# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001752724-25-180650
**Filing Date:** 2025-7
**Character Count:** 196659
**Document Hash:** c57b68e27644ca058aa4136ef1efe777
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180650.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180650

**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:** 251154609

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**JPMorgan California Tax Free Bond Fund**

**Schedule of Portfolio Investments as of 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 California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **Principal** <br>**Amount** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **Value** <br>**($000)**<br>|
| **Municipal Bonds—92.9%** (a) | **Municipal Bonds—92.9%** (a) | **Municipal Bonds—92.9%** (a) |
| **Alabama—1.7%** | **Alabama—1.7%** | **Alabama—1.7%** |
| **Utility—1.7%** | **Utility—1.7%** | **Utility—1.7%** |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project, Series 2024D, Rev., 5.00%, 11/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3930 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, Series 2024B, Rev., 5.25%, 6/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1587 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District (The), Project No. 2, Series 2024B, Rev., 5.00%, 5/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6562 |
| **California—85.2%** | **California—85.2%** | **California—85.2%** |
| **Certificate of Participation/Lease—0.1%** | **Certificate of Participation/Lease—0.1%** | **Certificate of Participation/Lease—0.1%** |
| &nbsp;&nbsp;&nbsp; County of San Diego, County Public Health and Capital Improvement, Series 2023, COP, 5.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 472 |
| **Education—5.8%** | **Education—5.8%** | **Education—5.8%** |
| &nbsp;&nbsp;&nbsp; California Educational Facilities Authority, University of Southern California, Series 2025A, Rev., 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1860 | &nbsp;&nbsp;&nbsp;&nbsp; 2168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2, Series 2022A, <br> Rev., 4.00%, 6/1/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1196 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, Rocklin Academy Project, Series 2024, Rev., 5.00%, 6/1/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1154 |
| &nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Equitable School Revolving Fund LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp;&nbsp;&nbsp; 4648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 |
| &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 School Finance Authority, Green Dot Public Schools Project, Series 2022A, Rev., 5.00%, 8/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 336 |
| &nbsp;&nbsp;&nbsp; California State University, Systemwide, Series 2024A, Rev., 5.50%, 11/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096 |
| &nbsp;&nbsp;&nbsp; Palmdale Elementary School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, 5.00%, 8/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, 4.00%, 8/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, 5.00%, 8/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 842 |
| &nbsp;&nbsp;&nbsp; University of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020BE, Rev., 5.00%, 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 | &nbsp;&nbsp;&nbsp;&nbsp; 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016AR, Rev., 5.00%, 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025CA, Rev., 5.00%, 5/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025CC, Rev., 5.00%, 5/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2975 | &nbsp;&nbsp;&nbsp;&nbsp; 3151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22371 |
| **General Obligation—16.8%** | **General Obligation—16.8%** | **General Obligation—16.8%** |
| &nbsp;&nbsp;&nbsp; Alvord Unified School District, 2007 Election, Series 2011B, GO, A.G., Zero Coupon, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 5750 | &nbsp;&nbsp;&nbsp;&nbsp; 3548 |
| &nbsp;&nbsp;&nbsp; Chico Unified School District, Election of 2024, Series 2024A, GO, 4.50%, 8/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1464 |
| &nbsp;&nbsp;&nbsp; Clovis Unified School District, Election of 2020, Series C, GO, 5.00%, 8/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp; Cupertino Union School District, Election of 2024, Series A, GO, 5.75%, 8/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 |
| &nbsp;&nbsp;&nbsp; Desert Community College District, Election of 2016, GO, 4.00%, 8/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3634 |
| &nbsp;&nbsp;&nbsp; Desert Sands Unified School District, Election of 2024, GO, 4.00%, 8/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1372 |
| &nbsp;&nbsp;&nbsp; Encinitas Union School District, Election 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, GO, Zero Coupon, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1325 | &nbsp;&nbsp;&nbsp;&nbsp; 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, GO, Zero Coupon, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 1656 |
| &nbsp;&nbsp;&nbsp; Escondido Union High School District, Capital Appreciation, Election of 2008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, A.G., Zero Coupon, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, A.G., Zero Coupon, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 877 |
| &nbsp;&nbsp;&nbsp; Grossmont Healthcare District, Series 2025F, GO, 5.00%, 7/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3261 |
| &nbsp;&nbsp;&nbsp; Los Alamitos Unified School District, School Facilities Improvement District, Election of 2018, Series C, GO, 4.00%, 8/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1155 |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1295 | &nbsp;&nbsp;&nbsp;&nbsp; 1471 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **Principal**<br> **Amount**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **General Obligation — continued** | **General Obligation — continued** | **General Obligation — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 QRR, GO, 5.25%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 QRR, GO, 5.25%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp; Menlo Park City School District, Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp; 665 |
| &nbsp;&nbsp;&nbsp; Modesto High School District, Election of 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp; 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 |
| &nbsp;&nbsp;&nbsp; Mount Diablo Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 795 |
| &nbsp;&nbsp;&nbsp; Napa Valley Unified School District, Election of 2006, Series 2010A, GO, Zero Coupon, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1869 |
| &nbsp;&nbsp;&nbsp; Napa Valley Unified School District, Election of 2024, Series A, GO, 4.50%, 8/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 975 |
| &nbsp;&nbsp;&nbsp; New Haven Unified School District, Election of 2024, Series A, GO, 4.50%, 8/1/2054 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 957 |
| &nbsp;&nbsp;&nbsp; Palo Alto Unified School District, Election of 2008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-2, GO, Zero Coupon, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-2, GO, Zero Coupon, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1790 | &nbsp;&nbsp;&nbsp;&nbsp; 1730 |
| &nbsp;&nbsp;&nbsp; Redondo Beach Unified School District, Election of 2024, Series 2024A, GO, 4.63%, 8/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 992 |
| &nbsp;&nbsp;&nbsp; Rio Hondo Community College District, Election of 2024, Series 2025A, GO, 4.38%, 8/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1644 |
| &nbsp;&nbsp;&nbsp; San Diego Unified School District, Election of 1998 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G-1, GO, A.G., 5.25%, 7/1/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G-1, GO, A.G., 5.25%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2115 | &nbsp;&nbsp;&nbsp;&nbsp; 2275 |
| &nbsp;&nbsp;&nbsp; San Dieguito Union High School District, GO, 5.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1913 |
| &nbsp;&nbsp;&nbsp; San Jose Evergreen Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp; 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 9/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1453 |
| &nbsp;&nbsp;&nbsp; San Jose Unified School District, Election of 2002, Series C, GO, NATL - RE, Zero Coupon, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3035 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 |
| &nbsp;&nbsp;&nbsp; San Mateo County Community College District, Election of 2005 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, NATL - RE, Zero Coupon, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, NATL - RE, Zero Coupon, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006B, GO, NATL - RE, Zero Coupon, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 723 |
| &nbsp;&nbsp;&nbsp; San Rafael City Elementary School District, Election of 2002, Series 2004B, GO, NATL - RE, Zero Coupon, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1736 |
| &nbsp;&nbsp;&nbsp; Santa Monica Community College District, Election of 2004, Series 2009C, GO, Zero Coupon, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South San Francisco Unified School District, Measure J, Dedicated Unlimited Ad Valorem Property Tax, Series 2016C, GO, Zero <br> Coupon, 9/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1619 |
| &nbsp;&nbsp;&nbsp; State of California, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp; 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5864 |
| &nbsp;&nbsp;&nbsp; William S Hart Union High School District, Capital Appreciation Election 2001, Series 2005B, GO, A.G., Zero Coupon, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 64938 |
| **Hospital—7.7%** | **Hospital—7.7%** | **Hospital—7.7%** |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 2/1/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 2/1/2048 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1826 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Adventist Health System, Series 2016A, Rev., 4.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2165 | &nbsp;&nbsp;&nbsp;&nbsp; 2171 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Cedars-Sinai Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **Principal**<br> **Amount**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Hospital — continued** | **Hospital — continued** | **Hospital — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3555 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Children's Hospital of Orange County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 5/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1534 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, CommonSpirit Health, Series 2024A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, PIH Health, Series 2020A, Rev., 4.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1241 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Scripps Health, Series 2024B-2, Rev., 5.00%, 2/4/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1981 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, St. Joseph Health System, Series 2019C, Rev., 5.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3013 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Sutter Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Health Care Hazelden Betty Ford Foundation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Rev., 5.00%, 11/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Rev., 5.00%, 11/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1974 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, PIH Health, Series 2024A, Rev., 5.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1790 | &nbsp;&nbsp;&nbsp;&nbsp; 1936 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, John Muir Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp; 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Loma Linda University Medical Center, Series 2018A, Rev., 5.50%, <br> 12/1/2058 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 973 |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled, Series 2022P, Rev., 5.00%, 5/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2105 | &nbsp;&nbsp;&nbsp;&nbsp; 2269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29668 |
| **Housing—6.2%** | **Housing—6.2%** | **Housing—6.2%** |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, Pamona Properties LLC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3220 | &nbsp;&nbsp;&nbsp;&nbsp; 3325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1501 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Caritas Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp; 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp; 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp; 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 8/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Linxs Apartments Project, Senior Lien, Series 2018A, Rev., AMT, 5.00%, 12/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1802 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Martha Gardens Apartments, Series 2025A-2, Rev., 3.45%, 12/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1505 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Multi-Family Housing, View At San Bruno, Series 2024A-1, Rev., 5.00%, 7/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3139 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Terracina At Westpark Apartments, Series 2024A, Rev., 3.20%, 8/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Heritage Park Apartments Project, Series 2025A, Rev., FNMA COLL, <br> 3.70%, 4/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2432 |
| &nbsp;&nbsp;&nbsp; City of San Jose, Multi-Family Housing Parkmoor, Series 2023F2, Rev., 5.00%, 6/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2029 |
| &nbsp;&nbsp;&nbsp; Municipal Improvement Corp. of Los Angeles, Real Property, Series 2016B, Rev., 4.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23954 |
| **Industrial Development Revenue/Pollution Control Revenue—5.8%** | **Industrial Development Revenue/Pollution Control Revenue—5.8%** | **Industrial Development Revenue/Pollution Control Revenue—5.8%** |
| &nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, California Academy of Science, Series 2024A, Rev., 3.25%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2997 |
| &nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Segerstrom Center for the Arts, Series 2024, Rev., 5.00%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2183 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **Principal**<br> **Amount**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Industrial Development Revenue/Pollution Control Revenue — continued** | **Industrial Development Revenue/Pollution Control Revenue — continued** | **Industrial Development Revenue/Pollution Control Revenue — continued** |
| &nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, The J. Paul Getty Trust, Series 2023B, Rev., 5.00%, 10/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3073 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Waste Management, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., AMT, VRDO, 3.95%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., AMT, VRDO, 3.95%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009A, Rev., 3.30%, 2/1/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project, Rev., AMT, 5.00%, <br> 7/1/2035 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2105 | &nbsp;&nbsp;&nbsp;&nbsp; 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project, Series 2017A-2, Rev., AMT, <br> 4.25%, 7/15/2025 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project, Series B-1, Rev., AMT, <br> 3.00%, 11/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1493 |
| &nbsp;&nbsp;&nbsp; Rancho Cucamonga Redevelopment Agency Successor Agency, Series 2024, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp; Rialto Public Financing Authority, Police Station Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22420 |
| **Other Revenue—12.5%** | **Other Revenue—12.5%** | **Other Revenue—12.5%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Green Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, Rev., 4.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, Rev., 4.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Series 2006A, Rev., Zero Coupon, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Golden Gate Tobacco Funding Corp., Series A, Rev., 5.00%, 6/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp;&nbsp; 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 6/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., Zero Coupon, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 726 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Sonoma County Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 6/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B 2, Rev., Zero Coupon, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2025A, Rev., AMT, <br> 9.50%, 1/1/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2906 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp; 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.54%, 2/20/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1280 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Eskaton Properties, Inc. Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1360 | &nbsp;&nbsp;&nbsp;&nbsp; 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1490 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Republic Services, Inc., Project, Series 2024A, Rev., AMT, 3.88%, 3/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2985 | &nbsp;&nbsp;&nbsp;&nbsp; 2838 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **Principal**<br> **Amount**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Senior Living The James, Series 2024A, Rev., 6.50%, 6/1/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 932 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, John Muir Health, Series 2024E-2, Rev., 5.00%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp; 701 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Kaiser Permanente, Series 2009C-2, Rev., 5.00%, 11/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2153 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Southern California Edison Co., Series 2006C, Rev., 4.50%, 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1117 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles, Rev., TRAN, 5.00%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 3.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 22700 | &nbsp;&nbsp;&nbsp;&nbsp; 2435 |
| &nbsp;&nbsp;&nbsp; Jurupa Public Financing Authority, Series 2024, A.G., 5.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2258 |
| &nbsp;&nbsp;&nbsp; Long Beach Bond Finance Authority, Series 2007A, Rev., 5.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2875 | &nbsp;&nbsp;&nbsp;&nbsp; 3044 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Public Works Financing Authority, Series 2022G, Rev., 5.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 |
| &nbsp;&nbsp;&nbsp; Municipal Improvement Corp. of Los Angeles, Real Property, Series 2023A, Rev., 5.00%, 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp; Ontario Public Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp; 537 |
| &nbsp;&nbsp;&nbsp; Pasadena Public Financing Authority, Rose Bowl Renovation, Series 2024, Rev., Zero Coupon, 6/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority, Capital Improvement Project, Series 2024A, Rev., 5.00%, 10/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corp., Series 2021B-1, Rev., <br> 4.00%, 6/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1340 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48146 |
| **Prerefunded—1.6%** | **Prerefunded—1.6%** | **Prerefunded—1.6%** |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Sutter Health, Series 2016A, Rev., 5.00%, 11/15/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1161 |
| &nbsp;&nbsp;&nbsp; Campbell Union High School District, Election of 2016Series B, GO, 5.00%, 8/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2370 | &nbsp;&nbsp;&nbsp;&nbsp; 2436 |
| &nbsp;&nbsp;&nbsp; State of California Department of Water Resources, Central Valley Project, Water System, Series AW, Rev., 5.00%, 12/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6285 |
| **Transportation—8.1%** | **Transportation—8.1%** | **Transportation—8.1%** |
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F-1, Rev., 5.00%, 4/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F-1, Rev., 5.00%, 4/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058 |
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority, Toll Bridge, Series 2023B, Rev., VRDO, 0.90%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| &nbsp;&nbsp;&nbsp; Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Series 2024B, Rev., AMT, A.G., 4.38%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp;&nbsp; 720 |
| &nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Academy of Motion Picture, Series 2023A, Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, United Airlined, Inc. Los Angeles Internation Airport Projects, Series 2019, Rev., AMT, <br> 4.00%, 7/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 974 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., AMT, 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 4.00%, 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1755 | &nbsp;&nbsp;&nbsp;&nbsp; 1678 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, International Airport Subordinate, Series 2022G, Rev., AMT, 5.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foothill Eastern Transportation Corridor Agency, Capital Appreciation, Senior Lien, Series 1995A, Rev., Zero Coupon, <br> 1/1/2026 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1795 | &nbsp;&nbsp;&nbsp;&nbsp; 1764 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority Sales Tax, Series 2021A, Rev., 5.00%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp; Norman Y Mineta San Jose International Airport SJC, Series 2021A, Rev., AMT, 5.00%, 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2111 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **Principal**<br> **Amount**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Transportation — continued** | **Transportation — continued** | **Transportation — continued** |
| &nbsp;&nbsp;&nbsp; Port of Los Angeles, Harbor Department |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3420 | &nbsp;&nbsp;&nbsp;&nbsp; 3510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A 1, Rev., AMT, 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, Series 2023B, Rev., AMT, 5.25%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City and County Airport Commission, San Francisco International Airport, Series 2019A, Rev., AMT, 5.00%, <br> 5/1/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1532 |
| &nbsp;&nbsp;&nbsp; San Francisco City and County Airport Comm-San Francisco International Airport, Series 2016B, Rev., AMT, 5.00%, 5/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31475 |
| **Utility—9.4%** | **Utility—9.4%** | **Utility—9.4%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023G-1, Rev., 5.25%, 4/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2175 | &nbsp;&nbsp;&nbsp;&nbsp; 2281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 9/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024H, Rev., 5.00%, 8/1/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1330 |
| &nbsp;&nbsp;&nbsp; City of Glendale Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Rev., 5.00%, 2/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Rev., A.G. - CR, 5.00%, 2/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1720 | &nbsp;&nbsp;&nbsp;&nbsp; 1753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 2/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3026 |
| &nbsp;&nbsp;&nbsp; M-S-R Energy Authority, Series 2009B, Rev., 7.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2354 |
| &nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District, Series 2023D, Rev., 5.00%, 10/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3791 |
| &nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District, Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 10/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2925 | &nbsp;&nbsp;&nbsp;&nbsp; 2927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023K, Rev., 5.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1294 |
| &nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy Authority, Series 2025A, Rev., 5.50%, 7/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Canyon Power Project, Series 2025A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081 |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Transmission System Renewal Project, Series 2023-1, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3078 |
| &nbsp;&nbsp;&nbsp; Vista Joint Powers Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 885 | &nbsp;&nbsp;&nbsp;&nbsp; 984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36227 |
| **Water & Sewer—11.2%** | **Water & Sewer—11.2%** | **Water & Sewer—11.2%** |
| &nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Clean Water State Revolving Fund, Rev., 4.00%, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001 |
| &nbsp;&nbsp;&nbsp; City of Bakersfield, Wastewater, Series 2015A, Rev., 5.00%, 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2009 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles, Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1568 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles, Wastewater System, Subordinate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2174 |
| &nbsp;&nbsp;&nbsp; City of San Francisco, Public Utilities Commission Water, Series 2020, Subseries C-10, Rev., 4.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 2591 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Wastewater System, Series 2025B, Rev., 5.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1142 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System, Series 2025A, Rev., 5.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp; Eastern Municipal Water District, Water and Wastewater, Series 2016A, Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2885 | &nbsp;&nbsp;&nbsp;&nbsp; 2932 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **Principal**<br> **Amount**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Water & Sewer — continued** | **Water & Sewer — continued** | **Water & Sewer — continued** |
| &nbsp;&nbsp;&nbsp; Goleta Water District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp; 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1105 | &nbsp;&nbsp;&nbsp;&nbsp; 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp; 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1610 | &nbsp;&nbsp;&nbsp;&nbsp; 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Rev., 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Rev., 5.00%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2978 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern California, Series 2024B3, Rev., 5.00%, 7/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern California, Waterworks, Series 2024B-2, Rev., 5.00%, 7/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2240 | &nbsp;&nbsp;&nbsp;&nbsp; 2364 |
| &nbsp;&nbsp;&nbsp; Ontario Public Financing Authority, Series 2024A, Rev., 5.00%, 8/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 |
| &nbsp;&nbsp;&nbsp; San Francisco City and County Public Utilities Commission Wastewater |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp; 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp;&nbsp; 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1675 | &nbsp;&nbsp;&nbsp;&nbsp; 1737 |
| &nbsp;&nbsp;&nbsp; Southern California Water Replenishment District, Rev., 5.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1293 |
| &nbsp;&nbsp;&nbsp; State of California Department of Water Resources, Central Valley Project, Series BF, Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2251 |
| &nbsp;&nbsp;&nbsp; State of California Department of Water Resources, Central Valley Project, Water System, Series 2023A, Rev., 5.00%, 6/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1665 | &nbsp;&nbsp;&nbsp;&nbsp; 1787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 43357 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 329313 |
| **Florida—0.1%** | **Florida—0.1%** | **Florida—0.1%** |
| **Transportation—0.1%** | **Transportation—0.1%** | **Transportation—0.1%** |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series 2024, Rev., AMT, 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
| **Georgia—1.9%** | **Georgia—1.9%** | **Georgia—1.9%** |
| **Utility—1.9%** | **Utility—1.9%** | **Utility—1.9%** |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 4/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 9/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., 5.00%, 12/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3940 | &nbsp;&nbsp;&nbsp;&nbsp; 4104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7404 |
| **Iowa—0.2%** | **Iowa—0.2%** | **Iowa—0.2%** |
| **Other Revenue—0.2%** | **Other Revenue—0.2%** | **Other Revenue—0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021-B-2, Rev., Zero Coupon, <br> 6/1/2065<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 956 |
| **North Carolina—0.2%** | **North Carolina—0.2%** | **North Carolina—0.2%** |
| **Housing—0.2%** | **Housing—0.2%** | **Housing—0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, <br> 1/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 999 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **Principal**<br> **Amount**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Housing — continued** | **Housing — continued** | **Housing — continued** |
| **Ohio—0.3%** | **Ohio—0.3%** | **Ohio—0.3%** |
| **Other Revenue—0.1%** | **Other Revenue—0.1%** | **Other Revenue—0.1%** |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 3215 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
| **Transportation—0.2%** | **Transportation—0.2%** | **Transportation—0.2%** |
| &nbsp;&nbsp;&nbsp; Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 1309 |
| **Pennsylvania—0.3%** | **Pennsylvania—0.3%** | **Pennsylvania—0.3%** |
| **Other Revenue—0.3%** | **Other Revenue—0.3%** | **Other Revenue—0.3%** |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-146A, Rev., 6.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 |
| **Puerto Rico—1.5%** | **Puerto Rico—1.5%** | **Puerto Rico—1.5%** |
| **General Obligation—0.5%** | **General Obligation—0.5%** | **General Obligation—0.5%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, Series 2022A-1, GO, 5.63%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2052 |
| **Other Revenue—1.0%** | **Other Revenue—1.0%** | **Other Revenue—1.0%** |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., Zero Coupon, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., Zero Coupon, 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2935 | &nbsp;&nbsp;&nbsp;&nbsp; 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Rev., 4.78%, 7/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3618 |
| &nbsp;&nbsp;&nbsp; Total Puerto Rico |  | &nbsp;&nbsp;&nbsp;&nbsp; 5670 |
| **South Dakota—0.4%** | **South Dakota—0.4%** | **South Dakota—0.4%** |
| **Housing—0.4%** | **Housing—0.4%** | **Housing—0.4%** |
| &nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.25%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1677 |
| **Utah—0.3%** | **Utah—0.3%** | **Utah—0.3%** |
| **Housing—0.3%** | **Housing—0.3%** | **Housing—0.3%** |
| &nbsp;&nbsp;&nbsp; Utah Housing Corp., Single Family Mortgage, Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107 |
| **Wisconsin—0.8%** | **Wisconsin—0.8%** | **Wisconsin—0.8%** |
| **Industrial Development Revenue/Pollution Control Revenue—0.3%** | **Industrial Development Revenue/Pollution Control Revenue—0.3%** | **Industrial Development Revenue/Pollution Control Revenue—0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership, Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, <br> 9/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| **Transportation—0.5%** | **Transportation—0.5%** | **Transportation—0.5%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.75%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2051 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 3082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $364,314)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 359396 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | &nbsp;&nbsp;&nbsp; **Shares** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **Value** <br>**($000)**<br>|
| **Short-Term Investments—4.9%** | **Short-Term Investments—4.9%** | **Short-Term Investments—4.9%** |
| **Investment Companies—4.9%** | **Investment Companies—4.9%** | **Investment Companies—4.9%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.30% (f) (g)(Cost $18,913) | &nbsp;&nbsp;&nbsp;&nbsp; 18912 | &nbsp;&nbsp;&nbsp;&nbsp; 18914 |
| **Total Investments—97.8%** <br>**(Cost $383,227)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **378310** |
| **Assets in Excess of Other Liabilities—2.2%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **8356** |
| **Net Assets—100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **386666** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| COLL | Collateral |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| NATL | Insured by National Public Finance Guarantee Corp. |
| RE | Reinsured |
| Rev. | Revenue |
| TRAN | Tax & Revenue Anticipation Note |
| VRDO | Variable Rate Demand Obligation |

---

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

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

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

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

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

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

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

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

**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; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4186 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (3046)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1396)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (69)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17 |

---

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

---

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

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF 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 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; $359396 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $359396 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 18914 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18914 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $18914 | &nbsp;&nbsp;&nbsp;&nbsp; $359396 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp; $378310<br>|

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $86 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $86 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(69)<br>|
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 2.30% (a) (b)<br>| $36833 | $53061 | $70980 | $—<br> (c)<br>| $—<br> (c)<br>| $18914 | 18912 | $237 | $— |

---

&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 California Tax Free Bond Fund

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

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

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

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

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

**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:** $390140887.45

**Total Liabilities:** $4009641.14

**Net Assets:** $386131246.31

**Cash Not Reported:** $6520449.62

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 643.78688000 | **1-Year:** 9063.65859000 | **5-Year:** 51099.96420000 | **10-Year:** 112542.40232000 | **30-Year:** 33708.01326000

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

- **3-Month:** 0.00000000 | **1-Year:** 378.40988000 | **5-Year:** 2545.65893000 | **10-Year:** 3232.83382000 | **30-Year:** 22083.39688000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008061 | -1.37%               | -0.67%               | 0.12%                |
| Class ID C000008059 | -1.33%               | -0.63%               | 0.18%                |
| Class ID C000008060 | -1.31%               | -0.62%               | 0.06%                |
| Class ID C000205201 | -1.32%               | -0.62%               | 0.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $53110.21                | $-5979110.94                               |
| Month 2  | $-1416774.88             | $-1805466.49                               |
| Month 3  | $-347919.12              | $-266499.91                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of Los Angeles CA Wastewater System Revenue                             | City of Los Angeles, Wastewater System, Subordinate, Series 2025C                                                                   | CUSIP: 53945CMQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2173923.40   | 0.56%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                  | California Enterprise Development Authority, Pamona Properties LLC Project, Series 2024A                                            | CUSIP: 13069BBB1<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   3220000 | PA      | $3325418.61   | 0.86%             | 2039-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                      | Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Series 2019A, Class 1 | CUSIP: 888804CE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1082900.52   | 0.28%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                           | Metropolitan Water District of Southern California, Series 2024B3                                                                   | CUSIP: 59266TXR7<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097792.50   | 0.28%             | 2037-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                          | City of San Jose, Multi-Family Housing Parkmoor, Series 2023F2                                                                      | CUSIP: 798165LF1<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028700.00   | 0.53%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                | Main Street Natural Gas, Inc., Gas Supply, Series 2024A                                                                             | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1207565.67   | 0.31%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Cedars-Sinai Medical Center                                                       | CUSIP: 13032UBG2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    400000 | PA      | $402069.12    | 0.10%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | San Diego County Regional Airport Authority, Series 2023B                                                                           | CUSIP: 79739GRC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1610581.05   | 0.42%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Vista Joint Powers Financing Authority                                       | Vista Joint Powers Financing Authority, Series 2025A                                                                                | CUSIP: 928317FQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $984065.84    | 0.25%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, CommonSpirit Health, Series 2024A                                                 | CUSIP: 13032UQ27<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100767.94    | 0.03%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palmdale Elementary School District                                          | Palmdale Elementary School District, Series 2023                                                                                    | CUSIP: 69671TFQ7<br>LEI: 549300YBE1L2RGBY7L18 | Long             | DBT              | MUN               | US        |    800000 | PA      | $842505.44    | 0.22%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | Southern California Public Power Authority, Series 2023-1                                                                           | CUSIP: 842469AU2<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3055059.60   | 0.79%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Encinitas Union School District                                              | Encinitas Union School District, Election 2010, Series 2015                                                                         | CUSIP: 292533FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $805952.85    | 0.21%             | 2036-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Wastewater System Revenue                | East Bay Municipal Utility District Wastewater System, Series 2025B                                                                 | CUSIP: 271012JA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1141666.70   | 0.30%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Caritas Projects, Series 2024A                                                              | CUSIP: 13049SFK5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    450000 | PA      | $460171.80    | 0.12%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Los Angeles                                                          | Port of Los Angeles, Harbor Department, Series 2024A 1                                                                              | CUSIP: 544552C34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087393.40   | 0.28%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                        | Sacramento Municipal Utility District, Electric, Series 2023K                                                                       | CUSIP: 786005H43<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1294113.36   | 0.34%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Campbell Union High School District                                          | Campbell Union High School District, Election of 2016, Series B                                                                     | CUSIP: 134159YN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055680.40   | 0.53%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                   | South Dakota Housing Development Authority, Series 2024C                                                                            | CUSIP: 83756LBH7<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    500000 | PA      | $552542.65    | 0.14%             | 2055-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Scripps Health, Series 2024B-2                                                    | CUSIP: 13032UN87<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1981133.28   | 0.51%             | 2061-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Modesto High School District                                                 | Modesto High School District, Election of 2022, Series B                                                                            | CUSIP: 607743LU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $932067.59    | 0.24%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Public Works Financing Authority                          | Los Angeles County Public Works Financing Authority, Series 2022G                                                                   | CUSIP: 54473EXG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1600359.15   | 0.41%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | California Infrastructure and Economic Development Bank, Academy of Motion Picture, Series 2023A                                    | CUSIP: 13034A3E8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1131267.80   | 0.29%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2G2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    265000 | PA      | $284280.61    | 0.07%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | California Public Finance Authority, Health Care Hazelden Betty Ford Foundation Project, Series 2025                                | CUSIP: 13056HAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $749486.78    | 0.19%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redondo Beach Unified School District                                        | Redondo Beach Unified School District, Election of 2024, Series 2024A                                                               | CUSIP: 757710VZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991882.50    | 0.26%             | 2055-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                | Main Street Natural Gas, Inc., Gas Supply, Series 2024D                                                                             | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2092088.00   | 0.54%             | 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        |   5750000 | PA      | $3547582.68   | 0.92%             | 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        |   3750000 | PA      | $3929358.38   | 1.02%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                              | Foothill Eastern Transportation Corridor Agency, Capital Appreciation, Senior Lien, Series 1995A                                    | CUSIP: 345105BA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1763461.67   | 0.46%             | 2026-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pasadena Public Financing Authority                                          | Pasadena Public Financing Authority, Rose Bowl Renovation, Series 2024                                                              | CUSIP: 702274DM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $530607.72    | 0.14%             | 2042-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California, Series 2020BE                                                                                             | CUSIP: 91412HGW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1147770.74   | 0.30%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Encinitas Union School District                                              | Encinitas Union School District, Election 2010, Series 2015                                                                         | CUSIP: 292533FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1656046.80   | 0.43%             | 2038-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Dieguito Union High School District                                      | San Dieguito Union High School District                                                                                             | CUSIP: 797508KP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1913443.33   | 0.50%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Linxs Apartments Project, Senior Lien, Series 2018A                                         | CUSIP: 13048VBL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1801688.00   | 0.47%             | 2028-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Martha Gardens Apartments, Series 2025A-2                                                   | CUSIP: 130483GP9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1504584.75   | 0.39%             | 2029-12-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                  | California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2, Series 2022A        | CUSIP: 13069AAS7<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1195976.50   | 0.31%             | 2031-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                      | Energy Southeast A Cooperative District, Series 2024B                                                                               | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1587154.20   | 0.41%             | 2054-07-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp. of Los Angeles                                   | Municipal Improvement Corp. of Los Angeles, Real Property, Series 2016B                                                             | CUSIP: 544587H50<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1962204.80   | 0.51%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palo Alto Unified School District                                            | Palo Alto Unified School District, Election of 2008, Series 2008-2                                                                  | CUSIP: 697379TD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1010112.78   | 0.26%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Children's Hospital of Orange County, Series 2024B                                | CUSIP: 13032UP93<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103898.70   | 0.29%             | 2054-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Cupertino Union School District                                              | Cupertino Union School District, Election of 2024, Series A                                                                         | CUSIP: 231237T99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114685.90   | 0.29%             | 2050-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Eastern Municipal Water District                                             | Eastern Municipal Water District, Water and Wastewater, Series 2016A                                                                | CUSIP: 27627TBD3<br>LEI: 549300ZCFVRFDIRWK089 | Long             | DBT              | MUN               | US        |   2885000 | PA      | $2931799.60   | 0.76%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goleta Water District                                                        | Goleta Water District, Series 2023A                                                                                                 | CUSIP: 381625AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $283134.46    | 0.07%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | State of California, Various Purpose                                                                                                | CUSIP: 13063DJ41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5864443.20   | 1.52%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | City of Los Angeles Department of Airports, Series 2025A                                                                            | CUSIP: 5444452G3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055437.60   | 0.53%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                           | Ontario Public Financing Authority, Series 2025A                                                                                    | CUSIP: 68304RDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $536519.63    | 0.14%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | California Public Finance Authority, PIH Health, Series 2024A                                                                       | CUSIP: 13057EJG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1935770.80   | 0.50%             | 2035-06-01      | 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        |   1000000 | PA      | $999329.50    | 0.26%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                         | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $848348.40    | 0.22%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Adventist Health System, Series 2016A                                             | CUSIP: 13032UGC6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2171012.21   | 0.56%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                    | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B-2                                              | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22700000 | PA      | $2435094.83   | 0.63%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | California Infrastructure and Economic Development Bank, California Academy of Science, Series 2024A                                | CUSIP: 13034A5B2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2997332.40   | 0.78%             | 2029-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| South San Francisco Unified School District                                  | South San Francisco Unified School District, Measure J, Dedicated Unlimited Ad Valorem Property Tax, Series 2016C                   | CUSIP: 840058US8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1618884.90   | 0.42%             | 2028-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Sutter Health, Series 2017A                                                       | CUSIP: 13032UNS3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1550287.95   | 0.40%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Children's Hospital of Orange County, Series 2024A                                | CUSIP: 13032UP85<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1534175.25   | 0.40%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                            | Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series 2024                                           | CUSIP: 340618DQ7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $229461.00    | 0.06%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                    | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B                                                | CUSIP: 38122NB76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1376622.56   | 0.36%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                    | San Joaquin Valley Clean Energy Authority, Series 2025A                                                                             | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083305.70   | 0.28%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Glendale CA Electric Revenue                                         | City of Glendale Electric, Series 2024                                                                                              | CUSIP: 378406PR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3026244.00   | 0.78%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                          | Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Series 2024 QRR                                   | CUSIP: 544647JL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051829.60   | 0.27%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                       | M-S-R Energy Authority, Series 2009B                                                                                                | CUSIP: 55374SAE0<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2353907.80   | 0.61%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Cedars-Sinai Medical Center                                                       | CUSIP: 13032UBR8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251465.88    | 0.07%             | 2030-11-15      | 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        |   3000000 | PA      | $703180.20    | 0.18%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Clean Energy Project, Series 2024D                                                 | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5294088.00   | 1.37%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Palo Alto Unified School District                                            | Palo Alto Unified School District, Election of 2008, Series 2008-2                                                                  | CUSIP: 697379TE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1729868.89   | 0.45%             | 2026-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | San Francisco City and County Public Utilities Commission Wastewater, Series 2018B                                                  | CUSIP: 79768HLH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $453175.84    | 0.12%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Class A-1                                                                                   | CUSIP: 13050WAA9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $890309.80    | 0.23%             | 2041-02-20      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Caritas Projects, Series 2024A                                                              | CUSIP: 13049SFJ8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    265000 | PA      | $265936.14    | 0.07%             | 2025-08-15      | 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        |        37 | NC      | $86742.13     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Sutter Health, Series 2016A                                                       | CUSIP: 13032UCE6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1161313.13   | 0.30%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp. of Los Angeles                                   | Municipal Improvement Corp. of Los Angeles, Series 2023A                                                                            | CUSIP: 5445874Y1<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059245.30   | 0.27%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Clean Energy Project, Series 2024H                                                 | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1329618.88   | 0.34%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                          | Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Series 2023 QRR                                   | CUSIP: 544647GX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097905.10   | 0.28%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Glendale CA Electric Revenue                                         | City of Glendale Electric, Series 2024-2                                                                                            | CUSIP: 378406RZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1752850.28   | 0.45%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | San Francisco City and County Public Utilities Commission Wastewater, Series 2018B                                                  | CUSIP: 79768HLK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $656039.84    | 0.17%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                  | California Educational Facilities Authority, University of Southern California, Series 2025A                                        | CUSIP: 130179YD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $2167647.91   | 0.56%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | California State University, Systemwide, Series 2024A                                                                               | CUSIP: 13077DUP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096356.90   | 0.28%             | 2045-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                            | State of California Department of Water Resources, Central Valley Project, Series BF                                                | CUSIP: 13067WTT9<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2250776.40   | 0.58%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Caritas Projects, Series 2024A                                                              | CUSIP: 13049SFN9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    820000 | PA      | $872405.71    | 0.23%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | City of Los Angeles Department of Airports, Series 2022B                                                                            | CUSIP: 544445XJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1678401.62   | 0.43%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Goleta Water District                                                        | Goleta Water District, Series 2023A                                                                                                 | CUSIP: 381625AG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301517.13    | 0.08%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Escondido Union High School District                                         | Escondido Union High School District, Capital Appreciation, Election of 2008, Series A                                              | CUSIP: 296353KU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $877055.20    | 0.23%             | 2029-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                              | Menlo Park City School District, Capital Appreciation                                                                               | CUSIP: 586840MK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $665514.96    | 0.17%             | 2032-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Republic Services, Inc., Project, Series 2024A                                              | CUSIP: 13048RAP2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   2985000 | PA      | $2838110.84   | 0.74%             | 2054-03-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Palmdale Elementary School District                                          | Palmdale Elementary School District, Series 2023                                                                                    | CUSIP: 69671TFM6<br>LEI: 549300YBE1L2RGBY7L18 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265215.85    | 0.07%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mount Diablo Unified School District                                         | Mount Diablo Unified School District                                                                                                | CUSIP: 621196V68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $846431.10    | 0.22%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District                                            | San Diego Unified School District, Election of 1998, Series G-1                                                                     | CUSIP: 797356EU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $414232.90    | 0.11%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, Series 2024A                                                                | CUSIP: 13080ST79<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023762.50   | 0.27%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Rancho Cucamonga Redevelopment Agency Successor Agency                       | Rancho Cucamonga Redevelopment Agency Successor Agency, Series 2024                                                                 | CUSIP: 75212CBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027264.30   | 0.27%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | Los Angeles Department of Water and Power System, Series 2017C                                                                      | CUSIP: 5444953A0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1122385.96   | 0.29%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Multi-Family Housing, View At San Bruno, Series 2024A-1                                     | CUSIP: 130483HC7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3139116.60   | 0.81%             | 2056-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | Bay Area Toll Authority, Series 2025F-1                                                                                             | CUSIP: 072024F98<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057471.70   | 0.27%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | Los Angeles Department of Water and Power Water System, Series 2016A                                                                | CUSIP: 544495R71<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1620831.60   | 0.42%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Tobacco Settlement Authority                                            | Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021-B-2, Class 2                   | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $956077.85    | 0.25%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project                            | CUSIP: 13054WBA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2202260.26   | 0.57%             | 2035-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Clovis Unified School District                                               | Clovis Unified School District, Election of 2020, Series C                                                                          | CUSIP: 189342R91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060809.80   | 0.27%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-146A                                                       | CUSIP: 70879QXV0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088468.20   | 0.28%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                           | Metropolitan Water District of Southern California, Waterworks, Series 2024B-2                                                      | CUSIP: 59266TXQ9<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2364406.46   | 0.61%             | 2037-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, John Muir Health, Series 2024A                                              | CUSIP: 13080SR48<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    450000 | PA      | $473462.19    | 0.12%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | San Francisco City and County Airport Comm-San Francisco International Airport, Series 2016B                                        | CUSIP: 79766DGF0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1727403.65   | 0.45%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Waste Management, Inc. Project, Series 2009A                                                | CUSIP: 13048RAC1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1968211.40   | 0.51%             | 2039-02-01      | Variable      | 3.30%                 | Yes           |                  2 | On Loan: No      |
| Long Beach Bond Finance Authority                                            | Long Beach Bond Finance Authority, Series 2007A                                                                                     | CUSIP: 54241AAY9<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   2875000 | PA      | $3043603.51   | 0.79%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | California Public Finance Authority, Health Care Hazelden Betty Ford Foundation Project, Series 2025                                | CUSIP: 13056HAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1973852.80   | 0.51%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Monica Community College District                                      | Santa Monica Community College District, Election of 2004, Series 2009C                                                             | CUSIP: 802385JN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937947.40    | 0.24%             | 2027-08-01      | None          | 0.00%                 | 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   | 0.27%             | 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        |       -12 | NC      | $-32075.92    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Bay Area Toll Authority                                                      | Bay Area Toll Authority, Toll Bridge, Series 2023B                                                                                  | CUSIP: 072024YF3<br>LEI: 5493001FUZGUQMIP5D78 | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5000000.00   | 1.29%             | 2055-04-01      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | Bay Area Toll Authority, Series 2025F-1                                                                                             | CUSIP: 072024F80<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064449.10   | 0.28%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2D9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    310000 | PA      | $323339.98    | 0.08%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, St. Joseph Health System, Series 2019C                                            | CUSIP: 13032UB80<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3012693.00   | 0.78%             | 2039-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Escondido Union High School District                                         | Escondido Union High School District, Capital Appreciation, Election of 2008, Series A                                              | CUSIP: 296353KQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1492534.05   | 0.39%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Waste Management, Inc. Project, Series 2020                                                 | CUSIP: 13048RAH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999970.90    | 0.26%             | 2045-10-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                           | Utah Housing Corp., Single Family Mortgage, Series 2025A                                                                            | CUSIP: 917437RU1<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106779.30   | 0.29%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                 | Los Angeles Department of Water and Power Water System, Series 2017A                                                                | CUSIP: 544525WL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2652922.50   | 0.69%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, Southern California Edison Co., Series 2006C                                | CUSIP: 13078HBB7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1117350.52   | 0.29%             | 2033-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | Los Angeles Department of Water and Power System, Series 2021B                                                                      | CUSIP: 544532CL6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    680000 | PA      | $694516.30    | 0.18%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                        | Sacramento Municipal Utility District, Electric, Series 2019B                                                                       | CUSIP: 786005ZW1<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |   2925000 | PA      | $2927243.18   | 0.76%             | 2049-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign                   | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Series 2024B                                                            | CUSIP: 120827EE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $720063.86    | 0.19%             | 2049-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| San Mateo County Community College District                                  | San Mateo County Community College District, Election of 2005, Series A                                                             | CUSIP: 799038DL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1750675.60   | 0.45%             | 2029-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Napa Valley Unified School District                                          | Napa Valley Unified School District, Election of 2006, Series 2010A                                                                 | CUSIP: 6303614B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1869110.60   | 0.48%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                          | U.S. Treasury 10 Year Ultra Note                                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -27 | NC      | $-37364.04    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Green Bond, Series 2022A-1                                                         | CUSIP: 13013JBD7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006441.90   | 0.26%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Senior Lien                                                                                               | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023999.50   | 0.27%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | California Infrastructure and Economic Development Bank, Segerstrom Center for the Arts, Series 2024                                | CUSIP: 13034A5V8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2182784.80   | 0.57%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | California Infrastructure and Economic Development Bank, Equitable School Revolving Fund LLC, Series 2024B                          | CUSIP: 13035ADR7<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1199756.66   | 0.31%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, Heritage Park Apartments Project, Series 2025A                              | CUSIP: 13079PA29<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2432347.50   | 0.63%             | 2035-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Vista Joint Powers Financing Authority                                       | Vista Joint Powers Financing Authority, Series 2025A                                                                                | CUSIP: 928317FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $848037.45    | 0.22%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Napa Valley Unified School District                                          | Napa Valley Unified School District, Election of 2024, Series A                                                                     | CUSIP: 630362GX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974938.60    | 0.25%             | 2055-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | Los Angeles Department of Water and Power, Series 2024C                                                                             | CUSIP: 544532LY8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015733.90   | 0.26%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Water Replenishment District                             | Southern California Water Replenishment District                                                                                    | CUSIP: 84251KBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1293397.75   | 0.33%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2C1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    365000 | PA      | $375391.55    | 0.10%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                             | City of Los Angeles, Wastewater System, Subordinate, Series 2025C                                                                   | CUSIP: 53945CMJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2197076.80   | 0.57%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rio Hondo Community College District                                         | Rio Hondo Community College District, Election of 2024, Series 2025A                                                                | CUSIP: 767121FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1643908.70   | 0.43%             | 2055-08-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| County of San Diego CA                                                       | County of San Diego, County Public Health and Capital Improvement, Series 2023                                                      | CUSIP: 7973915V7<br>LEI: 254900MKIGRAYVDUZ926 | Long             | DBT              | MUN               | US        |    425000 | PA      | $472169.94    | 0.12%             | 2037-10-01      | 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        |   1000000 | PA      | $957074.90    | 0.25%             | 2054-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Rialto Public Financing Authority                                            | Rialto Public Financing Authority, Police Station Project, Series 2023A                                                             | CUSIP: 76246EAT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2060227.00   | 0.53%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020A                              | CUSIP: 13016NEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $975920.71    | 0.25%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                  | California Enterprise Development Authority, Rocklin Academy Project, Series 2024                                                   | CUSIP: 13069AAZ1<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1154394.13   | 0.30%             | 2054-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project, Series B-1                 | CUSIP: 130536QV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1493004.30   | 0.39%             | 2025-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | California County Tobacco Securitization Agency, Golden Gate Tobacco Funding Corp., Series A                                        | CUSIP: 13016NDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1350066.00   | 0.35%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                 | Los Angeles Department of Water and Power Water System, Series 2022D                                                                | CUSIP: 544525Q43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2978448.90   | 0.77%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District                                            | San Diego Unified School District, Election of 1998, Series G-1                                                                     | CUSIP: 797356EW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2275298.60   | 0.59%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California, Series 2025CA                                                                                             | CUSIP: 91412HUQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1677008.85   | 0.43%             | 2036-05-15      | 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        |   1500000 | PA      | $1372515.90   | 0.36%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Senior Lien                                                                                               | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027168.80   | 0.27%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Sutter Health, Series 2018A                                                       | CUSIP: 13032UQY7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503754.80    | 0.13%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jurupa Public Financing Authority                                            | Jurupa Public Financing Authority, Series 2024                                                                                      | CUSIP: 482085GG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2257811.40   | 0.58%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2F4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    200000 | PA      | $213195.62    | 0.06%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue    | Wisconsin Housing and Economic Development Authority Home Ownership, Series 2024A                                                   | CUSIP: 97689QTU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $1030543.68   | 0.27%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Northern California                      | Tobacco Securitization Authority of Northern California, Series 2021B-1, Class 2                                                    | CUSIP: 888794BZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1339469.92   | 0.35%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | California Public Finance Authority, Senior Living The James, Series 2024A                                                          | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932309.50    | 0.24%             | 2054-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Santa Clara Valley Water District                                            | State of California Department of Water Resources, Central Valley Project, Water System, Series 2023A                               | CUSIP: 80168ADG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1787296.41   | 0.46%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Series 2025A                                                                      | CUSIP: 13032U2Y3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036920.00   | 0.27%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | California Infrastructure and Economic Development Bank, The J. Paul Getty Trust, Series 2023B                                      | CUSIP: 13034A3Y4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3072810.30   | 0.80%             | 2047-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                             | City of Los Angeles, Wastewater System, Series 2018A                                                                                | CUSIP: 53945CJT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1568353.80   | 0.41%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue   | Los Angeles County Metropolitan Transportation Authority Sales Tax, Series 2021A                                                    | CUSIP: 54466HKZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040281.90   | 0.27%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Clean Energy Project, Series 2024A                                                 | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2098531.60   | 0.54%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                      | Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Series 2019A, Class 1 | CUSIP: 888804CN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021697.80   | 0.26%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Clean Energy Project, Series 2023G-1                                               | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2281503.23   | 0.59%             | 2054-11-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project, Series 2017A-2            | CUSIP: 130536RL1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000514.50   | 0.26%             | 2042-11-01      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| San Mateo County Community College District                                  | San Mateo County Community College District, Election of 2005, Series 2006B                                                         | CUSIP: 799038GJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $722850.00    | 0.19%             | 2034-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | City of Los Angeles Department of Airports, International Airport Subordinate, Series 2022G                                         | CUSIP: 544445B40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1325165.88   | 0.34%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                            | State of California Department of Water Resources, Central Valley Project, Water System, Series AW                                  | CUSIP: 13067WMA7<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2688028.98   | 0.70%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale CA Electric Revenue                                         | City of Glendale Electric, Series 2024-2                                                                                            | CUSIP: 378406RP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016037.90   | 0.26%             | 2045-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| William S Hart Union High School District                                    | William S Hart Union High School District, Capital Appreciation Election 2001, Series 2005B                                         | CUSIP: 969275PS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2185601.50   | 0.57%             | 2029-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-2                                                                         | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $894968.60    | 0.23%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California, Series 2016AR                                                                                             | CUSIP: 91412GH81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521256.05   | 0.39%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                          | Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Series 2024A                                      | CUSIP: 544647HR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1470931.71   | 0.38%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                 | Los Angeles Department of Water and Power Water System, Series 2022D                                                                | CUSIP: 544525P85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $277083.56    | 0.07%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | Southern California Public Power Authority, Canyon Power Project, Series 2025A                                                      | CUSIP: 842475R31<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080866.70   | 0.28%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2E7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $263991.85    | 0.07%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020B-2                            | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $725881.20    | 0.19%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Eskaton Properties, Inc. Obligated Group, Series 2024                                       | CUSIP: 13048VY36<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1401783.55   | 0.36%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                | Main Street Natural Gas, Inc., Gas Supply, Series 2024E                                                                             | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3940000 | PA      | $4103826.78   | 1.06%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | East Bay Municipal Utility District Water System, Series 2025A                                                                      | CUSIP: 271014T36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052186.10   | 0.27%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico, Series 2022A-1                                                                                         | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $2052486.80   | 0.53%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Goleta Water District                                                        | Goleta Water District, Series 2023A                                                                                                 | CUSIP: 381625AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $472693.95    | 0.12%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, Series 2009C-2                                                              | CUSIP: 13080SXW9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2152707.60   | 0.56%             | 2029-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                              | Menlo Park City School District, Capital Appreciation                                                                               | CUSIP: 586840MJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $394787.50    | 0.10%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Port of Los Angeles                                                          | Port of Los Angeles, Harbor Department, Series 2019B                                                                                | CUSIP: 544552A85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3420000 | PA      | $3510219.26   | 0.91%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District (The)                                  | Southeast Alabama Gas Supply District (The), Project No. 2, Series 2024B                                                            | CUSIP: 84131TBT8<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045152.20   | 0.27%             | 2049-06-01      | Variable      | 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        |   3000000 | PA      | $2906031.30   | 0.75%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | California Infrastructure and Economic Development Bank, Clean Water State Revolving Fund                                           | CUSIP: 13034A2H2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001138.00   | 0.52%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Caritas Projects, Series 2024A                                                              | CUSIP: 13049SFQ2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    540000 | PA      | $584447.83    | 0.15%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Campbell Union High School District                                          | Campbell Union High School District, Election of 2016, Series B                                                                     | CUSIP: 134159YL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $380300.87    | 0.10%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mount Diablo Unified School District                                         | Mount Diablo Unified School District                                                                                                | CUSIP: 621196V76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $795467.75    | 0.21%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, John Muir Health, Series 2024E-2                                            | CUSIP: 13079PZS5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    675000 | PA      | $701026.85    | 0.18%             | 2028-10-01      | 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: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2935000 | PA      | $936453.43    | 0.24%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Desert Community College District                                            | Desert Community College District, Election of 2016                                                                                 | CUSIP: 250375NC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3634124.80   | 0.94%             | 2051-08-01      | 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        |  18911833 | NS      | $18913724.19  | 4.90%             |  |  |  | No            |                  1 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | California Infrastructure and Economic Development Bank, Equitable School Revolving Fund LLC, Series 2024B                          | CUSIP: 13035ADD8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4647758.28   | 1.20%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Waste Management, Inc. Project, Series 2024A                                                | CUSIP: 13048RAR8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2499927.25   | 0.65%             | 2046-11-01      | Variable      | 3.75%                 | 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   | 0.29%             | 2055-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | San Francisco City and County Public Utilities Commission Wastewater, Series 2018B                                                  | CUSIP: 79768HFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1737198.28   | 0.45%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | State of California, Various Purpose                                                                                                | CUSIP: 13063EDK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $905034.33    | 0.23%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vista Joint Powers Financing Authority                                       | Vista Joint Powers Financing Authority, Series 2025A                                                                                | CUSIP: 928317FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $852995.18    | 0.22%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2B3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    450000 | PA      | $454905.95    | 0.12%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Caritas Projects, Series 2024A                                                              | CUSIP: 13049SFL3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    575000 | PA      | $596389.83    | 0.15%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, United Airlined, Inc. Los Angeles Internation Airport Projects, Series 2019                 | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973633.40    | 0.25%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                         | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $937947.60    | 0.24%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rialto Public Financing Authority                                            | Rialto Public Financing Authority, Police Station Project, Series 2023A                                                             | CUSIP: 76246EAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $427601.00    | 0.11%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020A                              | CUSIP: 13016NEN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1147559.12   | 0.30%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Rafael City Elementary School District                                   | San Rafael City Elementary School District, Election of 2002, Series 2004B                                                          | CUSIP: 799306LE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1735528.20   | 0.45%             | 2029-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chico Unified School District                                                | Chico Unified School District, Election of 2024, Series 2024A                                                                       | CUSIP: 168520RN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1463860.95   | 0.38%             | 2049-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | Los Angeles Department of Water and Power System, Series 2023D                                                                      | CUSIP: 544532HS6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    520000 | PA      | $533444.24    | 0.14%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Eskaton Properties, Inc. Obligated Group, Series 2024                                       | CUSIP: 13048VZ92<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1489945.05   | 0.39%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | San Diego Public Facilities Financing Authority, Capital Improvement Project, Series 2024A                                          | CUSIP: 797299QR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082823.30   | 0.28%             | 2041-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo County Community College District                                  | San Mateo County Community College District, Election of 2005, Series A                                                             | CUSIP: 799038DH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1059438.16   | 0.27%             | 2026-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Bakersfield CA Wastewater Revenue                                    | City of Bakersfield, Wastewater, Series 2015A                                                                                       | CUSIP: 05753PCJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009459.40   | 0.52%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series 2018A                          | CUSIP: 13080SVN1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973482.50    | 0.25%             | 2058-12-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | California County Tobacco Securitization Agency, Sonoma County Securitization Corp., Series 2020B 2                                 | CUSIP: 13016NHB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $804194.00    | 0.21%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | California School Finance Authority, Green Dot Public Schools Project, Series 2022A                                                 | CUSIP: 13059THF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $335507.64    | 0.09%             | 2032-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Enterprise Development Authority                                  | California Enterprise Development Authority, Pamona Properties LLC Project, Series 2024A                                            | CUSIP: 13069BBC9<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500471.90   | 0.39%             | 2045-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                      | Tobacco Securitization Authority of Southern California, Series 2019A, Class 1                                                      | CUSIP: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975863.70    | 0.25%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Modesto High School District                                                 | Modesto High School District, Election of 2022, Series B                                                                            | CUSIP: 607743LV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088090.80   | 0.28%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vista Joint Powers Financing Authority                                       | Vista Joint Powers Financing Authority, Series 2025A                                                                                | CUSIP: 928317FM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1134821.30   | 0.29%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue        | Regents of the University of California Medical Center Pooled, Series 2022P                                                         | CUSIP: 913366KK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2268905.83   | 0.59%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, PIH Health, Series 2020A                                                          | CUSIP: 13032UWP9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1240502.55   | 0.32%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A                                             | CUSIP: 13032UJF6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3554755.75   | 0.92%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Terracina At Westpark Apartments, Series 2024A                                              | CUSIP: 130483GH7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2478097.50   | 0.64%             | 2045-09-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| San Jose Unified School District                                             | San Jose Unified School District, Election of 2002, Series C                                                                        | CUSIP: 798186VQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $2500152.88   | 0.65%             | 2031-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Series 2025A                                                                      | CUSIP: 13032U3C0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1826199.20   | 0.47%             | 2048-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                           | Ontario Public Financing Authority, Series 2025A                                                                                    | CUSIP: 68304RDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $337371.03    | 0.09%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | City of Los Angeles Department of Airports, Series 2020A                                                                            | CUSIP: 544445PR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2086578.40   | 0.54%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | San Francisco City and County Airport Commission, San Francisco International Airport, Series 2019A                                 | CUSIP: 79766DLX5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1532350.65   | 0.40%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Alamitos Unified School District                                         | Los Alamitos Unified School District, School Facilities Improvement District, Election of 2018, Series C                            | CUSIP: 544203MF6<br>LEI: 549300YJXGV6HPEZKU12 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1155374.61   | 0.30%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California, Series 2025CC                                                                                             | CUSIP: 91412HVS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2975000 | PA      | $3151131.01   | 0.82%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grossmont Healthcare District                                                | Grossmont Healthcare District, Series 2025F                                                                                         | CUSIP: 399223EA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3260745.90   | 0.84%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue           | City of San Francisco, Public Utilities Commission Water, Series 2020, Subseries C-10                                               | CUSIP: 79771FEE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2590460.07   | 0.67%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                        | Sacramento Municipal Utility District, Series 2023D                                                                                 | CUSIP: 786005F52<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3791011.00   | 0.98%             | 2049-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA                                                       | City of Los Angeles                                                                                                                 | CUSIP: 544351SE0<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001868.40   | 0.52%             | 2025-06-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | California County Tobacco Securitization Agency, Sonoma County Securitization Corp., Series 2020A                                   | CUSIP: 13016NGY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $863553.60    | 0.22%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palmdale Elementary School District                                          | Palmdale Elementary School District, Series 2023                                                                                    | CUSIP: 69671TFP9<br>LEI: 549300YBE1L2RGBY7L18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $941786.00    | 0.24%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2S6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1428227.56   | 0.37%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2T4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1280284.46   | 0.33%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Green Bond, Series 2022A-1                                                         | CUSIP: 13013JBB1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500290.85    | 0.13%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rialto Public Financing Authority                                            | Rialto Public Financing Authority, Police Station Project, Series 2023A                                                             | CUSIP: 76246EAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $487809.27    | 0.13%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2H0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    310000 | PA      | $333515.17    | 0.09%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Caritas Projects, Series 2024A                                                              | CUSIP: 13049SGB4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001950.20   | 0.26%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                           | Norman Y Mineta San Jose International Airport SJC, Series 2021A                                                                    | CUSIP: 798136XC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2110514.60   | 0.55%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                             | City of Los Angeles, Wastewater System, Series 2018A                                                                                | CUSIP: 53945CJS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048617.30   | 0.27%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jose Evergreen Community College District                                | San Jose Evergreen Community College District, Series C                                                                             | CUSIP: 798189TD8<br>LEI: 5493006H31JIFYW6Z091 | Long             | DBT              | MUN               | US        |    650000 | PA      | $641098.84    | 0.17%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Jose Evergreen Community College District                                | San Jose Evergreen Community College District, Series C                                                                             | CUSIP: 798189TF3<br>LEI: 5493006H31JIFYW6Z091 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1452782.85   | 0.38%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                           | Ontario Public Financing Authority, Series 2024A                                                                                    | CUSIP: 68304SBV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049645.10   | 0.27%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Port Authority                                              | Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023                                                     | CUSIP: 473318AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000745.60   | 0.26%             | 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        |   3215000 | PA      | $308595.31    | 0.08%             | 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