | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2025A                                                    | CUSIP: 896032BC2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919119.60    | 0.05%             | 2056-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                              | Central Texas Turnpike System, First Tier, Series 2024A                                                                                                | CUSIP: 88283KBR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102960.90   | 0.06%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                               | Kansas City Industrial Development Authority, Airport Terminal Modernization Project, Series 2019B                                                     | CUSIP: 48504NBB4<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   4710000 | PA      | $4744869.07   | 0.24%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                          | Oregon State Facilities Authority, Peacehealth, Series 2018A                                                                                           | CUSIP: 68608JXD8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   9875000 | PA      | $9875000.00   | 0.50%             | 2034-08-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Grossmont-Cuyamaca Community College District                              | Grossmont-Cuyamaca Community College District, Election of 2002, Series 2008C                                                                          | CUSIP: 399267DB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19585000 | PA      | $18883739.49  | 0.96%             | 2026-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                    | Washington Suburban Sanitary Commission                                                                                                                | CUSIP: 940158DP0<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   5430000 | PA      | $4940472.47   | 0.25%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri         | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects, Series 2019A                                  | CUSIP: 60635H2S7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990471.30    | 0.05%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                 | Illinois Finance Authority, Silver Cross Hospital and Medical Centers, Series 2025B-2                                                                  | CUSIP: 45204FM85<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3660824.65   | 0.19%             | 2044-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                     | California Municipal Finance Authority, California Baptist University, Series 2025A                                                                    | CUSIP: 13048V3D8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026875.90   | 0.05%             | 2035-11-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                        | U.S. Treasury Ultra Bond                                                                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -64 | NC      | $-171074.21   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Grandview Heights City School District                                     | Grandview Heights City School District                                                                                                                 | CUSIP: 386694FF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1700092.88   | 0.09%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2024A                                                            | CUSIP: 04052FFC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999766.10    | 0.05%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                           | Maricopa County Industrial Development Authority, Honorhealth, Series 2019A                                                                            | CUSIP: 56678PAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1279845.13   | 0.07%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                           | New York State Thruway Authority, Personal Income Tax, Series 2022A                                                                                    | CUSIP: 650028YU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12421516.80  | 0.63%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                  | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                                 | CUSIP: 45471ASW3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    230000 | PA      | $218251.78    | 0.01%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                             | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2020AA                                                                  | CUSIP: 6461366Z9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2682679.18   | 0.14%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Public Finance Corp.                                           | Puerto Rico Public Finance Corp., Series 2001E                                                                                                         | CUSIP: 745291TM6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  10000000 | PA      | $10285143.00  | 0.52%             | 2026-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Roswell Development Authority                                              | Roswell Development Authority, Wellsatar Healthcare, Inc., Series 2025A                                                                                | CUSIP: 77853AAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   9500000 | PA      | $9500000.00   | 0.48%             | 2047-04-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| Bartow County Development Authority                                        | Bartow County Development Authority, Georgia Power Co. Plant, Series 2009-1                                                                            | CUSIP: 069643BN3<br>LEI: 5493006KLI0V8YELKW50 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2025185.80   | 0.10%             | 2032-12-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                               | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured, Series B                                                       | CUSIP: 649451FX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $1505597.27   | 0.08%             | 2033-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue    | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022, Series 2022C, Subseries C-1                                        | CUSIP: 64971XL63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7750000 | PA      | $6837449.13   | 0.35%             | 2047-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                              | Maryland Community Development Administration, Multi- Family, Villages At Marley Station, Series 2024D-2                                               | CUSIP: 20364NCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998590.70    | 0.05%             | 2029-01-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                           | New York State Thruway Authority, Series O                                                                                                             | CUSIP: 650009W82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3601766.61   | 0.18%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                             | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2024CC                                                                  | CUSIP: 64613CGJ1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1075657.00   | 0.05%             | 2050-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                          | State of Illinois, Series 2023B                                                                                                                        | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1152554.40   | 0.06%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                  | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2015A                                                                   | CUSIP: 38122NYE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.20%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                         | Utah Housing Corp., Single Family Mortgage, Series 2025A                                                                                               | CUSIP: 917437RU1<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2213558.60   | 0.11%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Georgia State Road & Tollway Authority                                     | Georgia State Road and Tollway Authority, Managed Lane System, Series 2021A                                                                            | CUSIP: 37358MEV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1974759.60   | 0.10%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018                   | CUSIP: 650116CK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3540315.80   | 0.18%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                             | Metropolitan Nashville Airport Authority (The), Subordinate Airport, Series 2019B                                                                      | CUSIP: 592190PJ5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4877824.50   | 0.25%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                | San Diego County Regional Airport Authority, Series 2021B                                                                                              | CUSIP: 79739GNX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5180000 | PA      | $5093317.36   | 0.26%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                  | Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project, Series 2023A                                                                  | CUSIP: 45471FAF8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    210000 | PA      | $200261.54    | 0.01%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                              | Delaware State Economic Development Authority, Newark Charter School, Inc., Project                                                                    | CUSIP: 246372AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1549027.38   | 0.08%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue               | Los Angeles Department of Water and Power Water System, Series 2017A                                                                                   | CUSIP: 544525WL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $884307.50    | 0.05%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                  | Michigan State Hospital Finance Authority, Corewell Health, Series 2025B-2                                                                             | CUSIP: 59465HXF8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079234.60   | 0.06%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                       | Colorado Health Facilities Authority, School Health System, Series 2019A                                                                               | CUSIP: 19648FLN2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2504469.92   | 0.13%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                   | River Islands Public Financing Authority, Facilities District No. 2003, Series 2022A-1                                                                 | CUSIP: 76827QGP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030109.00   | 0.05%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                  | City of Houston Airport System, United Airlines, Inc. Terminal Improvement Projects, Series 2020C                                                      | CUSIP: 442349DJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3511633.30   | 0.18%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of the City of Erie (The)                                  | School District of the City of Erie (The), Limited Tax, Series 2019A                                                                                   | CUSIP: 295425TE2<br>LEI: 549300VQZWUO5J8WLO42 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1158176.85   | 0.06%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                             | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2024CC                                                                  | CUSIP: 64613CGK8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1534602.45   | 0.08%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                     | Oklahoma Development Finance Authority, Health System, OU Medicine Project, Series 2018B                                                               | CUSIP: 67884XBZ9<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    800000 | PA      | $800714.16    | 0.04%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                              | Florida Housing Finance Corp., Homeowner Mortgage, Series 2024-5                                                                                       | CUSIP: 34074M7G0<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3540499.63   | 0.18%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                              | Texas Water Development Board, State Water Implementation Fund, Series 2018B                                                                           | CUSIP: 882854N81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7440895.00   | 0.38%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                              | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1466366.55   | 0.07%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Carroll KY                                                       | County of Carroll, Kentucky Environmental Facilities, Series 2006B                                                                                     | CUSIP: 14483RAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7440000 | PA      | $5842495.10   | 0.30%             | 2034-10-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                        | County of Harris, Unlimited Tax, Series 2023A                                                                                                          | CUSIP: 414005Y85<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1832487.80   | 0.09%             | 2048-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                           | Maricopa County Industrial Development Authority, Valley Christian Schools Project, Series 2023A                                                       | CUSIP: 56678RAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $908328.86    | 0.05%             | 2043-07-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                  | Indiana Finance Authority, State Revolving Fund Program, Series 2025C                                                                                  | CUSIP: 45506EMA8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1131882.00   | 0.06%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                           | Onondaga Civic Development Corp., Syracuse University Project                                                                                          | CUSIP: 682832LK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2805481.20   | 0.14%             | 2050-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                           | Maricopa County Industrial Development Authority, Ottawa University                                                                                    | CUSIP: 56678RAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $207339.25    | 0.01%             | 2030-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                        | U.S. Treasury 10 Year Ultra Note                                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -136 | NC      | $-188220.31   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Port Authority of New York & New Jersey                                    | Port Authority of New York and New Jersey, Consolidated, Series 248                                                                                    | CUSIP: 73358XPU0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1729264.62   | 0.09%             | 2042-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                  | Central Texas Regional Mobility Authority, Senior Lien, Series 2021B                                                                                   | CUSIP: 155498LV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $928314.60    | 0.05%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado      | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025A                                                                    | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6318231.60   | 0.32%             | 2035-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue    | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019, Series 2019A-1                                                     | CUSIP: 64971XFU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2144029.02   | 0.11%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                       | Dominion Water and Sanitation District                                                                                                                 | CUSIP: 25755AAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1930812.56   | 0.10%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                     | City of Minneapolis, Health Care System, Fairview Health Services, Series 2018A                                                                        | CUSIP: 60374VED1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    750000 | PA      | $696164.18    | 0.04%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2020A                                                           | CUSIP: 64990FYQ1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  18070000 | PA      | $15783758.30  | 0.80%             | 2047-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                           | Energy Northwest, Project 1, Series 2025A                                                                                                              | CUSIP: 29270C7A7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2828926.25   | 0.14%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Senior Lien                                                                                                                  | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047999.00   | 0.10%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                      | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                                 | CUSIP: 546399UP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3634635.55   | 0.19%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                   | New Hampshire Business Finance Authority, Tamarron Project, Series 2024                                                                                | CUSIP: 63608TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1687519.11   | 0.09%             | 2035-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                         | Tobacco Settlement Financing Corp., Series B                                                                                                           | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4957144.00   | 0.25%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                   | New Hampshire Business Finance Authority, University of Nevada Reno Project, Series 2023A                                                              | CUSIP: 63610FBL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4098124.40   | 0.21%             | 2051-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                      | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                                 | CUSIP: 546399UN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5272391.78   | 0.27%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                    | Los Angeles Department of Water and Power, Series 2024C                                                                                                | CUSIP: 544532LY8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3555068.65   | 0.18%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                 | Michigan Finance Authority, Henry Ford Health System                                                                                                   | CUSIP: 59447TMM2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1833076.87   | 0.09%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                                       | State of Michigan Trunk Line, Series 2020B                                                                                                             | CUSIP: 5946952A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5150000 | PA      | $5033320.06   | 0.26%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                          | County of Utah, IHC Health Services, Inc., Series 2018C                                                                                                | CUSIP: 917393CY4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  35000000 | PA      | $35000000.00  | 1.78%             | 2058-05-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project, Series 2019A                                       | CUSIP: 82170KAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7940000 | PA      | $5254075.86   | 0.27%             | 2059-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. V                           | Texas Municipal Gas Acquisition and Supply Corp. V Gas supply, Series 2024                                                                             | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9473484.60   | 0.48%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                            | Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group, Series 2017B                                               | CUSIP: 49126KKN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2885000 | PA      | $2984594.82   | 0.15%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Bridge & Tunnel Enterprise                                        | Colorado Bridge and Tunnel Enterprise, Series 2024A                                                                                                    | CUSIP: 19633TAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1670292.59   | 0.09%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                      | County of Harris, First Lien, Series 2024A                                                                                                             | CUSIP: 41423PDS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1595658.60   | 0.08%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                         | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6255000 | PA      | $6167966.05   | 0.31%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                            | Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group, Series 2019A-1                                                   | CUSIP: 49126PFV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1315060.38   | 0.07%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                       | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-2                                                                              | CUSIP: 19648FKS2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9838852.00   | 0.50%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                      | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 58-A                                                                           | CUSIP: 65820BCH7<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5617150.50   | 0.29%             | 2056-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                 | Utah Infrastructure Agency, Tax-Exempt Telecommunications, Series 2018A                                                                                | CUSIP: 917467AS1<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027073.60   | 0.05%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                             | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series A                                                                | CUSIP: 6461363Q2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  11500000 | PA      | $11651660.85  | 0.59%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Haven Unified School District                                          | New Haven Unified School District, Election of 2024, Series A                                                                                          | CUSIP: 645002M78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5742449.40   | 0.29%             | 2054-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                        | Columbus Regional Airport Authority, John Glenn Columbus International Airport, Series 2025B                                                           | CUSIP: 199546DW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554712.05   | 0.08%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                           | California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project                                               | CUSIP: 13054WBE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987732.50    | 0.05%             | 2045-11-21      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                    | County of Miami-Dade                                                                                                                                   | CUSIP: 59333NNK5<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $2540287.50   | 0.13%             | 2040-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                   | State of Connecticut Special Tax, Transportation Infrastructe Purpose, Series 2024B                                                                    | CUSIP: 207758T29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2503989.00   | 0.13%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Erie City Water Authority                                                  | Erie City Water Authority, Series 2019B                                                                                                                | CUSIP: 295542PZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1324778.33   | 0.07%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                             | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2024CC                                                                  | CUSIP: 64613CFV5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3295784.10   | 0.17%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                       | Kansas Development Finance Authority, Series 2025A                                                                                                     | CUSIP: 48542RX74<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   6415000 | PA      | $6252699.86   | 0.32%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mansfield Independent School District                                      | Mansfield Independent School District, Unlimited Tax, Series 2024                                                                                      | CUSIP: 564386UE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1037687.28   | 0.05%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                           | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1136746.46   | 0.06%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                     | City of Mesa Utility System                                                                                                                            | CUSIP: 5905453B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1123268.60   | 0.06%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                     | North Carolina Medical Care Commission, Twin Lakes Community, Series 2025A                                                                             | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969629.00    | 0.05%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority                                      | Nebraska Investment Finance Authority, Single Family Housing, Series 2024G                                                                             | CUSIP: 63968M7U7<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095846.70   | 0.06%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                | Long Island Power Authority, Electric System, Series 2018                                                                                              | CUSIP: 542691BR0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3121292.40   | 0.16%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                           | Pennsylvania Turnpike Commission, Subordinate, Series 2021B                                                                                            | CUSIP: 709225DU7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2138379.08   | 0.11%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                          | State of Illinois                                                                                                                                      | CUSIP: 452152G70<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4956045.71   | 0.25%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert Sands Unified School District                                       | Desert Sands Unified School District, Election of 2024                                                                                                 | CUSIP: 250433WR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $915010.60    | 0.05%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                     | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBY4<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    110000 | PA      | $105485.82    | 0.01%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                           | Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series 2024B                                                  | CUSIP: 734195DY3<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    875000 | PA      | $905397.33    | 0.05%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2022A                                                           | CUSIP: 64990FW75<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4680000 | PA      | $4546637.32   | 0.23%             | 2038-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Whitley County Multi School Building Corp.                                 | Whitley County Multi School Building Corp., Ad Valorem Property Tax                                                                                    | CUSIP: 966412GE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3310232.96   | 0.17%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue  | Wisconsin Housing and Economic Development Authority Home Ownership, Series 2024A                                                                      | CUSIP: 97689QTU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $1035911.10   | 0.05%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                    | Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project                                                    | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1117909.13   | 0.06%             | 2026-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                         | New York Liberty Development Corp., World Trade Centre, Series 1WTC-2021                                                                               | CUSIP: 649519EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $3139655.85   | 0.16%             | 2041-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                        | California Public Finance Authority, Senior Living The James, Series 2024A                                                                             | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3355000 | PA      | $3127898.37   | 0.16%             | 2054-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                             | Buckeye Tobacco Settlement Financing Authority, Series 2020B-2, Class 2                                                                                | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $5624086.65   | 0.29%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                        | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024 -147A                                                                         | CUSIP: 70879QC50<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093462.00   | 0.06%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Florida Atlantic University Finance Corp.                                  | Florida Atlantic University Finance Corp., Student Housing Project, Series 2024                                                                        | CUSIP: 31200CEX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026151.40   | 0.10%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                    | City of Jacksonville, Health Care Facilities, Brooks Rehabilitation Project                                                                            | CUSIP: 469400EL5<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $5511723.75   | 0.28%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                         | South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group, Series 2024A                                                        | CUSIP: 837032CF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030891.70   | 0.05%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                             | Sales Tax Securitization Corp., Senior Lien, Series 2024A                                                                                              | CUSIP: 79467BHP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1846841.41   | 0.09%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                       | District of Columbia, Series 2015A                                                                                                                     | CUSIP: 25476FQS0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   7275000 | PA      | $7280416.97   | 0.37%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, National Charter School Revolving Loan Fund, Series 2023A                                                    | CUSIP: 04052FDU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1562732.70   | 0.08%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                              | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511JD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1712805.50   | 0.09%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                          | City and County of Denver, Airport System, Series 2022A                                                                                                | CUSIP: 249182QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5345903.50   | 0.27%             | 2038-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Cone Health, Series 2022A                                                                                                    | CUSIP: 74447GAB6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   6530000 | PA      | $6531810.12   | 0.33%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District               | Salt River Project Agricultural Improvement and Power District, Series 2025A                                                                           | CUSIP: 79574CFA6<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1597008.30   | 0.08%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                          | City and County of Denver, Airport System, Series 2022A                                                                                                | CUSIP: 249182QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8750000 | PA      | $9067508.63   | 0.46%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                | George L Smith II Congress Center Authority, Convention Center Hotel First, Series 2021A                                                               | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $1636283.51   | 0.08%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                  | Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue                                                                   | CUSIP: 574218Q30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987162.70    | 0.05%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Castaic Lake Water Agency                                                  | Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project, Series 1999A                                                        | CUSIP: 14837KAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10445000 | PA      | $10393520.77  | 0.53%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| King & Pierce Counties Valley Regional Fire Authority                      | King and Pierce Counties Valley Regional Fire Authority, Washington Unlimited Tax, Series 2024                                                         | CUSIP: 92007ACA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1171048.85   | 0.06%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                     | California Municipal Finance Authority, Series 2021A                                                                                                   | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   3000000 | PA      | $2998058.40   | 0.15%             | 2041-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                 | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2021B                                                                             | CUSIP: 45204FME2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1250000.00   | 0.06%             | 2055-07-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                       | District of Columbia, Series 2015A                                                                                                                     | CUSIP: 25476FQL5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5005546.00   | 0.26%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County School Board (The)                                              | Lee County School Board (The), Series 2023A                                                                                                            | CUSIP: 523494RG9<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |   6725000 | PA      | $6953210.19   | 0.35%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                             | County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc., Series 2025A                                                                     | CUSIP: 01757LHG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $2054287.76   | 0.10%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                            | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2020, Series 2020CC-2                  | CUSIP: 64972GVY7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4644346.50   | 0.24%             | 2042-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                           | Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series 2024B                                                  | CUSIP: 734195EB2<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    900000 | PA      | $913297.68    | 0.05%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                            | State of Oregon, Article XI-F Project, Series 2025F                                                                                                    | CUSIP: 68609URH0<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1650355.20   | 0.08%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                     | City of Mesa Utility System                                                                                                                            | CUSIP: 5905453A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2251445.60   | 0.11%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 216 Agua Fria               | Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024                                                                 | CUSIP: 567541SG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1379565.50   | 0.07%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of North Las Vegas NV                                                 | City of North Las Vegas, Water and wastewater Reclamation System Limited Tax, Series 2024B                                                             | CUSIP: 660393Y29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102578.40   | 0.06%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King & Pierce Counties Valley Regional Fire Authority                      | King and Pierce Counties Valley Regional Fire Authority, Washington Unlimited Tax, Series 2024                                                         | CUSIP: 92007ACB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1129912.39   | 0.06%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, State Sales Tax, Series 2018E                                                                                      | CUSIP: 64990AMP7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2044981.00   | 0.10%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                            | California Community Choice Financing Authority, Clean Energy Project, Series 2021B-1                                                                  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  19915000 | PA      | $19679025.17  | 1.00%             | 2031-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                           | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2735093.98   | 0.14%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King & Pierce Counties Valley Regional Fire Authority                      | King and Pierce Counties Valley Regional Fire Authority, Washington Unlimited Tax, Series 2024                                                         | CUSIP: 92007ABY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097331.60   | 0.06%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                             | Sales Tax Securitization Corp., Series 2018C                                                                                                           | CUSIP: 79467BBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10694085.00  | 0.55%             | 2030-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Will County Community Unit School District No. 365-U Valley View           | Will County Community Unit School District No. 365-U Valley View                                                                                       | CUSIP: 969078SY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1525419.35   | 0.08%             | 2036-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue    | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017, Series 2017E1                                                      | CUSIP: 64971W4T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3052980.60   | 0.16%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                             | Mobile County Industrial Development Authority, Calvert LLC Project, Series 2024B                                                                      | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3156014.05   | 0.16%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                  | Indiana Finance Authority, State Revolving Fund Program, Series 2025C                                                                                  | CUSIP: 45506ELW1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091990.80   | 0.06%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                           | California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project                                               | CUSIP: 13054WBC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1136486.45   | 0.06%             | 2037-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                        | Idaho Housing and Finance Association, Federal Highway Trust, Series 2015A                                                                             | CUSIP: 45129WMR8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4916523.36   | 0.25%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                             | Metropolitan Nashville Airport Authority (The), Series 2022B                                                                                           | CUSIP: 592190QY1<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   9470000 | PA      | $9667481.70   | 0.49%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Asheville NC Water System Revenue                                  | City of Asheville Water System, Series 2024                                                                                                            | CUSIP: 044074FQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1590501.05   | 0.08%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                   | County of Fort Bend Toll Road, Senior Lien                                                                                                             | CUSIP: 346817FQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2052698.80   | 0.10%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Area School District/PA                                       | Wilkes-Barre Area School District                                                                                                                      | CUSIP: 968261NP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1323031.35   | 0.07%             | 2044-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Nye County School District                                                 | Nye County School District, Series 2023                                                                                                                | CUSIP: 670692TV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1500040.97   | 0.08%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                         | New York Liberty Development Corp., Secured by Port Authority, Series 1WTC-2021                                                                        | CUSIP: 649519ER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1402087.80   | 0.07%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                            | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020B-2                                               | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $1814703.00   | 0.09%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. IV                          | Texas Municipal Gas Acquisition and Supply Corp. IV Gas supply, Series 2023B                                                                           | CUSIP: 88256PAT7<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   6135000 | PA      | $6705969.11   | 0.34%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                       | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2025A                                                    | CUSIP: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070353.80   | 0.11%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                             | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2019BB                                                                  | CUSIP: 6461365D9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2090236.40   | 0.11%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District               | Salt River Project Agricultural Improvement and Power District, Arizona Electric System, Series 2017A                                                  | CUSIP: 79574CCT8<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6228022.20   | 0.32%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                          | State of Illinois, Series 2017D                                                                                                                        | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5175000 | PA      | $5300655.21   | 0.27%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                 | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021A                                            | CUSIP: 95737TES1<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |  10450000 | PA      | $9971467.33   | 0.51%             | 2041-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                             | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series 2018A                                                            | CUSIP: 6461363N9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   9585000 | PA      | $9727915.23   | 0.50%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                              | Central Texas Turnpike System, Second Tier, Series 2024C                                                                                               | CUSIP: 88283KBY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3313616.10   | 0.17%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                    | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Series 2019A                                                                | CUSIP: 626207X25<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2956874.70   | 0.15%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                 | Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project, Series 2022A                                            | CUSIP: 61075YAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252431.68    | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                              | Main Street Natural Gas, Inc., Gas Supply, Series 2024E                                                                                                | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2083160.80   | 0.11%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                     | California Municipal Finance Authority, Community Health System, Series 2021A                                                                          | CUSIP: 13048VC97<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3608661.50   | 0.18%             | 2046-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Ascend Leadership Academy Project, Series 2021A                                                                              | CUSIP: 744396GS5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $871041.10    | 0.04%             | 2041-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                         | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6365705.22   | 0.32%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, Pace University, Series 2024A                                                                                      | CUSIP: 65000B4R6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    900000 | PA      | $942365.97    | 0.05%             | 2038-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Rocky Mountain Rail Park Metropolitan District                             | Rocky Mountain Rail Park Metropolitan District, Limited Tax, Series 2021A                                                                              | CUSIP: 774762AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $713783.55    | 0.04%             | 2041-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                             | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2022A                                                                   | CUSIP: 64613CAE8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2712081.30   | 0.14%             | 2042-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                           | Pennsylvania Turnpike Commission, Subordinate, Series 2021B                                                                                            | CUSIP: 709225DT0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1445057.10   | 0.07%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue               | Massachusetts Bay Transportation Authority, Sales Tax, Series 2006A                                                                                    | CUSIP: 575579LJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5463001.00   | 0.28%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Third Creek Metropolitan District No. 1                                    | Third Creek Metropolitan District No. 1, Limited Tax, Series 2022A-1                                                                                   | CUSIP: 88423EAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1128166.26   | 0.06%             | 2051-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                | Ohio Housing Finance Agency, Mortgage- Backed Securities Program, Series 2023B                                                                         | CUSIP: 67756Q4R5<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    970000 | PA      | $1047845.80   | 0.05%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                         | Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier, Series 2020C                                                                | CUSIP: 38611TCB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $4521187.23   | 0.23%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                        | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series 2025A                                                                       | CUSIP: 65889BCG7<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1906296.88   | 0.10%             | 2056-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp.                              | Rhode Island Housing and Mortgage Finance Corp., Homeowenership, Series 84-A                                                                           | CUSIP: 76221SGH8<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |    705000 | PA      | $707778.26    | 0.04%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                      | California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2025A                                          | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $14530156.50  | 0.74%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                  | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2023B1                                                                    | CUSIP: 45470YFL0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3151645.20   | 0.16%             | 2062-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT                                                      | County of Gallatin, Bozeman Fiber Project, Series 2021A                                                                                                | CUSIP: 363671BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1567374.60   | 0.08%             | 2036-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 216 Agua Fria               | Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024                                                                 | CUSIP: 567541SL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066834.10   | 0.05%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                         | Ontario Public Financing Authority, Series 2025A                                                                                                       | CUSIP: 68304REK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1893725.80   | 0.10%             | 2055-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                         | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8005000 | PA      | $8176753.68   | 0.42%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                             | Lower Colorado River Authority                                                                                                                         | CUSIP: 54811GP46<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4955531.55   | 0.25%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Ottawa Public Schools                                                 | West Ottawa Public Schools, Unlimited Tax                                                                                                              | CUSIP: 955023VV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1019846.03   | 0.05%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                     | Ohio Air Quality Development Authority, Duke Energy Corp., Series 2022A                                                                                | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1007396.60   | 0.05%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                         | Tennessee Energy Acquisition Corp., Gas Project, Series 2023A-1                                                                                        | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  14065000 | PA      | $14400634.50  | 0.73%             | 2028-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                            | Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Series 2018A                                                | CUSIP: 01728A3Q7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5186595.00   | 0.26%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri         | Health and Educational Facilities Authority of the State of Missouri, St. Louis University, Series 2008B                                               | CUSIP: 6069014P8<br>LEI: 549300IWTBCMX5JB3277 | Long             | STIV             | MUN               | US        |    500000 | PA      | $500000.00    | 0.03%             | 2035-10-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                | Long Island Power Authority, Electric System, Series 2024B                                                                                             | CUSIP: 542691KA7<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |  18775000 | PA      | $18042776.88  | 0.92%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                   | Build NYC Resource Corp., Grand Concourse Academy Charter School, Series 2022A                                                                         | CUSIP: 12008ESZ0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    350000 | PA      | $321992.97    | 0.02%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                    | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                            | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  14000000 | PA      | $4466898.80   | 0.23%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, Series 2024A                                                                                                       | CUSIP: 65000BX94<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2113345.00   | 0.11%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue    | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020, Series 2020B-1                                                     | CUSIP: 64971XNG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3770000 | PA      | $3657540.52   | 0.19%             | 2038-11-01      | Fixed         | 4.00%                 | 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        |  74331390 | NS      | $74338823.20  | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                     | Clifton Higher Education Finance Corp., Idea Public Schools, Series 2019                                                                               | CUSIP: 187145KM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1825093.57   | 0.09%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sherburne Earlville Central School District                                | Sherburne Earlville Central School District                                                                                                            | CUSIP: 823539FV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501841.10   | 0.08%             | 2025-07-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                              | State of Ohio, University Hospitals Health System, Inc., Series 2021E                                                                                  | CUSIP: 67756CFS2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1618097.74   | 0.08%             | 2038-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                  | Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue                                                                   | CUSIP: 574218Q22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995278.20    | 0.05%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                                   | CUSIP: 64985SDF7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2413961.78   | 0.12%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                 | South Dakota Housing Development Authority, Series 2025A                                                                                               | CUSIP: 83756LBS3<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1124073.30   | 0.06%             | 2055-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                              | Main Street Natural Gas, Inc., Gas Supply, Series 2022B                                                                                                | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  28490000 | PA      | $29405859.48  | 1.50%             | 2052-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                          | State of Illinois, Series 2022A                                                                                                                        | CUSIP: 452153CW7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12708848.40  | 0.65%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                      | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025B                                                                 | CUSIP: 546399UQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5339363.50   | 0.27%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                          | State of Colorado, Series 2021A                                                                                                                        | CUSIP: 196711UC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $2935275.92   | 0.15%             | 2039-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Park Ridge Park District                                                   | Park Ridge Park District, Series 2023B                                                                                                                 | CUSIP: 700787CT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $946063.45    | 0.05%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DuPage & Cook Counties Community Unit School District No. 205 Elmhurst     | DuPage and Cook Counties, Community Unit School District No. 205 Elmhurst, Series 2022                                                                 | CUSIP: 262588MH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $956378.75    | 0.05%             | 2042-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority               | South Carolina State Housing Finance and Development Authority, Series 2025B                                                                           | CUSIP: 83712D8U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5610489.50   | 0.29%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                    | Montgomery County Higher Education and Health Authority, Series 2022B                                                                                  | CUSIP: 613603G94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1933640.80   | 0.10%             | 2057-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clear Creek Transit Metropolitan District No. 2                            | Clear Creek Transit Metropolitan District No. 2, Limited Tax, Series 2021A                                                                             | CUSIP: 184542AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    574000 | PA      | $437335.02    | 0.02%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, Personal Income Tax, Series 2019D                                                                                  | CUSIP: 64990FPV0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1311120.30   | 0.07%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                              | Main Street Natural Gas, Inc., Gas Supply, Series 2023A                                                                                                | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1218379.00   | 0.06%             | 2030-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                    | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                            | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  12391000 | PA      | $11622108.71  | 0.59%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., JFK International Airport New Terminal One Project, Series 2023                                             | CUSIP: 650116GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1823903.55   | 0.09%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                            | Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group, Series 2019A-1                                                   | CUSIP: 49126PFW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049192.60   | 0.05%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                 | Intermountain Power Agency, Utah Powe Supply, Series 2022A                                                                                             | CUSIP: 45884AB28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3855000 | PA      | $4030052.85   | 0.21%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                 | Maryland Stadium Authority, Built to Learn                                                                                                             | CUSIP: 574294CV4<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3524471.30   | 0.18%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                             | Black Belt Energy Gas District, Gas Project, Series 2022B-1                                                                                            | CUSIP: 09182TBC0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   8455000 | PA      | $8432069.19   | 0.43%             | 2053-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, Pace University, Series 2024A                                                                                      | CUSIP: 65000B4Y1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1297185.38   | 0.07%             | 2049-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue           | Washington Metropolitan Area Transit Authority Dedicated, Series 2024A                                                                                 | CUSIP: 93878YDW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10690000 | PA      | $9494663.44   | 0.48%             | 2056-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., JFK International Airport New Terminal One Project, Series 2023                                             | CUSIP: 650116GW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2328463.13   | 0.12%             | 2044-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 2025 2-B                                                            | CUSIP: 64985SBY8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2171421.80   | 0.11%             | 2049-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue    | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022, Series 2022F, Subseries F-1                                        | CUSIP: 64971XT81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1658338.44   | 0.08%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                        | City of New York, Series FISCAL 2024 D                                                                                                                 | CUSIP: 64966SCN4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3189023.40   | 0.16%             | 2048-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                       | County of Jefferson sewer                                                                                                                              | CUSIP: 472682ZG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4231840.00   | 0.22%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mountain View Los Altos Union High School District/CA                      | Mountain View-Los Altos Union High School District, Election of 2010, Series C                                                                         | CUSIP: 624454KR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937747.40    | 0.05%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                            | Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Series 2018A                                                | CUSIP: 01728A3R5<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3932358.94   | 0.20%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fircrest Properties                                                        | Fircrest Properties, State of Washington Dshs Project                                                                                                  | CUSIP: 318094AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4215236.00   | 0.21%             | 2049-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                               | New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2025, Series 2025E                                                         | CUSIP: 64972JPR3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3191267.10   | 0.16%             | 2049-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                      | Metropolitan Transportation Authority, Series 2024B                                                                                                    | CUSIP: 59261A3L9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2060256.20   | 0.11%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verve Metropolitan District No. 1                                          | Verve Metropolitan District No. 1                                                                                                                      | CUSIP: 92538YAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008974.00   | 0.10%             | 2033-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Miami FL                                                           | City of Miami, Series 2024A                                                                                                                            | CUSIP: 59338CAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2638370.25   | 0.13%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                    | Port Authority of New York and New Jersey, Consolidated, Series 248                                                                                    | CUSIP: 73358XPS5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    895000 | PA      | $959474.64    | 0.05%             | 2040-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow     | Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow, Series B                                                                     | CUSIP: 625482GF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $4465491.10   | 0.23%             | 2035-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                        | County of Cook, Sales Tax                                                                                                                              | CUSIP: 213248BT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3750706.44   | 0.19%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                          | State of Colorado                                                                                                                                      | CUSIP: 196711SK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1351440.73   | 0.07%             | 2039-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                   | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                                      | CUSIP: 63607YCW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2061763.80   | 0.11%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA Water & Sewerage Revenue                               | County of DeKalb, Water and Sewerage, Series 2006B                                                                                                     | CUSIP: 240523UJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5674905.50   | 0.29%             | 2026-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                   | New York Power Authority, Green Transmission Project, Series 2023A                                                                                     | CUSIP: 65000XBU3<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3032654.70   | 0.15%             | 2053-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                       | State of Connecticut, Series 2022E                                                                                                                     | CUSIP: 20772KSM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2815000 | PA      | $3085204.81   | 0.16%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                 | Michigan Finance Authority, Trinity Health Credit Group, Series 2013MI-4                                                                               | CUSIP: 59447TYB3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934343.20    | 0.05%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Redevelopment Authority of the City of Philadelphia                        | Redevelopment Authority of the City of Philadelphia, Service Agreement, Series 2024B                                                                   | CUSIP: 717868JQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1131270.91   | 0.06%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Center City MN                                                     | City of Center City, Health Care Facilities, Hazelden Betty Ford Foundation Project, Series 2025                                                       | CUSIP: 151452CR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003999.50   | 0.05%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                  | Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue, Series 2017A                                                        | CUSIP: 5742182Q5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1173299.46   | 0.06%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Goshen IN                                                          | City of Goshen, Multi-Family, Green Oaks of Goshen Project, Series 2021A                                                                               | CUSIP: 38327MAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $615541.80    | 0.03%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Pasadena Independent School District                                       | Pasadena Independent School District, Unlimited Tax                                                                                                    | CUSIP: 702334GZ0<br>LEI: 549300QY114RR4MXVU24 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5217633.50   | 0.27%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 1 Non-Potable Water System Revenue     | Raindance Metropolitan District No. 1, Non-Potable Water System                                                                                        | CUSIP: 75087GAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    746000 | PA      | $698617.44    | 0.04%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                       | Tennessee Housing Development Agency, Series 2025-1A                                                                                                   | CUSIP: 88046KQU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2832091.08   | 0.14%             | 2056-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                         | Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier, Series 2018A                                                                | CUSIP: 38611TBQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4041838.40   | 0.21%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                            | Menlo Park City School District, Capital Appreciation                                                                                                  | CUSIP: 586840MU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $613381.25    | 0.03%             | 2041-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, Series 2024A                                                                                                       | CUSIP: 65000BY28<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050794.70   | 0.05%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                     | San Antonio Education Facilities Corp., Trinity University Project, Series 2024A                                                                       | CUSIP: 796247EB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1940693.30   | 0.10%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., JFK International Airport New Terminal One Project, Series 2023                                             | CUSIP: 650116GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1482302.85   | 0.08%             | 2049-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                             | Sales Tax Securitization Corp., Series 2018C                                                                                                           | CUSIP: 79467BCA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22820000 | PA      | $24300673.42  | 1.24%             | 2032-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                         | City of Detroit, Unlimited Tax, Series 2021A                                                                                                           | CUSIP: 2510934Y3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    475000 | PA      | $493410.15    | 0.03%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                           | Virginia Public School Authority, 1997 Resolution, Series 2025A                                                                                        | CUSIP: 92818HH61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2210000 | PA      | $2436899.82   | 0.12%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                     | Illinois Housing Development Authority, Series 2025A                                                                                                   | CUSIP: 45203MK34<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113529.40   | 0.06%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                       | Triborough Bridge and Tunnel Authority, Series 2018D                                                                                                   | CUSIP: 89602RGH2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3906801.60   | 0.20%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                           | California Health Facilities Financing Authority, PIH Health, Series 2020A                                                                             | CUSIP: 13032UWP9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1654003.40   | 0.08%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018                   | CUSIP: 650116CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6230000 | PA      | $6324492.28   | 0.32%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                                | CUSIP: 650116CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1426052.18   | 0.07%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                      | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021B-2, Class 2                            | CUSIP: 66585VCB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10385000 | PA      | $1281103.99   | 0.07%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                                | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1496771.15   | 0.08%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                            | Menlo Park City School District, Capital Appreciation                                                                                                  | CUSIP: 586840ML1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $724072.40    | 0.04%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                      | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                  | CUSIP: 546399LN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    385000 | PA      | $356715.82    | 0.02%             | 2036-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                    | Los Angeles Department of Water and Power System, Series 2017A                                                                                         | CUSIP: 544495X90<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1411372.21   | 0.07%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                      | Utility Debt Securitization Authority                                                                                                                  | CUSIP: 91802RBV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5269562.03   | 0.27%             | 2037-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                      | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 55-A                                                                           | CUSIP: 65820BBA3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7631852.90   | 0.39%             | 2055-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                    | Port Authority of New York and New Jersey, Consolidated, Series 223                                                                                    | CUSIP: 73358XAU6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2975000 | PA      | $2792102.95   | 0.14%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                           | California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project                                               | CUSIP: 13054WBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1137250.79   | 0.06%             | 2036-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                       | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-2                                                                              | CUSIP: 19648FKJ2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2102326.40   | 0.11%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                            | State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2025A                                                                                   | CUSIP: 546475WX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2154442.40   | 0.11%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                               | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured, Series B                                                       | CUSIP: 649451GX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9315000 | PA      | $2522028.80   | 0.13%             | 2049-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                       | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-2                                                                              | CUSIP: 19648FKH6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054025.30   | 0.05%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Hills Community College District                                      | West Hills Community College District                                                                                                                  | CUSIP: 95330NCN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1651505.46   | 0.08%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                  | New Jersey Economic Development Authority, School Facilities Construction, Series 2019LLL                                                              | CUSIP: 64577B7J7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049708.40   | 0.05%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Carroll KY                                                       | County of Carroll, Kentucky Environmental Facilities, Series 2008A                                                                                     | CUSIP: 14483RAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11025000 | PA      | $9270800.12   | 0.47%             | 2032-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                       | Hillsborough County Industrial Development Authority, Baycare Health System, Series 2024E                                                              | CUSIP: 43233KAX2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.15%             | 2054-11-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                             | Metropolitan Nashville Airport Authority (The), Subordinate Airport, Series 2019A                                                                      | CUSIP: 592190NL2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1682465.90   | 0.09%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lake Havasu City AZ Wastewater System Revenue                      | City of Lake Havasu City Wastewater System, Senior Lien                                                                                                | CUSIP: 50989RAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1410844.76   | 0.07%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prince William County Service Authority                                    | Prince William County Service Authority, Water and Sewer System                                                                                        | CUSIP: 741765HL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101802.30   | 0.06%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)      | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A         | CUSIP: 71885DCT7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    700000 | PA      | $717456.18    | 0.04%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                      | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                  | CUSIP: 546399LP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    705000 | PA      | $563748.24    | 0.03%             | 2051-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series 2025A-2                                            | CUSIP: 04052TDC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6665000 | PA      | $6094172.74   | 0.31%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                            | Menlo Park City School District, Capital Appreciation                                                                                                  | CUSIP: 586840MP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $724156.15    | 0.04%             | 2036-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                       | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-2                                                                              | CUSIP: 19648FKG8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2174061.56   | 0.11%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                            | Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project, Series 2025A                                        | CUSIP: 45527CDM1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    600000 | PA      | $653552.22    | 0.03%             | 2031-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                              | New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Seco | CUSIP: 64986DLH6<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   7515000 | PA      | $7524144.25   | 0.38%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2022A                                                            | CUSIP: 04052FDJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1855150.13   | 0.09%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority      | Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project, Series 1998C                                   | CUSIP: 606907BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3091660.60   | 0.16%             | 2033-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| County of Boone KY                                                         | County of Boone, Duke Energy Kentucky, Inc., Series 2008A                                                                                              | CUSIP: 098792AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5220000 | PA      | $5234213.02   | 0.27%             | 2027-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                   | New York Power Authority, Green Transmission Project, Series 2023A                                                                                     | CUSIP: 65000XBV1<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3303762.48   | 0.17%             | 2058-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                    | Port Authority of New York and New Jersey, Consolidated, Series 93                                                                                     | CUSIP: 733580S88<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6007831.80   | 0.31%             | 2094-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                             | Empire State Development Corp., State Sales Tax, Series 2019A                                                                                          | CUSIP: 64985TAM3<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  10080000 | PA      | $9274451.76   | 0.47%             | 2042-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Stamford CT Water Pollution Control System & Facility Revenue      | City of Stamford, Water Pollution Control System and Facility, Series 2013A                                                                            | CUSIP: 852660CA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350507.40    | 0.02%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henry County Water Authority                                               | Henry County, Water and Sewerage Authority                                                                                                             | CUSIP: 426366BV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5315119.00   | 0.27%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                    | Massachusetts Water Resources Authority, Green Bond, Series 2016C                                                                                      | CUSIP: 576051PN0<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1923165.00   | 0.10%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Bernalillo NM Gross Receipts Tax Revenue                         | County of Bernalillo Gross Receipts Tax, Series 1996B                                                                                                  | CUSIP: 08527NFL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $363147.86    | 0.02%             | 2027-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2022A                                                            | CUSIP: 04052FDG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1643115.01   | 0.08%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                  | Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project, Series 2023A                                                                  | CUSIP: 45471FAD3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    400000 | PA      | $407807.28    | 0.02%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Public Transportation Authority Transportation Excise Tax Revenue | Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County Public Transportation Fund                                        | CUSIP: 75902JBD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001169.80   | 0.05%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                     | City of Minneapolis, Health Care System, Fairview Health Services, Series 2018A                                                                        | CUSIP: 60374VEC3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   6230000 | PA      | $5867561.03   | 0.30%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                | Virginia Small Business Financing Authority, Senior Lien, Elizabeth River Crossing Opco, LLC Project                                                   | CUSIP: 928104NL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2957089.20   | 0.15%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                | Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series 2020A                                                     | CUSIP: 939783C95<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1884441.00   | 0.10%             | 2041-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue    | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021, Series 2021A                                                       | CUSIP: 64971XSA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10575000 | PA      | $10168228.40  | 0.52%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                    | County of Miami-Dade, Building Better Communities Program, Series 2016A                                                                                | CUSIP: 59333FSS0<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   5355000 | PA      | $5435749.65   | 0.28%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                              | State of Florida Department of Transportation, Series 2023                                                                                             | CUSIP: 34161BBX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4735000 | PA      | $5017021.81   | 0.26%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Campbell WY                                                      | County of Campbell, Solid Waste Facilities, Basin Electric Power Co-operative, Dry Fork Station Facilities, Series 2019A                               | CUSIP: 134340AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13570000 | PA      | $11729982.64  | 0.60%             | 2039-07-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                          | State of Illinois, Series 2019C                                                                                                                        | CUSIP: 4521525X5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5880000 | PA      | $5146370.63   | 0.26%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                         | City of Houston, Combined Utility System, Junior Lien, Series 2002A                                                                                    | CUSIP: 4424362G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2346491.20   | 0.12%             | 2032-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                   | Massachusetts Development Finance Agency, Brown University Health Obligated Group, Series 2025B                                                        | CUSIP: 57585BKC1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2475995.96   | 0.13%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                      | Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group, Series 2020C                              | CUSIP: 61360PCL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $261706.32    | 0.01%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                   | New York Power Authority, Series 2024A                                                                                                                 | CUSIP: 64989KMG8<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $2782278.72   | 0.14%             | 2049-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                 | Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project, Series 2020B-1                            | CUSIP: 87638RKJ5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   5035000 | PA      | $4876332.05   | 0.25%             | 2027-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                       | State of Mississippi, Series 2018A                                                                                                                     | CUSIP: 605581LE5<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |  19155000 | PA      | $18679224.28  | 0.95%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No. 40                                    | Multnomah County School District No. 40, Series A                                                                                                      | CUSIP: 625693HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $870493.25    | 0.04%             | 2034-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2021E                                                           | CUSIP: 64990FL44<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6413246.00   | 0.33%             | 2042-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                       | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2024B                                                                       | CUSIP: 1675935D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2031733.20   | 0.10%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, Pace University, Series 2024A                                                                                      | CUSIP: 65000B4Q8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    875000 | PA      | $925337.70    | 0.05%             | 2037-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                            | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020A                                                 | CUSIP: 13016NEK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $410510.72    | 0.02%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                  | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                                 | CUSIP: 45471ASX1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    335000 | PA      | $316120.14    | 0.02%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Port Authority                                            | Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023                                                                        | CUSIP: 473318AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   9105000 | PA      | $9111788.69   | 0.46%             | 2028-12-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                             | Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Class 2                                                                                | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20400000 | PA      | $1958116.44   | 0.10%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer