# EDGAR Filing Document

**Accession Number:** 0001659326
**File Stem:** 0001752724-23-016736
**Filing Date:** 2023-1
**Character Count:** 651070
**Document Hash:** 8d85ff7df671d886a8aade102bf821f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016736.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016736

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN TRUST IV
- **CENTRAL INDEX KEY:** 0001659326
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23117
- **FILM NUMBER:** 23563117

**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:** JPMorgan Trust IV
- **DATE OF NAME CHANGE:** 20151124

## Series and Classes Contracts Data

### JPMorgan Ultra-Short Municipal Fund (Series ID: S000052823)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000166084 | Class A      | USMSX           |
| C000166085 | Class I      | USMTX           |

## Nport-Ex

**JPMorgan Ultra-Short Municipal Fund**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 93.3%** (a) | **Municipal Bonds — 93.3%** (a) | **Municipal Bonds — 93.3%** (a) |
| **Alabama — 4.7%** | **Alabama — 4.7%** | **Alabama — 4.7%** |
| &nbsp;&nbsp;&nbsp; Birmingham Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2023 | 125 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2024 | 150 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2025 | 250 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | 225 | 240 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Prepay Series 2018A, Rev., 4.00%, 12/1/2023 (b) | 19865 | 19895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Prepay Project No. 3 Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), <br> 2.47%, 12/8/2022 (c)<br>| 30000 | 29761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project No. 7 Series 2021C-2, Rev., (SIFMA Municipal Swap Index Yield + 0.35%), 2.20%, <br> 12/8/2022 (c)<br>| 27000 | 25440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Supply Subseries 2022D-2, Rev., LIQ : Royal Bank of Canada, (SOFR + 1.40%), 3.96%, <br> 12/5/2022 (c)<br>| 25450 | 25109 |
| &nbsp;&nbsp;&nbsp; City of Centre, Warrant GO, 4.00%, 9/1/2023 | 215 | 217 |
| &nbsp;&nbsp;&nbsp; City of Hamilton, Warrants GO, 5.00%, 8/1/2023 | 240 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Board of The City of Mobile, Alabama Power Control, Barry Plant Project Series 2007A, Rev., 1.00%, <br> 6/26/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4497 |
| &nbsp;&nbsp;&nbsp; Prattville Industrial Development Board, International Paper Co. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 2.00%, 10/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 2.00%, 10/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp; Selma Industrial Development Board, International Paper Co. Project Series 2020A, Rev., 1.38%, 6/16/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2486 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District Series 2022B-2, Rev., (SOFR + 1.79%), 4.35%, 12/5/2022 (c) | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9715 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2413 |
| &nbsp;&nbsp;&nbsp; State of Alabama Series 2013A, GO, 4.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1263 |
| &nbsp;&nbsp;&nbsp; University of West Alabama, General Fee |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp; 123069 |
| **Alaska — 1.8%** | **Alaska — 1.8%** | **Alaska — 1.8%** |
| &nbsp;&nbsp;&nbsp; Alaska Municipal Bond Bank Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 726 |
| &nbsp;&nbsp;&nbsp; Borough of North Slope, General Purpose Series 2021A, GO, 5.00%, 6/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2072 |
| &nbsp;&nbsp;&nbsp; City of Valdez, Exxon Pipeline Co. Project Series 1993-B, Rev., VRDO, 1.15%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6840 |
| &nbsp;&nbsp;&nbsp; City of Valdez, Phillips Trans Alaska Project Rev., VRDO, 1.90%, 12/9/2022 (b) | &nbsp;&nbsp;&nbsp; 35300 | &nbsp;&nbsp;&nbsp;&nbsp; 35300 |
| &nbsp;&nbsp;&nbsp; Total Alaska |  | &nbsp;&nbsp;&nbsp;&nbsp; 48122 |
| **Arizona — 0.2%** | **Arizona — 0.2%** | **Arizona — 0.2%** |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Phoenix Children's Hospital Series 2020A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp; City of Tucson Series 2018-A, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University <br> Project<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Yavapai (The), Regional Medical Center Rev., 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, HonorHealth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 9/1/2024 | 175 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 9/1/2025 | 725 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 9/1/2026 | 700 | 748 |
| &nbsp;&nbsp;&nbsp; Maricopa County School District No. 24 Gila Bend GO, AGM, 5.00%, 7/1/2023 | 700 | 709 |
| &nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 95, Queen Creek, School Improvement GO, 3.00%, 7/1/2024 | 525 | 528 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4091 |
| **Arkansas — 0.1%** | **Arkansas — 0.1%** | **Arkansas — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of Heber Springs, Water and Sewer Rev., 3.00%, 11/1/2023 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; County of Sharp, Sales and Use Tax Rev., 5.00%, 3/1/2023 | 540 | 543 |
| &nbsp;&nbsp;&nbsp; University of Central Arkansas, Student Fee |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp; University of Central Arkansas, Student Housing System Series 2019C, Rev., AGM, 3.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp; Total Arkansas |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1846 |
| **California — 4.2%** | **California — 4.2%** | **California — 4.2%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Green Bond Series A-2, Rev., (SOFR + 1.70%), 4.25%, 12/5/2022 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5011 |
| &nbsp;&nbsp;&nbsp; California Educational Facilities Authority, University of Southern California Series 2015A, Rev., 5.00%, 10/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, Riverside County, Library Facility Project Rev., 4.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1573 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Stanford Health Clinic Series 2021A, Rev., 3.00%, 8/15/2025 (b) | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank Series 2018C, Rev., (SIFMA Municipal Swap Index Yield + 0.35%), <br> 2.20%, 12/8/2022 (c)<br>| &nbsp;&nbsp; 19250 | &nbsp;&nbsp;&nbsp;&nbsp; 18964 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, San Antonio Gardens Project Rev., 4.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, American Water Capital Corp. Project Rev., 0.60%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1814 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Kipp Social Projects Series 2019A, Rev., 5.00%, 7/1/2023 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; Chula Vista Elementary School District Rev., BAN, Zero Coupon, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5401 |
| &nbsp;&nbsp;&nbsp; City of Vernon, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1279 |
| &nbsp;&nbsp;&nbsp; Port of Oakland, Intermediate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021H, Rev., AMT, 5.00%, 5/1/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021H, Rev., AMT, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 3245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3273 |
| &nbsp;&nbsp;&nbsp; Silicon Valley Clean Water, WIFIA Rescue Project Series 2021A, Rev., 0.25%, 3/1/2024 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 38927 |
| &nbsp;&nbsp;&nbsp; State of California GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2455 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; Stockton Public Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2023 | 360 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2025 | 570 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2018-XF2615, Rev., VRDO, LOC : Barclays Bank plc, 1.97%, <br> 12/8/2022 (b) (e)<br>| 2730 | 2730 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp; 109895 |
| **Colorado — 2.7%** | **Colorado — 2.7%** | **Colorado — 2.7%** |
| &nbsp;&nbsp;&nbsp; Arapahoe County School District No. 6 Littleton Series 2019A, GO, 5.00%, 12/1/2022 | 1370 | 1370 |
| &nbsp;&nbsp;&nbsp; City of Aurora, First Lien Water Rev., 5.00%, 8/1/2023 | 2355 | 2394 |
| &nbsp;&nbsp;&nbsp; City of Colorado Springs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2022 | 155 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2023 | 100 | 102 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority Series 2017-B, Rev., 5.00%, 5/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 7255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7330 |
| &nbsp;&nbsp;&nbsp; Denver Health and Hospital Authority, 550 Acoma, Inc. COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 |
| &nbsp;&nbsp;&nbsp; E-470 Public Highway Authority Series 2021B, Rev., (SOFR + 0.35%), 2.91%, 12/5/2022 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4951 |
| &nbsp;&nbsp;&nbsp; Regional Transportation District, Denver Transit Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp; State of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, COP, 5.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, COP, 5.00%, 12/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2183 |
| &nbsp;&nbsp;&nbsp; University of Colorado, Hospital Authority Series 2018 B, Rev., VRDO, LIQ : TD Bank NA, 1.80%, 12/9/2022 (b) | &nbsp;&nbsp;&nbsp; 48085 | &nbsp;&nbsp;&nbsp;&nbsp; 48085 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 70551 |
| **Connecticut — 1.0%** | **Connecticut — 1.0%** | **Connecticut — 1.0%** |
| &nbsp;&nbsp;&nbsp; City of Derby |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; City of New Britain GO, 5.00%, 9/1/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Series 2020B-1, Rev., 5.00%, <br> 1/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8835 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Stamford Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L-1, Rev., 4.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L-1, Rev., 4.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L-1, Rev., 4.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L-1, Rev., 4.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L-1, Rev., 4.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351 |
| &nbsp;&nbsp;&nbsp; New Canaan Housing Authority, Multi-Family Housing, Parish Project Rev., 0.44%, 3/1/2023 (b) | &nbsp;&nbsp;&nbsp; 12475 | &nbsp;&nbsp;&nbsp;&nbsp; 12385 |
| &nbsp;&nbsp;&nbsp; State of Connecticut |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, GO, 3.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, GO, 4.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, GO, 3.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1072 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Connecticut — continued** | **Connecticut — continued** | **Connecticut — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, GO, 4.00%, 6/1/2024 | 500 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, GO, 4.00%, 6/1/2025 | 850 | 875 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 26616 |
| **Delaware — 0.2%** | **Delaware — 0.2%** | **Delaware — 0.2%** |
| &nbsp;&nbsp;&nbsp; Delaware Municipal Electric Corp. (The), Middletown and Seaford Project Series 2019A, Rev., 5.00%, 10/1/2023 | 220 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, <br> 7/1/2025 (b)<br>| 6000 | 5671 |
| &nbsp;&nbsp;&nbsp; Total Delaware |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5895 |
| **District of Columbia — 2.0%** | **District of Columbia — 2.0%** | **District of Columbia — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Carnegie Endowment for International Peace Rev., VRDO, LOC : Wells Fargo Bank NA, 1.82%, <br> 12/8/2022 (b)<br>| 375 | 375 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Gallaudet University Project Rev., 5.00%, 4/1/2026 | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Georgetown University Issue Series 2017 B-1, Rev., VRDO, LOC : Bank of America NA, 1.84%, <br> 12/8/2022 (b)<br>| 1190 | 1190 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Income Tax Series C, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp; 37655 | &nbsp;&nbsp;&nbsp;&nbsp; 38574 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Kipp DC Project Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Medlantic/Helix Issue, Tranche II Series 1998A, Rev., VRDO, LOC : TD Bank NA, 1.80%, 12/9/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2535 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6189 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 52621 |
| **Florida — 2.5%** | **Florida — 2.5%** | **Florida — 2.5%** |
| &nbsp;&nbsp;&nbsp; City of Fort Myers, Subordinate Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., AGM, 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., AGM, 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2450 |
| &nbsp;&nbsp;&nbsp; City of Tallahassee, Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2657 |
| &nbsp;&nbsp;&nbsp; County of Escambia, International Paper Co. Project, Environmental Improvement Series 2019B, Rev., 2.00%, 10/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Aviation System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1458 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Juvenile Courthouse Series B, Rev., VRDO, AMBAC, LOC : TD Bank NA, 1.80%, 12/9/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Okeechobee, Solid Waste Disposal, Waste Management, Inc., Okeechobee Landfill Project Rev., 0.55%, <br> 7/1/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2107 |
| &nbsp;&nbsp;&nbsp; Florida Governmental Utility Authority, North Fort Myers Utility System Rev., AGM, 5.00%, 7/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; Florida Higher Educational Facilities Financial Authority, Ringling College Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; Florida Higher Educational Facilities Financial Authority, St. Leo University Project Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp; Highlands County Health Facilities Authority, Adventist Health System Series 2012I, Rev., VRDO, 1.85%, 12/8/2022 (b) | &nbsp;&nbsp;&nbsp; 12945 | &nbsp;&nbsp;&nbsp;&nbsp; 12945 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority Series 2012-A, Rev., 4.00%, 10/1/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838 |
| &nbsp;&nbsp;&nbsp; JEA Water and Sewer System Series Sub Series B-1, Rev., VRDO, LIQ : State Street Bank & Trust Co., 1.96%, 12/9/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9980 |
| &nbsp;&nbsp;&nbsp; Lee Memorial Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 4/1/2024 | 575 | 590 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Industrial Development Authority, Solid Waste Disposal, Waste Management, Inc. of Florida Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., AMT, (SIFMA Municipal Swap Index Yield + 0.38%), 2.23%, 12/8/2022 (c) | 10500 | 10078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 0.40%, 8/1/2023 | 2600 | 2553 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 13 Special Assessment Rev., 2.63%, 5/1/2024 | 255 | 247 |
| &nbsp;&nbsp;&nbsp; West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2023 | 1335 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2024 | 1160 | 1191 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 65947 |
| **Georgia — 1.2%** | **Georgia — 1.2%** | **Georgia — 1.2%** |
| &nbsp;&nbsp;&nbsp; Bartow County Development Authority, Georgia Power Co. Plant Series 2013FIRST, Rev., 2.88%, 8/19/2025 (b) | 13500 | 13070 |
| &nbsp;&nbsp;&nbsp; City of Atlanta, Department of Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., AMT, 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., AMT, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1879 |
| &nbsp;&nbsp;&nbsp; Georgia State Road and Tollway Authority, Federal Highway Reimbursement Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4048 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Project One Series 2008-B, Rev., VRDO, LOC : PNC BANK N.A., 1.90%, 12/9/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4255 |
| &nbsp;&nbsp;&nbsp; Savannah Economic Development Authority, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1610 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 30040 |
| **Hawaii — 0.2%** | **Hawaii — 0.2%** | **Hawaii — 0.2%** |
| &nbsp;&nbsp;&nbsp; State of Hawaii Airports System Series 2022B, Rev., AMT, 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4626 |
| **Idaho — 0.0% ^** | **Idaho — 0.0% ^** | **Idaho — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; University of Idaho |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp; Total Idaho |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1029 |
| **Illinois — 3.7%** | **Illinois — 3.7%** | **Illinois — 3.7%** |
| &nbsp;&nbsp;&nbsp; Carol Stream Park District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, GO, 4.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, GO, 4.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, GO, 4.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp; Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, Zero Coupon, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, Zero Coupon, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 |
| &nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Second Lien Series 2014B, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, General Airport, Senior Lien Series 2020B, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Capital Grant Receipts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3713 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp; City of Aurora |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 12/30/2022 | 1525 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 12/30/2023 | 1595 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 12/30/2024 | 1655 | 1694 |
| &nbsp;&nbsp;&nbsp; City of Danville |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2022 | 140 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2023 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; City of Elgin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 3.00%, 12/15/2022 | 1480 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 3.00%, 12/15/2023 | 1025 | 1027 |
| &nbsp;&nbsp;&nbsp; City of Rockford, Sales Tax Alternative Revenue Source |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 4.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; City of Waukegan Series 2018A, GO, AGM, 4.00%, 12/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532 |
| &nbsp;&nbsp;&nbsp; Clay Wayne & Marion Counties Community Unit School District No. 35 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp; Cook County Community College District No. 508, Unlimited Tax GO, 5.25%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp; Cook County Community Consolidated School District No. 34, Glenview, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp; Cook County Community School District No. 97, Oak Park |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279 |
| &nbsp;&nbsp;&nbsp; Cook County High School District No. 207, Maine Township Series 2019B, GO, 3.50%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 100, South Berwyn |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 102, La Grange, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 12/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1017 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 109, Indian Springs, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 145, Arbor Park Series 2019D, GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 148, Dolton Series 2018A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 160, Country Club Hills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 160, Country Club Hills, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 4.00%, 12/1/2024 | 100 | 102 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 63, East Maine, Limited Tax GO, 5.00%, 12/1/2022 | 1935 | 1935 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 69, Skokie, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2024 | 315 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2025 | 460 | 475 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 89, Maywood, Maywood-Melrose Park-Broadview, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 12/15/2022 | 535 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 12/15/2023 | 555 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 12/15/2024 | 580 | 593 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 99 Cicero, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 12/1/2022 | 350 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586 |
| &nbsp;&nbsp;&nbsp; County of Will GO, 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537 |
| &nbsp;&nbsp;&nbsp; Du Page Cook and Will Counties Community College District No. 502 GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2471 |
| &nbsp;&nbsp;&nbsp; DuPage County Community High School District No. 94 West Chicago GO, 4.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; DuPage County School District No. 10 Itasca |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1117 |
| &nbsp;&nbsp;&nbsp; Flagg-Rochelle Community Park District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 4.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; Hoffman Estates Park District Series 2019B, GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Advocate Health Care Network Series 2008C-3A, Rev., VRDO, LIQ : Northern Trust Co. (The), 1.97%, <br> 12/9/2022 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2650 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northshore University Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1038 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, OSF Healthcare System Rev., 5.00%, 11/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2021B, Rev., (SIFMA Municipal Swap Index Yield + <br> 0.70%), 2.55%, 12/8/2022 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1092 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Water Facilities, American Water Capital Corp. Project Rev., 0.70%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2746 |
| &nbsp;&nbsp;&nbsp; Kane County School District No. 131 Aurora East Side |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, AGM, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, AGM, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, AGM, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; Lake County School District No. 70 Libertyville, Limited Tax Rev., 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp; Lee and Ogle Counties School District No. 170 Dixon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 3.00%, 1/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, AGM, 3.00%, 1/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp; Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community GO, AGM, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp; Peoria Public Building Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., AGM, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., AGM, 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp; Sangamon County Community Unit School District No. 5, Ball-Chatham GO, 4.00%, 2/1/2023 | 2015 | 2020 |
| &nbsp;&nbsp;&nbsp; Sangamon Menard Etc Counties Community School District No. 8 Pleasant Plains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, 4.00%, 1/1/2023 | 310 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, 4.00%, 1/1/2024 | 370 | 374 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2024 | 3370 | 3429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 5/1/2025 | 2500 | 2603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 5/1/2026 | 5000 | 5257 |
| &nbsp;&nbsp;&nbsp; State of Illinois, Sales Tax Rev., 5.00%, 6/15/2023 | 990 | 998 |
| &nbsp;&nbsp;&nbsp; University of Illinois, Auxiliary Facilities System Series 2013A, Rev., 5.00%, 4/1/2024 | 2500 | 2516 |
| &nbsp;&nbsp;&nbsp; University of Illinois, Health Services System Series 2008, Rev., VRDO, LOC : Wells Fargo Bank NA, 1.87%, 12/9/2022 (b) | 12510 | 12510 |
| &nbsp;&nbsp;&nbsp; Village of Arlington Heights |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714 |
| &nbsp;&nbsp;&nbsp; Village of Bartlett |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1154 |
| &nbsp;&nbsp;&nbsp; Village of Midlothian |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; Village of Villa Park |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp; Village of Villa Park, Sales Tax Series 2019A, GO, 4.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp; Washington County Community Unit School District No.10 West Washington GO, 4.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686 |
| &nbsp;&nbsp;&nbsp; Will County Township High School District No. 204 Joliet, Limited Tax GO, 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp; Will Grundy Etc Counties Community College District No. 525, Joliet Junior College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 5495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2661 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 96804 |
| **Indiana — 1.8%** | **Indiana — 1.8%** | **Indiana — 1.8%** |
| &nbsp;&nbsp;&nbsp; City of Evansville, Sewage Works Rev., 4.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3847 |
| &nbsp;&nbsp;&nbsp; City of Rockport, Indiana Michigan Power Co. Project Series 2009B, Rev., 3.05%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6517 |
| &nbsp;&nbsp;&nbsp; Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Butler University Project Rev., 3.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Goshen Health Series B, Rev., 2.10%, 11/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2594 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indianapolis Power and Light Co. Project Series 2021B, Rev., 0.65%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4106 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Marian University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| &nbsp;&nbsp;&nbsp; Indiana Health Facility Financing Authority, Ascension Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001A-2, Rev., 2.00%, 2/1/2023 (b) (d) | 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001A-2, Rev., 2.00%, 2/1/2023 (b) | 24875 | 24847 |
| &nbsp;&nbsp;&nbsp; Metropolitan School District of Southwest Allen County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 4.00%, 1/15/2023 | 520 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 4.00%, 7/15/2023 | 485 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 4.00%, 1/15/2024 | 575 | 583 |
| &nbsp;&nbsp;&nbsp; Tippecanoe County School Building Corp., Ad Valorem Property Tax First Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/15/2023 | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2023 | 380 | 383 |
| &nbsp;&nbsp;&nbsp; Town of Schererville, Sewage Works |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 46000 |
| **Iowa — 1.0%** | **Iowa — 1.0%** | **Iowa — 1.0%** |
| &nbsp;&nbsp;&nbsp; City of Altoona Series 2020A, COP, 4.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp; City of Coralville Series 2016E, COP, 4.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp; City of Iowa Falls, Capital Lien GO, 3.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Health System Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 2.43%, 12/8/2022 (c) (e) | &nbsp;&nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp;&nbsp; 17356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank <br> NA, 1.81%, 12/8/2022 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8500 |
| &nbsp;&nbsp;&nbsp; Total Iowa |  | &nbsp;&nbsp;&nbsp;&nbsp; 26688 |
| **Kansas — 0.2%** | **Kansas — 0.2%** | **Kansas — 0.2%** |
| &nbsp;&nbsp;&nbsp; Johnson County Park and Recreation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, COP, 3.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, COP, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp; Kansas City, Kansas Community College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, COP, 4.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, COP, 4.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, State of Kansas Project Series 2020R, Rev., 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2353 |
| &nbsp;&nbsp;&nbsp; Sedgwick County Unified School District No. 265 Goddard |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 3.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 3.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp; Sedgwick County Unified School District No. 267 Renwick Series 2019A, GO, 3.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Wyandotte County Unified School District No. 202 Turner |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 3.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 3.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6295 |
| **Kentucky — 1.6%** | **Kentucky — 1.6%** | **Kentucky — 1.6%** |
| &nbsp;&nbsp;&nbsp; City of Ashland, Ashland Hospital Corp. DBA King's Daughters Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp; City of Hazard, Appalachian Regional Healthcare Project Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640 |
| &nbsp;&nbsp;&nbsp; County of Owen, Water Facilities, Kentucky-American Water Co., Project Rev., 0.70%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2452 |
| &nbsp;&nbsp;&nbsp; Kentucky Asset Liability Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2553 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Kentucky — continued** | **Kentucky — continued** | **Kentucky — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/1/2024 | 2500 | 2607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/1/2025 | 3000 | 3182 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply Series 2018A, Rev., 4.00%, 4/1/2024 (b) | 13685 | 13674 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 110 Rev., 5.00%, 8/1/2024 | 85 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project Series 2020A, Rev., 0.90%, <br> 9/1/2026<br>| 5000 | 4533 |
| &nbsp;&nbsp;&nbsp; Louisville Gas and Electric Co. Series A, Rev., VRDO, 1.94%, 12/9/2022 (b) | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp; Paducah Electric Plant Board Rev., 5.00%, 10/1/2023 | 2000 | 2034 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 42952 |
| **Louisiana — 5.9%** | **Louisiana — 5.9%** | **Louisiana — 5.9%** |
| &nbsp;&nbsp;&nbsp; Calcasieu Parish School District No. 23, Public School Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/1/2023 | 180 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp; City of Shreveport, Water and Sewer, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AGM, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AGM, 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 |
| &nbsp;&nbsp;&nbsp; Lake Charles Harbor and Terminal District, Big Lake Full LLC Projects Rev., AMT, 1.00%, 12/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4702 |
| &nbsp;&nbsp;&nbsp; Louisiana Housing Corp., England Apartment Projects Rev., 1.25%, 2/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities and Community Development Authority, East Ascension Consolidated <br> Gravity Drainage District No. 1 Rev., 5.00%, 12/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Louisiana Children's Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + <br> 0.65%), 2.50%, 12/8/2022 (c)<br>| &nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40021 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8724 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Tulane University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp; Louisiana Stadium and Exposition District Rev., BAN, 4.00%, 7/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 3325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3337 |
| &nbsp;&nbsp;&nbsp; Parish of St. John the Baptist, Marathon Oil Corp., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries 2017B-1, Rev., 2.13%, 7/1/2024 (b) | &nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries 2017B-2, Rev., 2.38%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp; 12800 | &nbsp;&nbsp;&nbsp;&nbsp; 11810 |
| &nbsp;&nbsp;&nbsp; State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2017A, Rev., 0.60%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 59212 |
| &nbsp;&nbsp;&nbsp; Zachary Community School District No. 1 GO, 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 716 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp; 155549 |
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
| &nbsp;&nbsp;&nbsp; Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp; Maine State Housing Authority Series C-1, Rev., AMT, 3.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994 |
| &nbsp;&nbsp;&nbsp; Total Maine |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1259 |
| **Maryland — 0.9%** | **Maryland — 0.9%** | **Maryland — 0.9%** |
| &nbsp;&nbsp;&nbsp; County of Calvert, Consolidated Public Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2054 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Public Improvement Series 2020B, GO, 4.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1027 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maryland — continued** | **Maryland — continued** | **Maryland — continued** |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., VRDO, LOC : TD Bank NA, 1.80%, 12/9/2022 (b) | 16915 | 16915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1985A, Rev., VRDO, LOC : TD Bank NA, 1.87%, 12/9/2022 (b) | 25 | 25 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 22109 |
| **Massachusetts — 1.3%** | **Massachusetts — 1.3%** | **Massachusetts — 1.3%** |
| &nbsp;&nbsp;&nbsp; City of Boston Series 2020D, GO, 5.00%, 3/1/2024 | 2335 | 2405 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, North Hill Community Issue Series 2013A, Rev., 6.50%, 11/15/2023 (d) (e) | 2000 | 2067 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Northeastern University Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2023 | 2900 | 2957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2024 | 1580 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2025 | 975 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Partners Healthcare System Issue Series 2017S, Rev., (SIFMA Municipal Swap <br> Index Yield + 0.50%), 2.35%, 12/8/2022 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Suffolk University Issue Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Wellforce Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., AGM, 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., AGM, 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., AGM, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., AGM, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured, <br> Subordinated Series A, Rev., 5.00%, 1/1/2023 (b)<br>| &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10020 |
| &nbsp;&nbsp;&nbsp; University of Massachusetts Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 9485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1, Rev., 5.00%, 11/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 33726 |
| **Michigan — 2.7%** | **Michigan — 2.7%** | **Michigan — 2.7%** |
| &nbsp;&nbsp;&nbsp; City of Charlevoix, Building Authority, Limited Tax Rev., 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; City of Gladstone, Capital Improvement, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 3.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 3.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp; Frankenmuth School District, School Building and Site, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; Fulton School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp; Hopkins Public Schools Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367 |
| &nbsp;&nbsp;&nbsp; Huron Valley School District, Unlimited Tax GO, Q-SBLF, 2.00%, 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 5825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5715 |
| &nbsp;&nbsp;&nbsp; Jackson Public Schools, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 4.00%, 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kent Hospital Finance Authority, Spectrum Health System Series 2008B-3, Rev., VRDO, LIQ : Wells Fargo Bank NA, 1.90%, <br> 12/9/2022 (b)<br>| &nbsp;&nbsp;&nbsp; 34040 | &nbsp;&nbsp;&nbsp;&nbsp; 34040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeview School District, School Building and Site, Unlimited Tax Series B, GO, VRDO, LOC : TD Bank NA, 1.83%, <br> 12/8/2022 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7735 |
| &nbsp;&nbsp;&nbsp; Leland Public School District GO, AGM, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Ascension Health Credit Group Series 2010F-3, Rev., 4.00%, 7/1/2024 (b) | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Single Family Mortgage Series D, Rev., VRDO, LIQ : TD Bank NA, 1.80%, <br> 12/9/2022 (b) (f)<br>| 4895 | 4895 |
| &nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Holland Home Obligated Group Rev., 4.00%, 11/15/2023 | 190 | 189 |
| &nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Waste Management, Inc. Project Rev., 0.58%, 8/1/2024 (b) | 3000 | 2818 |
| &nbsp;&nbsp;&nbsp; South Haven Township and Casco Township, Water and Sewage Treatment Authority, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2023 | 480 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2024 | 720 | 732 |
| &nbsp;&nbsp;&nbsp; University of Michigan Series A, Rev., VRDO, 1.90%, 12/8/2022 (b) | 6255 | 6255 |
| &nbsp;&nbsp;&nbsp; Waterford School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 4.00%, 5/1/2023 | 1340 | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 4.00%, 5/1/2024 | 1360 | 1385 |
| &nbsp;&nbsp;&nbsp; Wayne County Airport Authority Series G, Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1041 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 71891 |
| **Minnesota — 0.6%** | **Minnesota — 0.6%** | **Minnesota — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Minneapolis & St. Paul Housing and Redevelopment Authority, Health Care, Allina Health System Series 2007C-2, Rev., <br> VRDO, LOC : Wells Fargo Bank NA, 1.85%, 12/8/2022 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6360 |
| &nbsp;&nbsp;&nbsp; City of Minneapolis, Allina Health Rev., VRDO, LOC : Wells Fargo Bank NA, 1.86%, 12/8/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1625 |
| &nbsp;&nbsp;&nbsp; City of Rochester, Mayo Clinic Series B, Rev., VRDO, 1.80%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2375 |
| &nbsp;&nbsp;&nbsp; City of Wayzata, Folkestone Senior Living Community |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Benedictine Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 3.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 3.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 3.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 3.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duluth Housing and Redevelopment Authority, Duluth Public Schools Academy Project Series 2018-A, Rev., 3.88%, <br> 11/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp; Duluth Independent School District No. 709 Series 2019B, COP, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp; Metropolitan Council, Minneapolis St. Paul Metropolitan Area Series 2020C, GO, GAN, 0.38%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| &nbsp;&nbsp;&nbsp; Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 16839 |
| **Mississippi — 1.2%** | **Mississippi — 1.2%** | **Mississippi — 1.2%** |
| &nbsp;&nbsp;&nbsp; City of Tupelo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319 |
| &nbsp;&nbsp;&nbsp; County of Jackson, Port Facility, Chevron USA, Inc., Project Rev., VRDO, 1.15%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; County of Warren, Gulf Opportunity Zone, International Paper Co. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 1.38%, 6/16/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 1.38%, 6/16/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1396 |
| &nbsp;&nbsp;&nbsp; Mississippi Business Finance Corp., Chevron USA, Inc. Project Series B, Rev., VRDO, 1.80%, 12/9/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Mississippi — continued** | **Mississippi — continued** | **Mississippi — continued** |
| &nbsp;&nbsp;&nbsp; Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2023 | 370 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2024 | 370 | 378 |
| &nbsp;&nbsp;&nbsp; Total Mississippi |  | &nbsp;&nbsp;&nbsp;&nbsp; 31338 |
| **Missouri — 0.9%** | **Missouri — 0.9%** | **Missouri — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Kansas City, Roe Bartle Convention Center Series 2008F, Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 1.96%, <br> 12/9/2022 (b)<br>| 4490 | 4490 |
| &nbsp;&nbsp;&nbsp; City of St. Peters |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 5/1/2023 | 625 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 5/1/2024 | 650 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 5/1/2025 | 425 | 436 |
| &nbsp;&nbsp;&nbsp; County of Greene, Special Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553 |
| &nbsp;&nbsp;&nbsp; County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 |
| &nbsp;&nbsp;&nbsp; Greene County Reorganized School District No. R-8 Series 2019B, GO, 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series C, Rev., VRDO, LIQ : BJC HEALTH <br> SYSTEM, 1.81%, 12/8/2022 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1185 |
| &nbsp;&nbsp;&nbsp; Nixa Public Schools Series 2019B, GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; St. Louis County Special School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176, Rev., VRDO, LIQ : Royal Bank of Canada, 1.97%, <br> 12/8/2022 (b) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8200 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 22765 |
| **Montana — 0.1%** | **Montana — 0.1%** | **Montana — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montana State Board of Regents, Montana State University Series F, Rev., (SIFMA Municipal Swap Index Yield + 0.45%), <br> 2.30%, 12/8/2022 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2760 |
| **Nebraska — 0.4%** | **Nebraska — 0.4%** | **Nebraska — 0.4%** |
| &nbsp;&nbsp;&nbsp; County of Saunders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Washington, Wastewater and Solid Waste Disposal Facilities, Cargill Incorporated Projects Rev., AMT, 0.90%, <br> 9/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6416 |
| &nbsp;&nbsp;&nbsp; Nebraska Public Power District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021D, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1503 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp;&nbsp;&nbsp; 10265 |
| **Nevada — 0.1%** | **Nevada — 0.1%** | **Nevada — 0.1%** |
| &nbsp;&nbsp;&nbsp; Carson City Nevada Hospital Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646 |
| &nbsp;&nbsp;&nbsp; City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (e) (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp; Clark County School District, Limited Tax Series C, GO, 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027 |
| &nbsp;&nbsp;&nbsp; Total Nevada |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2934 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Hampshire — 0.9%** | **New Hampshire — 0.9%** | **New Hampshire — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Waste Management, Inc., Project Series 2018A, Rev., AMT, (SIFMA Municipal Swap <br> Index Yield + 0.38%), 2.23%, 12/8/2022 (c)<br>| 24500 | 23515 |
| **New Jersey — 4.1%** | **New Jersey — 4.1%** | **New Jersey — 4.1%** |
| &nbsp;&nbsp;&nbsp; Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AGM, 5.00%, 7/1/2024 | 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AGM, 5.00%, 7/1/2025 | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AGM, 5.00%, 7/1/2026 | 100 | 106 |
| &nbsp;&nbsp;&nbsp; City of Newark |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 5.00%, 10/1/2023 | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, AGM, 5.00%, 10/1/2023 | 525 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 5.00%, 10/1/2024 | 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, AGM, 5.00%, 10/1/2024 | 650 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, AGM, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805 |
| &nbsp;&nbsp;&nbsp; New Brunswick Parking Authority, Tax-Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., GTD, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., GTD, 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., GTD, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., GTD, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021QQQ, Rev., 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021QQQ, Rev., 5.00%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021QQQ, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021QQQ, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group Series 2021A, Rev., 5.00%, <br> 7/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Virtual Health, Inc. Series D, Rev., VRDO, LOC : TD Bank NA, 1.45%, <br> 12/8/2022 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority Series 2021A, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2882 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority Series D, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7508 |
| &nbsp;&nbsp;&nbsp; Passaic County Improvement Authority (The), City of Paterson Project Rev., GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp; Passaic Valley Sewerage Commission, Sewer System Series J, Rev., AGM, 3.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1836 |
| &nbsp;&nbsp;&nbsp; State of New Jersey, COVID-19 Emergency Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp; 21380 | &nbsp;&nbsp;&nbsp;&nbsp; 21530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp; 37550 | &nbsp;&nbsp;&nbsp;&nbsp; 38816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp; 12670 | &nbsp;&nbsp;&nbsp;&nbsp; 13363 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp; 107447 |
| **New Mexico — 0.1%** | **New Mexico — 0.1%** | **New Mexico — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group - La Vida Llena Expansion Project Series C, <br> Rev., 2.25%, 7/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of New Mexico (The), Subordinate Lien System Series 2002B, Rev., VRDO, LIQ : US Bank NA, 1.88%, <br> 12/9/2022 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1960 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3469 |
| **New York — 9.6%** | **New York — 9.6%** | **New York — 9.6%** |
| &nbsp;&nbsp;&nbsp; Ardsley Union Free School District GO, BAN, 1.50%, 2/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 4995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4985 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; Battery Park City Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D-1, Rev., VRDO, LIQ : TD Bank NA, 1.80%, 12/8/2022 (b) | 14560 | 14560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D-2, Rev., VRDO, LIQ : TD Bank NA, 1.81%, 12/8/2022 (b) | 3645 | 3645 |
| &nbsp;&nbsp;&nbsp; Broome County Local Development Corp., United Health Services Hospitals, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 4/1/2024 | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 4/1/2025 | 500 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 4/1/2026 | 500 | 530 |
| &nbsp;&nbsp;&nbsp; City of Jamestown, Public Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2023 | 525 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2024 | 545 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2012 Series A, Subseries A-4, GO, VRDO, LOC : Bank of Tokyo-Mitsubishi UFJ Ltd., 1.83%, <br> 12/8/2022 (b)<br>| 2300 | 2300 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2018 Series B, Subseries B-5, GO, VRDO, LIQ : Barclays Bank plc, 1.20%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp; 40280 | &nbsp;&nbsp;&nbsp;&nbsp; 40280 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2019 Series 2019A, GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10397 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2021 Series A, Subseries A-1, GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15596 |
| &nbsp;&nbsp;&nbsp; Floral Park-Bellerose Union Free School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588 |
| &nbsp;&nbsp;&nbsp; Hempstead Town Local Development Corp., Adelphi University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 1.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 736 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Series 2002G-1F, Rev., (SOFR + 0.43%), 2.99%, 12/5/2022 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1288 |
| &nbsp;&nbsp;&nbsp; Mount Vernon City School District GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 1965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1965 |
| &nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Queens Baseball Stadium Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1073 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB-1A, Rev., VRDO, LIQ : State Street Bank & Trust Co., 1.14%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp; 14600 | &nbsp;&nbsp;&nbsp;&nbsp; 14600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD-1, Rev., VRDO, LIQ : TD Bank NA, 1.18%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp; 11200 | &nbsp;&nbsp;&nbsp;&nbsp; 11200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution, Fiscal Year 2019 Rev., VRDO, LIQ : TD Bank NA, <br> 1.81%, 12/8/2022 (b)<br>| &nbsp;&nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp;&nbsp; 23200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Water and Sewer System, Fiscal Year 2003 Subseries F1B, Rev., VRDO, LIQ : US Bank NA, 1.82%, <br> 12/8/2022 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series 2015BB-3, Rev., VRDO, LIQ : <br> Sumitomo Mitsui Banking Corp., 1.94%, 12/8/2022 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5680 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Fordham University Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 932 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, St. John's University Series 2021A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 784 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Sales Tax Series 2018C, Rev., 5.00%, 3/15/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2024 | 800 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2025 | 500 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2026 | 750 | 781 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated Series 207, Rev., AMT, 5.00%, 9/15/2023 | 10000 | 10139 |
| &nbsp;&nbsp;&nbsp; Sales Tax Asset Receivable Corp. Series A, Rev., 4.00%, 10/15/2024 (d) | 19035 | 19545 |
| &nbsp;&nbsp;&nbsp; Town of Oyster Bay, Public Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 11/1/2023 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 11/1/2024 | 950 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 11/1/2025 | 495 | 512 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., BAN, 5.00%, 11/1/2025 | 10000 | 10637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-2, Rev., 2.00%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 15077 |
| &nbsp;&nbsp;&nbsp; West Genesee Central School District Series B, GO, BAN, 4.00%, 7/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 3904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3928 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp; 251417 |
| **North Carolina — 3.7%** | **North Carolina — 3.7%** | **North Carolina — 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buncombe County Metropolitan Sewerage District Series 2008A, Rev., VRDO, LIQ : Wells Fargo Bank NA, 1.80%, <br> 12/8/2022 (b)<br>| &nbsp;&nbsp;&nbsp; 17945 | &nbsp;&nbsp;&nbsp;&nbsp; 17945 |
| &nbsp;&nbsp;&nbsp; City of Raleigh, Downtown Improvement Projects Series 2005-B-1, COP, VRDO, LIQ : PNC BANK N.A., 1.91%, 12/9/2022 (b) | &nbsp;&nbsp;&nbsp; 21400 | &nbsp;&nbsp;&nbsp;&nbsp; 21400 |
| &nbsp;&nbsp;&nbsp; City of Raleigh, Limited Obligation Series 2016A, Rev., VRDO, LIQ : PNC BANK N.A., 1.91%, 12/9/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7315 |
| &nbsp;&nbsp;&nbsp; Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 2.00%, 10/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 2.00%, 10/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 1.38%, 6/16/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1657 |
| &nbsp;&nbsp;&nbsp; County of Harnett, Limited Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1066 |
| &nbsp;&nbsp;&nbsp; County of Orange, Limited Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Triangle Expressway System Rev., BAN, 5.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp; 39700 | &nbsp;&nbsp;&nbsp;&nbsp; 40635 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 97280 |
| **Ohio — 4.1%** | **Ohio — 4.1%** | **Ohio — 4.1%** |
| &nbsp;&nbsp;&nbsp; City of Akron, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, GO, 2.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480 |
| &nbsp;&nbsp;&nbsp; City of Elyria, Limited Tax Series 2019-2, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935 |
| &nbsp;&nbsp;&nbsp; City of Lorain, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp; City of Toledo, Limited Tax, Capital Improvement GO, AGM, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1305 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | 125 | 133 |
| &nbsp;&nbsp;&nbsp; County of Franklin, Hospital Facilities, OhioHealth Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011C, Rev., VRDO, 1.80%, 12/9/2022 (b) | 175 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009A, Rev., VRDO, LIQ : Barclays Bank plc, 1.83%, 12/9/2022 (b) | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp; County of Ross, Adena Health System Obligated Group Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | 355 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2023 | 490 | 499 |
| &nbsp;&nbsp;&nbsp; Euclid City School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 12/1/2023 | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 12/1/2024 | 180 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2016A, Rev., VRDO, LIQ : Toronto-Dominion <br> Bank, 1.78%, 12/9/2022 (b)<br>| 73645 | 73645 |
| &nbsp;&nbsp;&nbsp; State of Ohio, University Hospitals Health System, Inc. Series A, Rev., VRDO, 2.20%, 12/9/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8250 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp; 107542 |
| **Oklahoma — 0.5%** | **Oklahoma — 0.5%** | **Oklahoma — 0.5%** |
| &nbsp;&nbsp;&nbsp; Bryan County School Finance Authority, Durant Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp; Canadian County Educational Facilities Authority, Mustang Public Schools Project Rev., 3.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp; Cleveland County Educational Facilities Authority, Lexington Public Schools Project Rev., 4.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp; Custer County Economic Development Authority, Thomas Fay Public Schools Rev., 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454 |
| &nbsp;&nbsp;&nbsp; Elk City Industrial Authority, Sales Tax Rev., 2.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; Ellis County Educational Facilities Authority, Fargo-Gage Public Schools Project Rev., 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 |
| &nbsp;&nbsp;&nbsp; Garvin County Educational Facilities Authority, Pernell Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp; Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp; Kingfisher County Educational Facilities Authority, Lomega Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp; Muskogee Industrial Trust, Muskogee Public Schools Project Rev., 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 912 |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Gilcrease Expressway West Project Rev., AMT, 1.63%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 4885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4800 |
| &nbsp;&nbsp;&nbsp; Pittsburg County Educational Facilities Authority, McAlester Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority, Sand Springs Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp; Wagoner County School Development Authority, Wagoner Public Schools Project Rev., 4.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 11937 |
| **Oregon — 0.6%** | **Oregon — 0.6%** | **Oregon — 0.6%** |
| &nbsp;&nbsp;&nbsp; County of Yamhill, Linfield University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oregon — continued** | **Oregon — continued** | **Oregon — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/1/2024 | 425 | 429 |
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Linfield College Project Series 2015A, Rev., 5.00%, 10/1/2025 (d) | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp; Port of Portland, Airport Series 28, Rev., AMT, 5.00%, 7/1/2026 | 5240 | 5496 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Housing and Community Services Department Series 2021BB, Rev., 0.47%, 12/1/2023 (b) | 8500 | 8248 |
| &nbsp;&nbsp;&nbsp; Yamhill County Hospital Authority, Friendsview, Tax Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-3, Rev., 1.75%, 11/15/2026 | 285 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-2, Rev., 2.13%, 11/15/2027 | 500 | 445 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 16374 |
| **Pennsylvania — 8.6%** | **Pennsylvania — 8.6%** | **Pennsylvania — 8.6%** |
| &nbsp;&nbsp;&nbsp; Allegheny County Sanitary Authority, Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 6/1/2024 | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457 |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development Authority, City Center Project Rev., 5.00%, 5/1/2023 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Ambridge Borough Water Authority Rev., 4.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp; Apollo-Ridge School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459 |
| &nbsp;&nbsp;&nbsp; Armstrong School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 3.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 3.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp; Berks County Municipal Authority (The), Tower Health Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943 |
| &nbsp;&nbsp;&nbsp; Big Beaver Falls Area School District, Unlimited Tax GO, 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1208 |
| &nbsp;&nbsp;&nbsp; Burgettstown Area School District Series 2019A, GO, 4.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; Carmichaels Area School District, Limited Tax GO, 4.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp; Charleroi Borough Authority Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; Chester County Health and Education Facilities Authority, Main Line Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 3.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 3.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp; City of Altoona, Guaranteed Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp; City of Lebanon Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1629 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia, Water & Wastewater Series A, Rev., 5.00%, 7/1/2024 (d) | &nbsp;&nbsp;&nbsp; 48780 | &nbsp;&nbsp;&nbsp;&nbsp; 50602 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp; City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2026 | 300 | 323 |
| &nbsp;&nbsp;&nbsp; Connellsville Area School District Series 2019A, GO, AGM, 2.00%, 5/15/2023 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; County of Armstrong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 6/1/2023 | 225 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 6/1/2023 | 225 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 6/1/2024 | 230 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 6/1/2025 | 240 | 247 |
| &nbsp;&nbsp;&nbsp; County of Indiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 12/15/2022 | 180 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 12/15/2023 | 260 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/15/2024 | 430 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435 |
| &nbsp;&nbsp;&nbsp; County of Lackawanna |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 4.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 4.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 4.00%, 3/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 4.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 4.00%, 3/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 4.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 4.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1503 |
| &nbsp;&nbsp;&nbsp; County of Somerset |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp; Dallas School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 10/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 10/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337 |
| &nbsp;&nbsp;&nbsp; General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group Series 2014A, Rev., 5.00%, 6/1/2024 (d) | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 19675 |
| &nbsp;&nbsp;&nbsp; Iroquois School District GO, 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp; Lycoming County Water and Sewer Authority Rev., AGM, 4.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp; Mars Area School District Series 2019B, GO, AGM, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp; Middletown Township Sewer Authority Rev., GTD, 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Arcadia University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp; Montour School District GO, 3.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; Muncy School District GO, 4.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp; Municipality of Norristown Series 2020A, GO, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6004 |
| &nbsp;&nbsp;&nbsp; Municipality of Penn Hills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 3.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp; Neshannock Township School District Series 2019AA, GO, 4.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp; New Castle Area School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp; Northeast Bradford School District GO, AGM, 3.00%, 6/1/2023 | 330 | 331 |
| &nbsp;&nbsp;&nbsp; Northwestern Lehigh School District GO, 5.00%, 2/15/2023 | 680 | 683 |
| &nbsp;&nbsp;&nbsp; Penn Hills School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 10/1/2023 | 1790 | 1807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 10/1/2024 | 1855 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project Series 2017A, Rev., AMT, 0.58%, <br> 8/1/2024 (b)<br>| 5500 | 5166 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2022 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 2.45%, 12/8/2022 (c) | 18000 | 17999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2023 | 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 12/1/2023 | 425 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development Series B-2, Rev., VRDO, LOC : TD Bank NA, 1.81%, 12/8/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6400 |
| &nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., 1998 General Ordinance Series A-2, Rev., VRDO, LOC : TD Bank NA, 1.81%, 12/8/2022 (b) | &nbsp;&nbsp;&nbsp; 20300 | &nbsp;&nbsp;&nbsp;&nbsp; 20300 |
| &nbsp;&nbsp;&nbsp; Pittsburgh School District GO, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1843 |
| &nbsp;&nbsp;&nbsp; Punxsutawney Area School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 5.00%, 10/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 5.00%, 10/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia (The) Series 2019A, GO, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1069 |
| &nbsp;&nbsp;&nbsp; School District of the City of Erie (The), Limited Tax Series 2019B, GO, AGM, 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp; Selinsgrove Area School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 2.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 2.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 799 |
| &nbsp;&nbsp;&nbsp; Spring-Benner-Walker Joint Authority Series 2020A, Rev., 4.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449 |
| &nbsp;&nbsp;&nbsp; Steel Valley School District, Allegheny County, Pennsylvania Unlimited Tax Series 2019B, GO, 4.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp; Steelton-Highspire School District, Limited Tax GO, 4.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; Township of Butler |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp; Township of East Coventry |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp; Township of Radnor GO, 3.00%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp; Uniontown Area School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Pittsburgh of the Commonwealth System of Higher Education Rev., (SIFMA Municipal Swap Index Yield + 0.36%), <br> 2.21%, 12/8/2022 (c)<br>| &nbsp;&nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 51982 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp; Upper Allegheny Joint Sanitary Authority Series 2019A, Rev., AGM, 4.00%, 9/1/2023 | 215 | 217 |
| &nbsp;&nbsp;&nbsp; Waynesboro Area School District, Franklin County GO, 5.00%, 10/1/2023 | 320 | 326 |
| &nbsp;&nbsp;&nbsp; Wilkes-Barre Area School District GO, 5.00%, 4/15/2023 | 115 | 116 |
| &nbsp;&nbsp;&nbsp; Wyalusing Area School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 4/1/2023 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 4/1/2023 | 400 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 4/1/2024 | 185 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 4/1/2025 | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 4/1/2026 | 300 | 301 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp; 225496 |
| **Rhode Island — 0.6%** | **Rhode Island — 0.6%** | **Rhode Island — 0.6%** |
| &nbsp;&nbsp;&nbsp; City of Pawtucket |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, GO, AGM, 3.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, AGM, 4.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp. Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2264 |
| &nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Public School Financing Program Series 2021F, Rev., 4.00%, 5/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1825 |
| &nbsp;&nbsp;&nbsp; Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project Rev., VRDO, 1.15%, 12/1/2022 (b) | &nbsp;&nbsp; 12105 | &nbsp;&nbsp;&nbsp;&nbsp; 12105 |
| &nbsp;&nbsp;&nbsp; Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Series 2019A, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; Total Rhode Island |  | &nbsp;&nbsp;&nbsp;&nbsp; 16775 |
| **South Carolina — 0.2%** | **South Carolina — 0.2%** | **South Carolina — 0.2%** |
| &nbsp;&nbsp;&nbsp; Charleston County School District GO, SCSDE, 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3092 |
| &nbsp;&nbsp;&nbsp; Chester Sewer District, Wastewater System Improvement Rev., 4.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Piedmont Municipal Power Agency Series 2021A, Rev., 4.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project Series 2019A, Rev., <br> 2.38%, 12/1/2024 (e) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project Series 2020A, Rev., 4.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5229 |
| **Tennessee — 2.2%** | **Tennessee — 2.2%** | **Tennessee — 2.2%** |
| &nbsp;&nbsp;&nbsp; Chattanooga Health Educational & Housing Facility Board, Battery Heights Apartment Rev., 0.20%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1962 |
| &nbsp;&nbsp;&nbsp; City of Memphis, General Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2350 |
| &nbsp;&nbsp;&nbsp; County of Hamilton Series 2020B, GO, 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 3355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3457 |
| &nbsp;&nbsp;&nbsp; County of Shelby, Public Improvement Series 2006B, GO, VRDO, LIQ : State Street Bank & Trust Co., 1.85%, 12/8/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4715 |
| &nbsp;&nbsp;&nbsp; Knox County Health Educational and Housing Facility Board, University Health System, Inc. Rev., 5.00%, 4/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp; Knoxville's Community Development Corp., Austin Homes 1B Apartments Project Rev., 0.22%, 10/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4348 |
| &nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., AMT, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., AMT, 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University <br> Project Rev., 3.00%, 10/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County Industrial Development Board, Waste Management, Inc. of Tennessee <br> Project Rev., 0.58%, 8/1/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Shelby House Apartments <br> Project Rev., 1.25%, 12/1/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5421 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County Series 2021A, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019B-1, Rev., <br> 4.00%, 12/1/2026<br>| 10000 | 9589 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Commodity Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/1/2023 | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/1/2024 | 250 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/1/2025 | 290 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/1/2026 | 350 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/1/2027 | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Gas Project Series 2017A, Rev., 4.00%, 5/1/2023 (b) | 17045 | 17070 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 57800 |
| **Texas — 9.0%** | **Texas — 9.0%** | **Texas — 9.0%** |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc. Rev., PSF-GTD, 3.00%, 8/15/2023 | 655 | 657 |
| &nbsp;&nbsp;&nbsp; Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; Austin Community College District, Combined Fee Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp; Avery Ranch Road District No. 1, Unlimited Tax GO, 3.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 812 |
| &nbsp;&nbsp;&nbsp; Big Oaks Municipal Utility District, Waterworks & Sewer System, Unlimited Tax GO, AGM, 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 906 |
| &nbsp;&nbsp;&nbsp; Bridgestone Municipal Utility District, Unlimited Tax Series 2019A, GO, AGM, 3.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp; Brushy Creek Municipal Utility District, Unlimited Tax GO, 3.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp; Capital Area Housing Finance Corp., Multi-Family Housing, Grand Avenue Flats Ltd. Rev., 0.29%, 8/1/2024 (b) | &nbsp;&nbsp;&nbsp; 11100 | &nbsp;&nbsp;&nbsp;&nbsp; 10438 |
| &nbsp;&nbsp;&nbsp; Capital Area Housing Finance Corp., Variable Lockhart Farms Apartments Rev., 0.70%, 6/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2877 |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Subordinated Lien Series 2020F, Rev., BAN, 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6592 |
| &nbsp;&nbsp;&nbsp; City of EI Paso, Combination Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727 |
| &nbsp;&nbsp;&nbsp; City of El Paso Series 2020A, GO, 5.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp; City of Fort Worth, General Purpose, Tarrant Denton Parker Johnson, General Purpose GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2566 |
| &nbsp;&nbsp;&nbsp; City of Houston Series 2004B-4, Rev., VRDO, LOC : PNC BANK N.A., 1.85%, 12/8/2022 (b) | &nbsp;&nbsp;&nbsp; 11500 | &nbsp;&nbsp;&nbsp;&nbsp; 11500 |
| &nbsp;&nbsp;&nbsp; City of Houston, Airport System, Subordinate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, First Lien Series 2004B-6, Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., <br> 1.86%, 12/8/2022 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 |
| &nbsp;&nbsp;&nbsp; City of Irving, Hotel Occupancy, Occupancy Tax Rev., 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; City of Kenedy, Combination Tax GO, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; City of Port Arthur GO, AGM, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914 |
| &nbsp;&nbsp;&nbsp; City of Port Arthur, Combination Tax, Certificates of Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 5.00%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 5.00%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp; City of Universal City, Improvement Bonds GO, 2.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; Clear Brook City Municipal Utility District, Unlimited Tax GO, AGM, 2.10%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449 |
| &nbsp;&nbsp;&nbsp; County of Bexar, Tax Exempt Venue Project Rev., 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp; County of Kaufman, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 2/15/2024 | 125 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 2/15/2025 | 130 | 136 |
| &nbsp;&nbsp;&nbsp; County of Kaufman, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2023 | 155 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2024 | 210 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2025 | 255 | 267 |
| &nbsp;&nbsp;&nbsp; Cypress Hill Municipal Utility District No. 1, Unlimited Tax GO, 3.00%, 9/1/2023 | 270 | 270 |
| &nbsp;&nbsp;&nbsp; Florence Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 3.00%, 8/15/2026 | 230 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 3.00%, 8/15/2027 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; Fort Bend County Levee Improvement District No. 11, Unlimited Tax GO, AGM, 3.00%, 9/1/2023 | 400 | 401 |
| &nbsp;&nbsp;&nbsp; Fort Bend County Municipal Utility District No. 116, Unlimited Tax GO, 3.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp; Galveston Public Facility Corp., The Oleanders at Broadway Rev., 0.47%, 8/1/2024 (b) | &nbsp;&nbsp; 11255 | &nbsp;&nbsp;&nbsp;&nbsp; 10650 |
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., System Toll Series 2013B, Rev., 5.00%, 10/1/2023 (d) | &nbsp;&nbsp; 21060 | &nbsp;&nbsp;&nbsp;&nbsp; 21484 |
| &nbsp;&nbsp;&nbsp; Greenhawe Water Control and Improvement District No. 2, Unlimited Tax GO, AGM, 3.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C-2, Rev., (SIFMA Municipal Swap Index Yield + 0.57%), 2.42%, 12/8/2022 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, Rev., VRDO, 1.93%, 12/9/2022 (b) | &nbsp;&nbsp; 11995 | &nbsp;&nbsp;&nbsp;&nbsp; 11995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019F, Rev., VRDO, 1.93%, 12/9/2022 (b) | &nbsp;&nbsp; 18300 | &nbsp;&nbsp;&nbsp;&nbsp; 18300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C-3, Rev., 5.00%, 12/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9268 |
| &nbsp;&nbsp;&nbsp; Harris County Fresh Water Supply District No. 61 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 3.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697 |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No. 096, Unlimited Tax GO, 2.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No. 152, Unlimited Tax GO, AGM, 3.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No. 157, Unlimited Tax GO, AGM, 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No. 276, Unlimited Tax GO, 3.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746 |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No. 281, Unlimited Tax GO, 2.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No. 374, Unlimited Tax GO, 3.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No. 391, Unlimited Tax GO, 3.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No. 419, Unlimited Tax GO, 3.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456 |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No. 55, Unlimited Tax GO, 3.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786 |
| &nbsp;&nbsp;&nbsp; Harris County Water Control and Improvement District No. 119, Unlimited Tax GO, AGM, 3.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp; Hunters Glen Municipal Utility District, Waterworks and Sewer System Series 2019A, GO, AGM, 2.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593 |
| &nbsp;&nbsp;&nbsp; La Joya Independent School District, Maintenance Tax GO, AGM, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp; Lytle Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matagorda County Navigation District No.1, Pollution Control, Central Power and Light Co. Project Rev., AMT, 0.90%, <br> 9/1/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Waste Management, Inc., Project Rev., AMT, (SIFMA Municipal Swap Index Yield + <br> 0.38%), 2.23%, 12/8/2022 (c)<br>| &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9598 |
| &nbsp;&nbsp;&nbsp; Montgomery County Municipal Utility District No. 94, Unlimited Tax GO, 2.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 2.10%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 2.20%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 2.25%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2023 (d) | 4195 | 4203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2025 | 530 | 531 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Second Tier Series B, Rev., 5.00%, 1/1/2023 | 5000 | 5010 |
| &nbsp;&nbsp;&nbsp; Northwest Harris County Municipal Utility District No. 19, Unlimited Tax GO, AGM, 2.00%, 10/1/2023 | 105 | 104 |
| &nbsp;&nbsp;&nbsp; Pecan Grove Municipal Utility District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 3.00%, 9/1/2023 | 345 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 9/1/2023 | 740 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 3.00%, 9/1/2024 | 600 | 602 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund, University of Texas System Series 2008-A, Rev., VRDO, 1.70%, 12/8/2022 (b) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp; Plano Public Facility Corp., K Avenue Lofts Rev., VRDO, 0.65%, 12/1/2024 (b) | 9500 | 9500 |
| &nbsp;&nbsp;&nbsp; Robstown Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 3.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 3.00%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 |
| &nbsp;&nbsp;&nbsp; Sienna Municipal Utility District No. 3, Unlimited Tax GO, 2.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp; Socorro Independent School District, Unlimited Tax Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2477 |
| &nbsp;&nbsp;&nbsp; State of Texas, Veterans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, VRDO, LIQ : Sumitomo Mitsui Banking Corp., 1.95%, 12/9/2022 (b) (f) | &nbsp;&nbsp;&nbsp; 14185 | &nbsp;&nbsp;&nbsp;&nbsp; 14185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011A, GO, VRDO, LIQ : State Street Bank & Trust Co., 1.95%, 12/9/2022 (b) (f) | &nbsp;&nbsp;&nbsp; 10530 | &nbsp;&nbsp;&nbsp;&nbsp; 10530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Texas, Veterans Housing Assistance Program Series 2008 B, GO, VRDO, LIQ : State Street Bank & Trust Co., 1.95%, <br> 12/9/2022 (b) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5250 |
| &nbsp;&nbsp;&nbsp; Town of Horizon City, Combination Tax GO, AGM, 4.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp; Travis County Housing Finance Corp., Multi-Family Housing, Enclave on Ross Apartments Rev., 0.23%, 2/1/2024 (b) | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9622 |
| &nbsp;&nbsp;&nbsp; Travis County Municipal Utility District No. 4, Unlimited Contract Tax Series 2019A, GO, AGM, 3.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651 |
| &nbsp;&nbsp;&nbsp; Travis County Water Control and Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp; Upper Trinity Regional Water District, Regional Treated Water Supply System Rev., 4.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944 |
| &nbsp;&nbsp;&nbsp; Wichita Falls Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 3.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp; 235423 |
| **Utah — 0.1%** | **Utah — 0.1%** | **Utah — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of Salt Lake, International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1377 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Summit Academy Incorporated Series A, Rev., 5.00%, 4/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Tax-Exempt Telecommunications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 10/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2973 |
| **Vermont — 0.4%** | **Vermont — 0.4%** | **Vermont — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health Series A, Rev., VRDO, LOC : TD Bank NA, <br> 1.95%, 12/9/2022 (b)<br>| &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — 3.2%** | **Virginia — 3.2%** | **Virginia — 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Economic Development Authority, Virginia Electric and Power Co. Project Series 2008A, Rev., 1.90%, <br> 6/1/2023 (b)<br>| 4250 | 4206 |
| &nbsp;&nbsp;&nbsp; Chesapeake Hospital Authority, Regional Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2023 | 925 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2024 | 885 | 910 |
| &nbsp;&nbsp;&nbsp; County of Fairfax, Public Improvement Series 2021A, GO, 4.00%, 10/1/2023 | 2740 | 2775 |
| &nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., VRDO, 1.86%, 12/8/2022 (b) | 13675 | 13675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., VRDO, 1.86%, 12/8/2022 (b) | 30000 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loudoun County Economic Development Authority, Howard Hughes Medical Institute Series B, Rev., VRDO, 1.80%, <br> 12/9/2022 (b)<br>| 1100 | 1100 |
| &nbsp;&nbsp;&nbsp; Rockingham County Economic Development Authority, Sunnyside Presbyterian Home |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 12/1/2022 | 295 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Wise County Industrial Development Authority, Electric and Power Co. Project Series 2009A, Rev., 0.75%, 9/2/2025 (b) | &nbsp;&nbsp;&nbsp; 22765 | &nbsp;&nbsp;&nbsp;&nbsp; 20697 |
| &nbsp;&nbsp;&nbsp; York County Economic Development Authority, Electric and Power Co. Project Series 2009A, Rev., 1.90%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7916 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 82610 |
| **Washington — 1.0%** | **Washington — 1.0%** | **Washington — 1.0%** |
| &nbsp;&nbsp;&nbsp; Chelan County Public Utility District No.1 Series 2008B, Rev., VRDO, LIQ : Barclays Bank plc, 1.85%, 12/9/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2350 |
| &nbsp;&nbsp;&nbsp; King County Housing Authority, Highland Village Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp; King County School District No. 407 Riverview, Unlimited Tax GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp; Port of Tacoma, Subordinate Lien Series B, Rev., VRDO, LOC : Bank of America NA, 1.83%, 12/9/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Catholic Health Initiatives Series 2013B, Rev., (SIFMA Municipal Swap Index Yield <br> + 1.40%), 3.25%, 12/8/2022 (c)<br>| &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10046 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Commonspirit Health Series B-1, Rev., 5.00%, 8/1/2024 (b) | &nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11197 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 26673 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| &nbsp;&nbsp;&nbsp; Berkeley County Board of Education GO, 5.00%, 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project Series <br> 2011A, Rev., AMT, 1.00%, 9/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5153 |
| &nbsp;&nbsp;&nbsp; Total West Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5532 |
| **Wisconsin — 0.9%** | **Wisconsin — 0.9%** | **Wisconsin — 0.9%** |
| &nbsp;&nbsp;&nbsp; Big Foot Union High School District GO, 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; City of Fort Atkinson GO, 4.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp; City of Milwaukee, Promissory Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015N2, GO, 4.00%, 3/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017N4, GO, 5.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 3045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3131 |
| &nbsp;&nbsp;&nbsp; City of Oak Creek GO, 3.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp; City of Racine |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; City of Shawano, Promissory Notes GO, 3.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp; City of Watertown, Promissory Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 6/1/2024 | 425 | 427 |
| &nbsp;&nbsp;&nbsp; City of Waukesha, Promissory Notes Series 2019C, GO, 3.00%, 10/1/2023 | 350 | 351 |
| &nbsp;&nbsp;&nbsp; County of Manitowoc GO, AGM, 3.00%, 11/1/2023 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; County of Manitowoc, Promissory Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 3.00%, 4/1/2023 | 895 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 4/1/2024 | 680 | 691 |
| &nbsp;&nbsp;&nbsp; County of Rusk, Promissory Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 3/1/2023 | 260 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 3/1/2024 | 270 | 271 |
| &nbsp;&nbsp;&nbsp; Gale-Ettrick-Trempealeau School District GO, 2.00%, 4/1/2023 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; Lakeshore Technical College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 3.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp; Pewaukee School District Series 2019A, GO, 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp; Poynette School District GO, 3.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp; Village of DeForest Series C, Rev., 3.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 4865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4867 |
| &nbsp;&nbsp;&nbsp; Village of Mount Pleasant, Promissory Notes Series 2019A, GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp; Wisconsin Department of Transportation Series 2021A, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018B-2, Rev., 5.00%, <br> 1/25/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5769 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Hmong American Peace Academy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 3/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 3/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series 2019B-3, Rev., 2.25%, 12/10/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp; Wittenberg Birnamwood School District GO, AGM, 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 23632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $2,492,689)<br>|  | 2445646 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** |
| **Investment Companies — 6.0%** | **Investment Companies — 6.0%** | **Investment Companies — 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.77% (g) (h) <br>(Cost $158,202)<br>| 158154 | &nbsp;&nbsp;&nbsp; 158233 |
| **Total Investments — 99.3%** <br>**(Cost $2,650,891)**<br>|  | **2603879** |
| **Other Assets Less Liabilities — 0.7%** |  | **17775** |
| **NET ASSETS — 100.0%** |  | **2621654** |

---

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

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | |
|:---|:---|
| BAN | Bond Anticipation Note |
| COP | Certificate of Participation |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GAN | Grant Anticipation Notes |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| PSF-GTD | Permanent School Fund Guaranteed |
| Q-SBLF | Qualified School Bond Loan Fund |
| Rev. | Revenue |
| SCSDE | South Carolina School District Enhancement |
| SIFMA | The Securities Industry and Financial Markets Association |
| SOFR | Secured Overnight Financing Rate |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2022. <br>|
| (c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2022. |
| (d) | Security is prerefunded or escrowed to maturity. |
| (e) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (f) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (h) | The rate shown is the current yield as of November 30, 2022. |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

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

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

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

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

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

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

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 ("SOI"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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 | $— | $2445646 | $— | $2445646 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 158233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158233 |
| **Total Investments in Securities** | $158233 | $2445646 | $— | $2603879 |

---

------

**JPMorgan Ultra-Short Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2022**<br>| **Shares at** <br>**November 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money <br> Market Fund Class IM Shares, 1.77% <br> (a) (b)<br>| $175698 | $2015707 | $2033211 | $6 | $33 | $158233 | 158154 | $2821 | $— |

---

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-23117

- **c. CIK number of Registrant:** 0001659326

- **d. LEI of Registrant:** 549300OTMPZX852VDL37

- **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 Ultra-Short Municipal Fund

- **b. EDGAR series identifier (if any):** S000052823

- **c. LEI of Series:** 5493003CSG7YGNPXR746

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2626136347.42

**Total Liabilities:** $1242137.37

**Net Assets:** $2624894210.05

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 9039.24071000 | **1-Year:** 173550.61378000 | **5-Year:** 66548.43148000 | **10-Year:** 1875.48822000 | **30-Year:** 10813.38013000

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

- **3-Month:** 187.00197000 | **1-Year:** 3689.13958000 | **5-Year:** 643.61603000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000166085 | -0.40%               | 0.04%                | 0.74%                |
| Class ID C000166084 | -0.52%               | 0.13%                | 0.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-635949.80              | $-16401824.22                              |
| Month 2  | $-462204.09              | $-620915.38                                |
| Month 3  | $-221090.20              | $16715178.04                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Cook County School District No. 102 La Grange                                             | Cook County School District No. 102, La Grange, Limited Tax                                                                                          | CUSIP: 214435MA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $951197.58    | 0.04%             | 2024-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                     | California Infrastructure and Economic Development Bank                                                                                              | CUSIP: 13034AQ60<br>LEI: 549300C1OG9RDIM8ET06 | Long             | STIV             | MUN               | US        |  19250000 | PA      | $18964231.83  | 0.72%             | 2047-08-01      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                             | Delaware State Economic Development Authority, Delmarva Power and Light Co. Project                                                                  | CUSIP: 246387SU9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   6000000 | PA      | $5671042.20   | 0.22%             | 2031-01-01      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                                  | County of Miami-Dade, Aviation System                                                                                                                | CUSIP: 59333P5K0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2545762.25   | 0.10%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Stamford Hospital                                                                     | CUSIP: 20775DKA9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301725.42    | 0.01%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Haven Township & Casco Township Water & Sewage Treatment Authority                  | South Haven Township and Casco Township, Water and Sewage Treatment Authority, Limited Tax                                                           | CUSIP: 83829CAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $731637.07    | 0.03%             | 2024-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Kaufman TX                                                                      | County of Kaufman, Limited Tax                                                                                                                       | CUSIP: 486188GR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110566.87    | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                                       | Allegheny County Sanitary Authority, Sewer                                                                                                           | CUSIP: 017357F74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $457284.23    | 0.02%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avery Ranch Road District No. 1                                                           | Avery Ranch Road District No. 1, Unlimited Tax                                                                                                       | CUSIP: 05364REC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $812371.44    | 0.03%             | 2023-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Heber Springs AR Water & Sewer Revenue                                            | City of Heber Springs, Water and Sewer                                                                                                               | CUSIP: 422511ED3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100195.06    | 0.00%             | 2023-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Rockford IL                                                                       | City of Rockford, Sales Tax Alternative Revenue Source                                                                                               | CUSIP: 77316QD97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135067.72    | 0.01%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gale-Ettrick-Trempealeau School District                                                  | Gale-Ettrick-Trempealeau School District                                                                                                             | CUSIP: 363491DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $129488.02    | 0.00%             | 2023-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Hmong American Peace Academy                                                                  | CUSIP: 97712D5K8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    120000 | PA      | $119905.04    | 0.00%             | 2023-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No. 1                                                | Matagorda County Navigation District No.1, Pollution Control, Central Power and Light Co. Project                                                    | CUSIP: 576528DU4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3750000 | PA      | $3681825.00   | 0.14%             | 2030-05-01      | Variable      | 0.90%                 | No            |                  2 | On Loan: No      |
| Chester Sewer District                                                                    | Chester Sewer District, Wastewater System Improvement                                                                                                | CUSIP: 166232AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75495.31     | 0.00%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Medlantic/Helix Issue, Tranche II                                                                                              | CUSIP: 254839RY1<br>LEI: 549300HWFOZXPKGOX654 | Long             | STIV             | MUN               | US        |   2535000 | PA      | $2535000.00   | 0.10%             | 2038-08-15      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                                                | Passaic County Improvement Authority (The), City of Paterson Project                                                                                 | CUSIP: 702755DM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $378491.61    | 0.01%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lackawanna PA                                                                   | County of Lackawanna                                                                                                                                 | CUSIP: 505480T94<br>LEI: 549300FAS2IVO11LYX32 | Long             | DBT              | MUN               | US        |    300000 | PA      | $307758.78    | 0.01%             | 2025-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Somerset PA                                                                     | County of Somerset                                                                                                                                   | CUSIP: 834681LY2<br>LEI: 5493006E4K5JHEIJ0292 | Long             | DBT              | MUN               | US        |    335000 | PA      | $332096.86    | 0.01%             | 2023-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Lackawanna PA                                                                   | County of Lackawanna                                                                                                                                 | CUSIP: 505480W25<br>LEI: 549300FAS2IVO11LYX32 | Long             | DBT              | MUN               | US        |    685000 | PA      | $705970.25    | 0.03%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                                        | Selma Industrial Development Board, International Paper Co. Project                                                                                  | CUSIP: 81647PAF0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2670000 | PA      | $2485856.78   | 0.09%             | 2034-05-01      | Variable      | 1.37%                 | No            |                  2 | On Loan: No      |
| Washington County Community Unit School District No.10 West Washington                    | Washington County Community Unit School District No.10 West Washington                                                                               | CUSIP: 937659CW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $686136.76    | 0.03%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ                                                                         | City of Newark                                                                                                                                       | CUSIP: 650367PU3<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |    650000 | PA      | $674119.88    | 0.03%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 102 La Grange                                             | Cook County School District No. 102, La Grange, Limited Tax                                                                                          | CUSIP: 214435MB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $1016709.02   | 0.04%             | 2025-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                            | Tender Option Bond Trust Receipts/Certificates                                                                                                       | CUSIP: 88034ME69<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5230000 | PA      | $5230000.00   | 0.20%             | 2047-12-31      | Variable      | 2.02%                 | Yes           |                  2 | On Loan: No      |
| Stockton Public Financing Authority                                                       | Stockton Public Financing Authority                                                                                                                  | CUSIP: 86139TAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $578243.17    | 0.02%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyalusing Area School District                                                            | Wyalusing Area School District                                                                                                                       | CUSIP: 982613KB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300999.27    | 0.01%             | 2026-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN                                                                        | City of Memphis, General Improvement                                                                                                                 | CUSIP: 586145Y40<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2350165.90   | 0.09%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Elgin IL                                                                          | City of Elgin                                                                                                                                        | CUSIP: 2862996Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1480008.88   | 0.06%             | 2022-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Sangamon Menard Etc Counties Community School District No. 8 Pleasant Plains              | Sangamon Menard Etc Counties Community School District No. 8 Pleasant Plains                                                                         | CUSIP: 800805FE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $310372.96    | 0.01%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County Housing Authority                                                             | King County Housing Authority, Highland Village Project                                                                                              | CUSIP: 494762MN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $122658.12    | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 100 South Berwyn                                          | Cook County School District No. 100, South Berwyn                                                                                                    | CUSIP: 214399TR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $672760.77    | 0.03%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia State Road & Tollway Authority                                                    | Georgia State Road and Tollway Authority, Federal Highway Reimbursement                                                                              | CUSIP: 373376DC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012157.00   | 0.04%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic Valley Sewerage Commission                                                        | Passaic Valley Sewerage Commission, Sewer System                                                                                                     | CUSIP: 702826KW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1835758.74   | 0.07%             | 2025-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                                  | County of Miami-Dade, Aviation System                                                                                                                | CUSIP: 59333P5L8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2493416.88   | 0.09%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Flagg-Rochelle Community Park District                                                    | Flagg-Rochelle Community Park District, Series 2019A                                                                                                 | CUSIP: 338366AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $227920.57    | 0.01%             | 2024-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, BJC Health System                                                              | CUSIP: 60635R2G1<br>LEI: 549300IWTBCMX5JB3277 | Long             | STIV             | MUN               | US        |   1185000 | PA      | $1185000.00   | 0.05%             | 2038-05-15      | Variable      | 1.86%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                                 | City of Vernon, Electric System, Series 2021A                                                                                                        | CUSIP: 924397EE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1240966.55   | 0.05%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hempstead Town Local Development Corp.                                                    | Hempstead Town Local Development Corp., Adelphi University Project                                                                                   | CUSIP: 424682JY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100210.70    | 0.00%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of New Mexico (The)                                                            | University of New Mexico (The), Subordinate Lien System                                                                                              | CUSIP: 914692XM5<br>LEI: 549300WZXG6PIBC7KB43 | Long             | STIV             | MUN               | US        |   1960000 | PA      | $1960000.00   | 0.07%             | 2026-06-01      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| City of Racine WI                                                                         | City of Racine                                                                                                                                       | CUSIP: 750022FG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX                                                                        | City of EI Paso, Combination Tax                                                                                                                     | CUSIP: 283734T68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $727227.27    | 0.03%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution                                                                                      | CUSIP: 64972GMJ0<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |  14600000 | PA      | $14600000.00  | 0.56%             | 2049-06-15      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| Robstown Independent School District                                                      | Robstown Independent School District, Unlimited Tax                                                                                                  | CUSIP: 771146XX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $650480.35    | 0.02%             | 2023-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                                      | City of Rochester, Mayo Clinic                                                                                                                       | CUSIP: 771902HH9<br>LEI: 549300006EX3INSHXA95 | Long             | STIV             | MUN               | US        |   2375000 | PA      | $2375000.00   | 0.09%             | 2038-11-15      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                      | Kane County School District No. 131 Aurora East Side                                                                                                 | CUSIP: 484008NZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $220000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN                                                                        | City of Memphis, General Improvement                                                                                                                 | CUSIP: 586145Y32<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |   2135000 | PA      | $2185603.77   | 0.08%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc.                                                                            | CUSIP: 041806XM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $656735.68    | 0.03%             | 2023-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program                                                                     | CUSIP: 574215RC5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2035-04-01      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| Rhode Island Industrial Facilities Corp.                                                  | Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project                                                                        | CUSIP: 762279AB3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  12105000 | PA      | $12105000.00  | 0.46%             | 2025-02-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Northeastern University Issue                                                                              | CUSIP: 57584YZR3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2956934.83   | 0.11%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority                                                                                                       | CUSIP: 6461367P0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2881809.43   | 0.11%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florence Independent School District                                                      | Florence Independent School District, Unlimited Tax                                                                                                  | CUSIP: 340369FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230010.79    | 0.01%             | 2026-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Gas Project No. 7, Series 2021C-2                                                                                    | CUSIP: 09182TAN7<br>LEI: 549300I8V0Z68JQCB679 | Long             | STIV             | MUN               | US        |  27000000 | PA      | $25440077.70  | 0.97%             | 2052-10-01      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio, University Hospitals Health System, Inc.                                                                                              | CUSIP: 67756CCH9<br>LEI: 5493005LEB5E170OMX59 | Long             | STIV             | MUN               | US        |   8250000 | PA      | $8250000.00   | 0.31%             | 2045-01-15      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp., Gas Project, Series 2017A                                                                                        | CUSIP: 880443HZ2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  17045000 | PA      | $17070126.03  | 0.65%             | 2048-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Wagoner County School Development Authority                                               | Wagoner County School Development Authority, Wagoner Public Schools Project                                                                          | CUSIP: 93055DAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $529712.98    | 0.02%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 63 East Maine                                             | Cook County School District No. 63, East Maine, Limited Tax                                                                                          | CUSIP: 213651MM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1935000.00   | 0.07%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Genesee Central School District                                                      | West Genesee Central School District                                                                                                                 | CUSIP: 952859LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3904000 | PA      | $3928083.00   | 0.15%             | 2023-07-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Big Oaks Municipal Utility District                                                       | Big Oaks Municipal Utility District, Waterworks and Sewer System, Unlimited Tax                                                                      | CUSIP: 089333MB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $905762.64    | 0.03%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                       | State of Illinois, Sales Tax                                                                                                                         | CUSIP: 452227GX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $997968.71    | 0.04%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 109 Indian Springs                                        | Cook County School District No. 109, Indian Springs, Limited Tax                                                                                     | CUSIP: 214543KU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126443.83    | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan School District of Southwest Allen County                                    | Metropolitan School District of Southwest Allen County                                                                                               | CUSIP: 55353RBJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $489332.94    | 0.02%             | 2023-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO                                                               | City of Colorado Springs                                                                                                                             | CUSIP: 19661MDL2<br>LEI: 2549003N3PXBHQH2V448 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren MS                                                                       | County of Warren, Gulf Opportunity Zone, International Paper Co. Project                                                                             | CUSIP: 935031AE4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1750000 | PA      | $1629306.88   | 0.06%             | 2034-05-01      | Variable      | 1.37%                 | No            |                  2 | On Loan: No      |
| County of Lackawanna PA                                                                   | County of Lackawanna                                                                                                                                 | CUSIP: 505480V91<br>LEI: 549300FAS2IVO11LYX32 | Long             | DBT              | MUN               | US        |    680000 | PA      | $693413.54    | 0.03%             | 2024-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Danville IL                                                                       | City of Danville                                                                                                                                     | CUSIP: 236505HA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $146247.26    | 0.01%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan School District of Southwest Allen County                                    | Metropolitan School District of Southwest Allen County                                                                                               | CUSIP: 55353RBH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $520938.50    | 0.02%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Bartlett IL                                                                    | Village of Bartlett                                                                                                                                  | CUSIP: 069338PB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1153975.21   | 0.04%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nixa Public Schools                                                                       | Nixa Public Schools                                                                                                                                  | CUSIP: 654811CY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201219.54    | 0.01%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peoria Public Building Commission                                                         | Peoria Public Building Commission, Series 2019A                                                                                                      | CUSIP: 71323MED0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Owen KY                                                                         | County of Owen, Water Facilities, Kentucky-American Water Co. Project                                                                                | CUSIP: 69068WAC7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2452157.00   | 0.09%             | 2040-06-01      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| Kansas City Kansas Community College                                                      | Kansas City, Kansas Community College                                                                                                                | CUSIP: 484678CK1<br>LEI: 549300OY72JUB1H6B581 | Long             | DBT              | MUN               | US        |    800000 | PA      | $803383.76    | 0.03%             | 2023-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lee & Ogle Counties School District No. 170 Dixon                                         | Lee and Ogle Counties School District No. 170 Dixon                                                                                                  | CUSIP: 523354HZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170123.27    | 0.01%             | 2023-01-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kingfisher County Educational Facilities Authority                                        | Kingfisher County Educational Facilities Authority, Lomega Public Schools Project                                                                    | CUSIP: 495683AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $385314.89    | 0.01%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Waterford School District/MI                                                              | Waterford School District, Unlimited Tax                                                                                                             | CUSIP: 941468YU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1347010.61   | 0.05%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connellsville Area School District                                                        | Connellsville Area School District, Series 2019A                                                                                                     | CUSIP: 207889SY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $69657.41     | 0.00%             | 2023-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Village of Villa Park IL                                                                  | Village of Villa Park, Sales Tax, Series 2019A                                                                                                       | CUSIP: 927022RX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126496.11    | 0.00%             | 2023-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Travis County Housing Finance Corp.                                                       | Travis County Housing Finance Corp., Multi-Family Housing, Enclave on Ross Apartments                                                                | CUSIP: 894386HS3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  10000000 | PA      | $9622048.00   | 0.37%             | 2025-02-01      | Variable      | 0.23%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Georgetown University Issue                                                                                                    | CUSIP: 25484JAP5<br>LEI: 549300HWFOZXPKGOX654 | Long             | STIV             | MUN               | US        |   1190000 | PA      | $1190000.00   | 0.05%             | 2041-04-01      | Variable      | 1.89%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                    | CUSIP: 4521526J5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5256484.50   | 0.20%             | 2026-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Catholic Health Initiatives, Series 2013B                                                               | CUSIP: 93978HMK8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10046014.00  | 0.38%             | 2035-01-01      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                                    | Permanent University Fund - University of Texas System, Series 2008A                                                                                 | CUSIP: 9151153V9<br>LEI: 549300GZUEUTLKVGLF98 | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.19%             | 2038-07-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| City of Rockford IL                                                                       | City of Rockford, Sales Tax Alternative Revenue Source                                                                                               | CUSIP: 77316QE21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $141747.31    | 0.01%             | 2023-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                           | Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project                                                   | CUSIP: 30382VAA4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  30000000 | PA      | $30000000.00  | 1.14%             | 2033-05-15      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| City of Pawtucket RI                                                                      | City of Pawtucket                                                                                                                                    | CUSIP: 7041653T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70181.07     | 0.00%             | 2023-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Wayzata MN                                                                        | City of Wayzata, Folkestone Senior Living Community                                                                                                  | CUSIP: 946829AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99231.81     | 0.00%             | 2023-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Highlands County Health Facilities Authority                                              | Highlands County Health Facilities Authority, Adventist Health System                                                                                | CUSIP: 431022TP7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  12945000 | PA      | $12945000.00  | 0.49%             | 2033-11-15      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| City of Aurora IL                                                                         | City of Aurora                                                                                                                                       | CUSIP: 051645R43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1617354.40   | 0.06%             | 2023-12-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Housing & Redevelopment Authority                                                  | Duluth Housing and Redevelopment Authority, Duluth Public Schools Academy Project                                                                    | CUSIP: 264454AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $323679.27    | 0.01%             | 2023-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Garvin County Educational Facilities Authority                                            | Garvin County Educational Facilities Authority, Pernell Public Schools Project                                                                       | CUSIP: 36665VCS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $162976.74    | 0.01%             | 2024-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                 | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System                                                            | CUSIP: 414009ME7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2280858.05   | 0.09%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburg County Educational Facilities Authority                                         | Pittsburg County Educational Facilities Authority, McAlester Public Schools Project                                                                  | CUSIP: 72460MAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258188.65    | 0.01%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hunters Glen Municipal Utility District                                                   | Hunters Glen Municipal Utility District, Waterworks and Sewer System                                                                                 | CUSIP: 445787RP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $593192.99    | 0.02%             | 2023-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New Canaan Housing Authority                                                              | New Canaan Housing Authority, Multi-Family Housing, Parish Project                                                                                   | CUSIP: 643146AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  12475000 | PA      | $12384753.36  | 0.47%             | 2023-09-01      | Variable      | 0.44%                 | No            |                  2 | On Loan: No      |
| County of Escambia FL                                                                     | County of Escambia, International Paper Co. Project, Environmental Improvement                                                                       | CUSIP: 29610QAG8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    775000 | PA      | $744976.35    | 0.03%             | 2033-11-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Carol Stream Park District                                                                | Carol Stream Park District                                                                                                                           | CUSIP: 143735VP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $556860.26    | 0.02%             | 2026-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                                | New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group - La Vida Llena Expansion Project                                       | CUSIP: 647377AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1509038.44   | 0.06%             | 2023-07-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project                                                          | CUSIP: 13049YDD0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    360000 | PA      | $363501.14    | 0.01%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                                      | Hillsborough County Industrial Development Authority, Tampa General Hospital Project                                                                 | CUSIP: 43233AEN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $838429.90    | 0.03%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                                                      | Metropolitan Council, Minneapolis St. Paul Metropolitan Area                                                                                         | CUSIP: 591852T65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.19%             | 2022-12-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| City of Elgin IL                                                                          | City of Elgin                                                                                                                                        | CUSIP: 2862996R8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1027396.76   | 0.04%             | 2023-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, Health System                                                                                                                | CUSIP: 46246K4Q2<br>LEI: 549300NQVL49BTHOW391 | Long             | STIV             | MUN               | US        |  17400000 | PA      | $17355950.16  | 0.66%             | 2035-02-15      | Floating      | 2.47%                 | Yes           |                  2 | On Loan: No      |
| Big Beaver Falls Area School District                                                     | Big Beaver Falls Area School District, Unlimited Tax                                                                                                 | CUSIP: 089032KJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1207933.08   | 0.05%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clay Wayne & Marion Counties Community Unit School District No. 35                        | Clay Wayne & Marion Counties Community Unit School District No. 35                                                                                   | CUSIP: 183104CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                              | Birmingham Airport Authority                                                                                                                         | CUSIP: 090888GG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126647.28    | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project                                                          | CUSIP: 13049YDG3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528528.20    | 0.02%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Poynette School District                                                                  | Poynette School District                                                                                                                             | CUSIP: 73941JDW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $265387.67    | 0.01%             | 2023-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                             | Kentucky State Property and Building Commission, Project No. 110                                                                                     | CUSIP: 49151FKZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $88108.06     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project                                                          | CUSIP: 13049YDE8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    300000 | PA      | $308091.54    | 0.01%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Danville IL                                                                       | City of Danville                                                                                                                                     | CUSIP: 236505GZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140000.00    | 0.01%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                                 | City of Vernon, Electric System, Series 2021A                                                                                                        | CUSIP: 924397ED0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1264224.13   | 0.05%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Indianapolis Power and Light Co. Project, Series 2021B                                                                    | CUSIP: 455059AL9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4106015.55   | 0.16%             | 2025-08-01      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Hmong American Peace Academy                                                                  | CUSIP: 97712D5L6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    120000 | PA      | $119356.56    | 0.00%             | 2024-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pecan Grove Municipal Utility District                                                    | Pecan Grove Municipal Utility District, Unlimited Tax                                                                                                | CUSIP: 705116TE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $746862.54    | 0.03%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| E-470 Public Highway Authority                                                            | E-470 Public Highway Authority                                                                                                                       | CUSIP: 26822LMV3<br>LEI: 549300164ZV2301BC703 | Long             | STIV             | MUN               | US        |   5000000 | PA      | $4950760.00   | 0.19%             | 2039-09-01      | Floating      | 2.90%                 | No            |                  2 | On Loan: No      |
| Uniontown Area School District/PA                                                         | Uniontown Area School District                                                                                                                       | CUSIP: 909087PG7<br>LEI: 549300QQ94X5HQGBTT35 | Long             | DBT              | MUN               | US        |    530000 | PA      | $525015.56    | 0.02%             | 2023-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                                                 | CUSIP: 20772KKJ7<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510451.80    | 0.02%             | 2024-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Series 2002G-1F                                                                                               | CUSIP: 59261AL96<br>LEI: 5493000TKYODLXADQD60 | Long             | STIV             | MUN               | US        |   1330000 | PA      | $1288033.85   | 0.05%             | 2026-11-01      | Floating      | 2.98%                 | No            |                  2 | On Loan: No      |
| Lytle Independent School District/TX                                                      | Lytle Independent School District, Unlimited Tax                                                                                                     | CUSIP: 552410GD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $268758.53    | 0.01%             | 2028-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt                                      | CUSIP: 650116EC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $814676.64    | 0.03%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                                  | Chicago Transit Authority Capital Grant Receipts                                                                                                     | CUSIP: 167723HA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $707294.14    | 0.03%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Arlington Heights IL                                                           | Village of Arlington Heights                                                                                                                         | CUSIP: 041447H22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1197419.00   | 0.05%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Kipp DC Project                                                                                                                | CUSIP: 25483VVU5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100884.47    | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas School District/PA                                                                 | Dallas School District                                                                                                                               | CUSIP: 235177QS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $178269.79    | 0.01%             | 2023-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Indiana PA                                                                      | County of Indiana                                                                                                                                    | CUSIP: 454686EE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $257139.01    | 0.01%             | 2023-12-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Gallaudet University Project                                                                                                   | CUSIP: 25483VYE8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104789.08    | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sharp AR Sales & Use Tax                                                        | County of Sharp, Sales and Use Tax                                                                                                                   | CUSIP: 819890AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $542698.65    | 0.02%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 145                                                       | Cook County School District No. 145, Arbor Park                                                                                                      | CUSIP: 215030JS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111270.57    | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Greene MO                                                                       | County of Greene, Special Obligation                                                                                                                 | CUSIP: 394594DE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $260000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                            | Nebraska Public Power District, Series 2021C                                                                                                         | CUSIP: 63968A6L4<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1603356.00   | 0.06%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knoxville's Community Development Corp.                                                   | Knoxville's Community Development Corp., Austin 1B Apartments Project                                                                                | CUSIP: 499743CL4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4500000 | PA      | $4348179.45   | 0.17%             | 2024-10-01      | Variable      | 0.22%                 | No            |                  2 | On Loan: No      |
| St. Louis County Special School District                                                  | St. Louis County Special School District                                                                                                             | CUSIP: 791498BR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $614947.29    | 0.02%             | 2024-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                                       | State of New Jersey, COVID-19 Emergency Bonds                                                                                                        | CUSIP: 646039YG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21380000 | PA      | $21529649.31  | 0.82%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lakeshore Technical College District                                                      | Lakeshore Technical College District                                                                                                                 | CUSIP: 51209EKE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110106.33    | 0.00%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Carmichaels Area School District                                                          | Carmichaels Area School District, Limited Tax                                                                                                        | CUSIP: 14343LGN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151391.06    | 0.01%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lebanon Authority                                                                 | City of Lebanon Authority                                                                                                                            | CUSIP: 522858FJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275138.96    | 0.01%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                          | CUSIP: 613603B81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301390.95    | 0.01%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wise County Industrial Development Authority                                              | Wise County Industrial Development Authority, Electric and Power Co. Project                                                                         | CUSIP: 977228AE5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  22765000 | PA      | $20696667.71  | 0.79%             | 2040-10-01      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                               | California Educational Facilities Authority, University of Southern California                                                                       | CUSIP: 1301786D3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $266691.45    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Myers FL Utility System Revenue                                              | City of Fort Myers, Subordinate Utility System                                                                                                       | CUSIP: 348172UW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2164602.78   | 0.08%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipality of Penn Hills PA                                                             | Municipality of Penn Hills, Series 2019A                                                                                                             | CUSIP: 707483PX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $305992.32    | 0.01%             | 2023-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Hazard KY                                                                         | City of Hazard, Appalachian Regional Healthcare Project                                                                                              | CUSIP: 421381AK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $639899.88    | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Community College District Public Facility Corp.                                   | Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project, Series 2018C                                 | CUSIP: 052405EU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211871.80    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ                                                                         | City of Newark                                                                                                                                       | CUSIP: 650367PT6<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |    525000 | PA      | $534175.16    | 0.02%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh School District                                                                | Pittsburgh School District                                                                                                                           | CUSIP: 725277NG8<br>LEI: 549300DCE2NGMJO6P377 | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1842773.31   | 0.07%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                                        | City of Philadelphia, Water & Wastewater                                                                                                             | CUSIP: 717893ZC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  30280000 | PA      | $31411291.08  | 1.20%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lackawanna PA                                                                   | County of Lackawanna                                                                                                                                 | CUSIP: 505480V83<br>LEI: 549300FAS2IVO11LYX32 | Long             | DBT              | MUN               | US        |    305000 | PA      | $307738.02    | 0.01%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                                     | Duluth Economic Development Authority, Benedictine Health System, Series 2021A                                                                       | CUSIP: 26444VAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $170644.45    | 0.01%             | 2026-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Village of Bartlett IL                                                                    | Village of Bartlett                                                                                                                                  | CUSIP: 069338PA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1065000.00   | 0.04%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clay Wayne & Marion Counties Community Unit School District No. 35                        | Clay Wayne & Marion Counties Community Unit School District No. 35                                                                                   | CUSIP: 183104CB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $178730.34    | 0.01%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                               | City of Shreveport, Water and Sewer, Junior Lien                                                                                                     | CUSIP: 825485XA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $233356.93    | 0.01%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2021C                                                                                              | CUSIP: 56035DCS9<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.02%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                          | Maricopa County Industrial Development Authority, HonorHealth                                                                                        | CUSIP: 56678PAY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $762595.09    | 0.03%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Idaho                                                                       | University of Idaho                                                                                                                                  | CUSIP: 914318Q94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $357836.70    | 0.01%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Travis County Water Control & Improvement District No. 17                                 | Travis County Water Control and Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax                                          | CUSIP: 894521AD5<br>LEI: 549300F2GYMQ0I900723 | Long             | DBT              | MUN               | US        |    400000 | PA      | $401181.68    | 0.02%             | 2024-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Water Facilities, American Water Capital Corp. Project                                                                   | CUSIP: 45203EAF6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   2800000 | PA      | $2746415.84   | 0.10%             | 2040-05-01      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| Will Grundy Etc Counties Community College District No. 525                               | Will Grundy Etc Counties Community College District No. 525, Joliet Junior College                                                                   | CUSIP: 969080HR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2661227.66   | 0.10%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Kansas Community College                                                      | Kansas City, Kansas Community College                                                                                                                | CUSIP: 484678CL9<br>LEI: 549300OY72JUB1H6B581 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507367.85    | 0.02%             | 2024-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                                      | Kansas Development Finance Authority, State of Kansas Project                                                                                        | CUSIP: 48542RLF9<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2352988.54   | 0.09%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission                                                                                                                     | CUSIP: 709225AC0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    425000 | PA      | $434946.40    | 0.02%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bryan County School Finance Authority                                                     | Bryan County School Finance Authority, Durant Public Schools Project                                                                                 | CUSIP: 117510BG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $190000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Calcasieu Parish School District No. 23                                                   | Calcasieu Parish School District No. 23, Public School Improvement                                                                                   | CUSIP: 128492JJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $183057.37    | 0.01%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Battery Park City Authority                                                               | Battery Park City Authority                                                                                                                          | CUSIP: 07133AJB9<br>LEI: 549300RF3SFDOWRHVM56 | Long             | STIV             | MUN               | US        |  14560000 | PA      | $14560000.00  | 0.55%             | 2038-11-01      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| County of Armstrong PA                                                                    | County of Armstrong, Series 2019A                                                                                                                    | CUSIP: 042325LU2<br>LEI: 549300FVBLTMVMW6HN73 | Long             | DBT              | MUN               | US        |    225000 | PA      | $227679.44    | 0.01%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Floral Park-Bellerose Union Free School District                                          | Floral Park-Bellerose Union Free School District                                                                                                     | CUSIP: 339832EA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $507028.35    | 0.02%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fulton School District/MI                                                                 | Fulton School District, Unlimited Tax                                                                                                                | CUSIP: 360432DJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $220582.97    | 0.01%             | 2025-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                 | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System                                                            | CUSIP: 414009MR8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   9000000 | PA      | $8937504.90   | 0.34%             | 2049-12-01      | Floating      | 2.47%                 | No            |                  2 | On Loan: No      |
| Apollo-Ridge School District                                                              | Apollo-Ridge School District                                                                                                                         | CUSIP: 037625KZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $388856.08    | 0.01%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix (The)                             | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A       | CUSIP: 71885DCN0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    140000 | PA      | $140871.02    | 0.01%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Kaufman TX                                                                      | County of Kaufman, Unlimited Tax                                                                                                                     | CUSIP: 486188FX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $267374.10    | 0.01%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Gas Prepay, Series 2018A                                                                                             | CUSIP: 09182RAF8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  19865000 | PA      | $19894628.65  | 0.76%             | 2048-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, St. Camillus Health System                                                                    | CUSIP: 97712D4G8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    140000 | PA      | $139989.44    | 0.01%             | 2026-11-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Mississippi Hospital Equipment & Facilities Authority                                     | Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project                                           | CUSIP: 605360SY3<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |    370000 | PA      | $370648.28    | 0.01%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI                                                                      | City of Milwaukee, Promissory Notes                                                                                                                  | CUSIP: 602366WU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3045000 | PA      | $3130935.38   | 0.12%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waynesboro Area School District                                                           | Waynesboro Area School District, Franklin County                                                                                                     | CUSIP: 946590QR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $325990.27    | 0.01%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                        | City of Houston                                                                                                                                      | CUSIP: 442435XP3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  11500000 | PA      | $11500000.00  | 0.44%             | 2034-05-15      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                                 | City of Salt Lake, International Airport, Series 2021A                                                                                               | CUSIP: 795576JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1377150.01   | 0.05%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Indiana PA                                                                      | County of Indiana                                                                                                                                    | CUSIP: 454686EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250676.95    | 0.01%             | 2025-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, School Facilities Construction, Series 2021QQQ                                                            | CUSIP: 64577XBZ8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309259.92    | 0.01%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bartow County Development Authority                                                       | Bartow County Development Authority, Georgia Power Co. Plant, Series 2013FIRST                                                                       | CUSIP: 069643BM5<br>LEI: 5493006KLI0V8YELKW50 | Long             | STIV             | MUN               | US        |  13500000 | PA      | $13069961.55  | 0.50%             | 2043-08-01      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Kipp Social Projects                                                                                            | CUSIP: 13059TFL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100999.69    | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund, Waste Management, Inc. Project                                                                                              | CUSIP: 59468PAA3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3000000 | PA      | $2818032.30   | 0.11%             | 2027-08-01      | Variable      | 0.58%                 | No            |                  2 | On Loan: No      |
| State of Oregon Housing & Community Services Department                                   | State of Oregon, Housing and Community Services Department, Series 2021BB                                                                            | CUSIP: 68608ABN9<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | STIV             | MUN               | US        |   8500000 | PA      | $8248354.95   | 0.31%             | 2024-12-01      | Variable      | 0.47%                 | No            |                  2 | On Loan: No      |
| County of Kaufman TX                                                                      | County of Kaufman, Limited Tax                                                                                                                       | CUSIP: 486188GS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $128441.25    | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnson County Park & Recreation District                                                 | Johnson County Park and Recreation District                                                                                                          | CUSIP: 47849KHB0<br>LEI: 549300W27V0RWOSSKX23 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200401.80    | 0.01%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO                                                               | City of Colorado Springs                                                                                                                             | CUSIP: 19661MDM0<br>LEI: 2549003N3PXBHQH2V448 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102330.38    | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Tower Health Project                                                                                         | CUSIP: 084538HR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $413631.76    | 0.02%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                 | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System                                                            | CUSIP: 414009MD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.06%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                              | Birmingham Airport Authority                                                                                                                         | CUSIP: 090888GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262810.53    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 148 Dolton                                                | Cook County School District No. 148, Dolton, Series 2018A                                                                                            | CUSIP: 215075JX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $725000.00    | 0.03%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ardsley Union Free School District                                                        | Ardsley Union Free School District                                                                                                                   | CUSIP: 039861MX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4994393 | PA      | $4984657.93   | 0.19%             | 2023-02-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                      | County of Harnett, Limited Obligation                                                                                                                | CUSIP: 41333TBY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.06%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Steelton-Highspire School District                                                        | Steelton-Highspire School District, Limited Tax                                                                                                      | CUSIP: 858292GJ8<br>LEI: 549300HB6R4PHNRLCN40 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85860.24     | 0.00%             | 2023-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds | Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Shelby House Apartments Project                      | CUSIP: 592113BU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5655000 | PA      | $5421246.05   | 0.21%             | 2025-12-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt                                      | CUSIP: 650116ED4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $828454.96    | 0.03%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Valdez AK                                                                         | City of Valdez, Phillips Trans Alaska Project                                                                                                        | CUSIP: 919061EM9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  12200000 | PA      | $12200000.00  | 0.46%             | 2035-03-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Hartford Healthcare                                                                   | CUSIP: 20775DFE7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8834868.55   | 0.34%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community College District No. 508                                            | Cook County Community College District No. 508, Unlimited Tax                                                                                        | CUSIP: 213187CT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256251.70    | 0.01%             | 2029-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, School Facilities Construction, Series 2021QQQ                                                            | CUSIP: 64577XBY1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    110000 | PA      | $111328.45    | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York and New Jersey, Consolidated                                                                                              | CUSIP: 73358WR30<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10138778.00  | 0.39%             | 2023-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Somerset PA                                                                     | County of Somerset                                                                                                                                   | CUSIP: 834681LZ9<br>LEI: 5493006E4K5JHEIJ0292 | Long             | DBT              | MUN               | US        |    300000 | PA      | $294033.03    | 0.01%             | 2024-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Capital Area Housing Finance Corp.                                                        | Capital Area Housing Finance Corp., Variable Lockhart Farms Apartments                                                                               | CUSIP: 139726CT8<br>LEI: 549300XICE1XLI0VXV87 | Long             | STIV             | MUN               | US        |   3000000 | PA      | $2876907.30   | 0.11%             | 2024-12-01      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                            | University of Central Arkansas, Student Fee                                                                                                          | CUSIP: 914115R77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $166040.75    | 0.01%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                            | University of Massachusetts Building Authority                                                                                                       | CUSIP: 914437QU5<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   4420000 | PA      | $4617970.03   | 0.18%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County Township High School District No. 204 Joliet                                  | Will County Township High School District No. 204 Joliet, Limited Tax                                                                                | CUSIP: 969037MN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125128.91    | 0.00%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Stadium & Exposition District                                                   | Louisiana Stadium and Exposition District                                                                                                            | CUSIP: 546410CF6<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3336814.39   | 0.13%             | 2023-07-03      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Tower Health Project                                                                                         | CUSIP: 084538HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $942674.04    | 0.04%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN/St Paul Housing & Redevelopment Authority                          | City of Minneapolis & St. Paul Housing and Redevelopment Authority, Health Care, Allina Health System                                                | CUSIP: 603695FR3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   6360000 | PA      | $6360000.00   | 0.24%             | 2034-11-15      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| City of Gladstone MI                                                                      | City of Gladstone, Capital Improvement, Limited Tax                                                                                                  | CUSIP: 376550DE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $260225.55    | 0.01%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Leland Public School District                                                             | Leland Public School District                                                                                                                        | CUSIP: 525516ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $789204.22    | 0.03%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Louisiana Children's Medical Center Project                                                                   | CUSIP: 546395S96<br>LEI: 549300RQIPT5S4P4M065 | Long             | STIV             | MUN               | US        |  40000000 | PA      | $40020844.00  | 1.52%             | 2057-09-01      | Floating      | 2.55%                 | No            |                  2 | On Loan: No      |
| Cypress Hill Municipal Utility District No. 1                                             | Cypress Hill Municipal Utility District No. 1, Unlimited Tax                                                                                         | CUSIP: 232789SM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $270184.68    | 0.01%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                                  | Chester County Health and Education Facilities Authority, Main Line Health System                                                                    | CUSIP: 16557HER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230699.55    | 0.01%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Charlevoix MI                                                                     | City of Charlevoix, Building Authority, Limited Tax                                                                                                  | CUSIP: 160747AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111090.05    | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, OSF Healthcare System                                                                                                    | CUSIP: 45204FEG6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3077040.30   | 0.12%             | 2050-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland County Educational Facilities Authority                                         | Cleveland County Educational Facilities Authority, Lexington Public Schools Project                                                                  | CUSIP: 18604TDD7<br>LEI: 549300XEV4DVO42DUA84 | Long             | DBT              | MUN               | US        |    270000 | PA      | $272303.78    | 0.01%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sienna Municipal Utility District No. 3                                                   | Sienna Municipal Utility District No. 3, Unlimited Tax                                                                                               | CUSIP: 82620TPD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $184515.37    | 0.01%             | 2023-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 55                                           | Harris County Municipal Utility District No. 55, Unlimited Tax                                                                                       | CUSIP: 414912VJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $785539.92    | 0.03%             | 2023-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                                | Duluth Independent School District No. 709                                                                                                           | CUSIP: 264474HG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185704.37    | 0.01%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Health Facility Financing Authority                                               | Indiana Health Facility Financing Authority, Ascension Health Credit Group                                                                           | CUSIP: 454798US6<br>LEI: 549300P2SI60HN6M7V39 | Long             | STIV             | MUN               | US        |  24875000 | PA      | $24846552.95  | 0.95%             | 2036-11-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Industrial Development Authority                                        | Miami-Dade County Industrial Development Authority, Solid Waste Disposal, Waste Management, Inc. of Florida Project                                  | CUSIP: 59333GAJ7<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2553466.76   | 0.10%             | 2023-08-01      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| Maricopa County School District No. 24-Gila Bend                                          | Maricopa County School District No. 24 Gila Bend                                                                                                     | CUSIP: 567133BX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $709427.81    | 0.03%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                           | Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.                                                                    | CUSIP: 60416JCK4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99497.47     | 0.00%             | 2023-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Flagg-Rochelle Community Park District                                                    | Flagg-Rochelle Community Park District, Series 2019A                                                                                                 | CUSIP: 338366AJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $220237.69    | 0.01%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brushy Creek Municipal Utility District/TX                                                | Brushy Creek Municipal Utility District, Unlimited Tax                                                                                               | CUSIP: 117464SV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250399.68    | 0.01%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Aurora IL                                                                         | City of Aurora                                                                                                                                       | CUSIP: 051645R50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1694346.47   | 0.06%             | 2024-12-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 109 Indian Springs                                        | Cook County School District No. 109, Indian Springs, Limited Tax                                                                                     | CUSIP: 214543KV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $408802.76    | 0.02%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Custer County Economic Development Authority                                              | Custer County Economic Development Authority, Thomas Fay Public Schools                                                                              | CUSIP: 231800BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $454312.49    | 0.02%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt                                      | CUSIP: 650116EF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $780996.30    | 0.03%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gladstone MI                                                                      | City of Gladstone, Capital Improvement, Limited Tax                                                                                                  | CUSIP: 376550DF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $265646.36    | 0.01%             | 2024-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wyalusing Area School District                                                            | Wyalusing Area School District                                                                                                                       | CUSIP: 982613JQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401850.96    | 0.02%             | 2023-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Butler University Project                                                                                                 | CUSIP: 45506D2T1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    225000 | PA      | $225128.79    | 0.01%             | 2023-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt                                      | CUSIP: 650116EE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524164.20    | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                                           | Port of Oakland, Intermediate Lien, Series 2021H                                                                                                     | CUSIP: 735000UD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $257640.12    | 0.01%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chesapeake Hospital Authority                                                             | Chesapeake Hospital Authority, Regional Medical Center                                                                                               | CUSIP: 16532VAZ7<br>LEI: 549300MDFV8QY288K198 | Long             | DBT              | MUN               | US        |    885000 | PA      | $910563.31    | 0.03%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                                       | Allegheny County Sanitary Authority, Sewer                                                                                                           | CUSIP: 017357H98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $216388.05    | 0.01%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Okeechobee FL                                                                   | County of Okeechobee, Solid Waste Disposal, Waste Management, Inc., Okeechobee Landfill Project                                                      | CUSIP: 678438AC6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2250000 | PA      | $2107068.53   | 0.08%             | 2039-07-01      | Variable      | 0.55%                 | No            |                  2 | On Loan: No      |
| South Haven Township & Casco Township Water & Sewage Treatment Authority                  | South Haven Township and Casco Township, Water and Sewage Treatment Authority, Limited Tax                                                           | CUSIP: 83829CAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $482888.06    | 0.02%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New Britain CT                                                                    | City of New Britain                                                                                                                                  | CUSIP: 642714CM9<br>LEI: 549300MERJSUOPGAV271 | Long             | DBT              | MUN               | US        |    110000 | PA      | $111967.06    | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mars Area School District                                                                 | Mars Area School District                                                                                                                            | CUSIP: 571720TY7<br>LEI: 549300UINQBC7HS64443 | Long             | DBT              | MUN               | US        |    115000 | PA      | $116893.22    | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Ross OH                                                                         | County of Ross, Adena Health System Obligated Group Project                                                                                          | CUSIP: 778260FD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $499473.91    | 0.02%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Port Arthur TX                                                                    | City of Port Arthur, Combination Tax, Certificates of Obligation                                                                                     | CUSIP: 733488L24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $418972.64    | 0.02%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                        | South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project, Series 2019A                                       | CUSIP: 83704MAP1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    405000 | PA      | $387629.83    | 0.01%             | 2024-12-01      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 391                                          | Harris County Municipal Utility District No. 391, Unlimited Tax                                                                                      | CUSIP: 413958UQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400774.12    | 0.02%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Commonspirit Health                                                                                     | CUSIP: 93978HUZ6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11196903.30  | 0.43%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Paducah Electric Plant Board                                                              | Paducah Electric Plant Board                                                                                                                         | CUSIP: 695317EF0<br>LEI: 549300XTPDPORT8VIQ62 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034125.20   | 0.08%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                                 | City of Vernon, Electric System, Series 2021A                                                                                                        | CUSIP: 924397EF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1278852.63   | 0.05%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2021A                                                                        | CUSIP: 89602RGS8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10636855.00  | 0.41%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Derby CT                                                                          | City of Derby, Series 2019A                                                                                                                          | CUSIP: 249739UX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $88164.39     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                  | Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project                                                            | CUSIP: 18610PAY4<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    125000 | PA      | $133243.86    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission                                                                                                                     | CUSIP: 709225AD8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    450000 | PA      | $470453.09    | 0.02%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren MS                                                                       | County of Warren, Gulf Opportunity Zone, International Paper Co. Project                                                                             | CUSIP: 935031AF1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1396548.75   | 0.05%             | 2027-08-01      | Variable      | 1.37%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                         | North Carolina Turnpike Authority, Triangle Expressway System                                                                                        | CUSIP: 65830RCW7<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |  39700000 | PA      | $40634780.17  | 1.55%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peoria Public Building Commission                                                         | Peoria Public Building Commission, Series 2019A                                                                                                      | CUSIP: 71323MEF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $669913.56    | 0.03%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Prattville Industrial Development Board                                                   | Prattville Industrial Development Board, International Paper Co. Project                                                                             | CUSIP: 740032AF4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    450000 | PA      | $432566.91    | 0.02%             | 2033-11-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project, Series 2017A                                                 | CUSIP: 708692BJ6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5500000 | PA      | $5166392.55   | 0.20%             | 2037-08-01      | Variable      | 0.58%                 | No            |                  2 | On Loan: No      |
| Champaign County Community Unit School District No. 4 Champaign                           | Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation                                                                | CUSIP: 158249MG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $371816.75    | 0.01%             | 2024-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wyalusing Area School District                                                            | Wyalusing Area School District                                                                                                                       | CUSIP: 982613JY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200318.98    | 0.01%             | 2023-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission, Series 2019A                                                                                                       | CUSIP: 709224Q69<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.04%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                                 | City of Vernon, Electric System, Series 2021A                                                                                                        | CUSIP: 924397EC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507252.80   | 0.06%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                                                 | Borough of North Slope, General Purpose, Series 2021A                                                                                                | CUSIP: 662523L80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2071761.20   | 0.08%             | 2024-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bryan County School Finance Authority                                                     | Bryan County School Finance Authority, Durant Public Schools Project                                                                                 | CUSIP: 117510BJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $168649.68    | 0.01%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                        | Ohio Water Development Authority, Water Pollution Control Loan Fund                                                                                  | CUSIP: 67766WXK3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  73645000 | PA      | $73645000.00  | 2.81%             | 2036-12-01      | Variable      | 1.78%                 | No            |                  2 | On Loan: No      |
| Kentucky Asset Liability Commission                                                       | Kentucky Asset Liability Commission                                                                                                                  | CUSIP: 491189GD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3182398.80   | 0.12%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Altoona PA Sewer Revenue                                                          | City of Altoona, Guaranteed Sewer                                                                                                                    | CUSIP: 02178CAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kent Hospital Finance Authority                                                           | Kent Hospital Finance Authority, Spectrum Health System                                                                                              | CUSIP: 490580CW5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  34040000 | PA      | $34040000.00  | 1.30%             | 2047-01-15      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                                        | Denver Health and Hospital Authority, 550 Acoma, Inc.                                                                                                | CUSIP: 24918TAC1<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    295000 | PA      | $295000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wichita Falls Independent School District                                                 | Wichita Falls Independent School District, Unlimited Tax                                                                                             | CUSIP: 967171QN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016104.00   | 0.04%             | 2024-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                                      | Alaska Municipal Bond Bank Authority                                                                                                                 | CUSIP: 01179RD91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.02%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Calvert MD                                                                      | County of Calvert, Consolidated Public Improvement                                                                                                   | CUSIP: 131537Q39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2088432.32   | 0.08%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greenhawe Water Control & Improvement District No. 2                                      | Greenhawe Water Control and Improvement District No. 2, Unlimited Tax                                                                                | CUSIP: 39525RED2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200387.06    | 0.01%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No. 70 Libertyville                                           | Lake County School District No. 70 Libertyville, Limited Tax                                                                                         | CUSIP: 508750FM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300383.04    | 0.01%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DuPage County School District No. 10 Itasca                                               | DuPage County School District No. 10 Itasca                                                                                                          | CUSIP: 262741EV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1117430.61   | 0.04%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, St. John's University                                                                                            | CUSIP: 65000BAD0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    750000 | PA      | $783675.23    | 0.03%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Yamhill OR                                                                      | County of Yamhill, Linfield University Project                                                                                                       | CUSIP: 98464TAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $436922.31    | 0.02%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Madison-Macoupin Etc Counties Community College District No. 536/IL                       | Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community                                                         | CUSIP: 557738PC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $703142.44    | 0.03%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                            | Nebraska Public Power District, Series 2021D                                                                                                         | CUSIP: 63968A6W0<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503146.25   | 0.06%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Palm Beach Community Redevelopment Agency                                            | West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area                                                             | CUSIP: 955070CZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1191340.42   | 0.05%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue               | Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured, Subordinated, Series A                | CUSIP: 57563CDJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10019741.00  | 0.38%             | 2039-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Radnor PA                                                                     | Township of Radnor                                                                                                                                   | CUSIP: 750514YQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145563.28    | 0.01%             | 2024-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Municipality of Norristown PA                                                             | Municipality of Norristown                                                                                                                           | CUSIP: 656457LF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6004433.40   | 0.23%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, North Hill Community Issue, Series 2013A                                                                   | CUSIP: 57583UXN3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2066936.60   | 0.08%             | 2043-11-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Atlantic County Improvement Authority (The)                                               | Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project                                                                   | CUSIP: 048501HW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77342.27     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Uniontown Area School District/PA                                                         | Uniontown Area School District                                                                                                                       | CUSIP: 909087PH5<br>LEI: 549300QQ94X5HQGBTT35 | Long             | DBT              | MUN               | US        |    900000 | PA      | $903463.20    | 0.03%             | 2024-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Florida Governmental Utility Authority                                                    | Florida Governmental Utility Authority, North Fort Myers Utility System                                                                              | CUSIP: 34281PRQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211577.56    | 0.01%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Northeastern University Issue                                                                              | CUSIP: 57584YZS1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1647835.40   | 0.06%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Butler PA/Luzerne County                                                      | Township of Butler                                                                                                                                   | CUSIP: 123859AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $264759.27    | 0.01%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuPage County School District No. 10 Itasca                                               | DuPage County School District No. 10 Itasca                                                                                                          | CUSIP: 262741EU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1042155.71   | 0.04%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                               | New York City Industrial Development Agency, Queens Baseball Stadium Project                                                                         | CUSIP: 64971PKT1<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2082079.40   | 0.08%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                 | City of Atlanta, Department of Aviation                                                                                                              | CUSIP: 04780MWW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072829.20   | 0.08%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Manitowoc WI                                                                    | County of Manitowoc, Promissory Notes                                                                                                                | CUSIP: 563554UN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $690733.94    | 0.03%             | 2024-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                                   | City of Philadelphia, Airport System                                                                                                                 | CUSIP: 717817UN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1527843.96   | 0.06%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kingfisher County Educational Facilities Authority                                        | Kingfisher County Educational Facilities Authority, Lomega Public Schools Project                                                                    | CUSIP: 495683AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $270691.52    | 0.01%             | 2024-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                             | Loudoun County Economic Development Authority, Howard Hughes Medical Institute                                                                       | CUSIP: 545910AM3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.04%             | 2038-02-15      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Hmong American Peace Academy                                                                  | CUSIP: 97712D5M4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    125000 | PA      | $124304.23    | 0.00%             | 2025-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, San Antonio Gardens Project                                                                                  | CUSIP: 13049RAY2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    290000 | PA      | $289191.02    | 0.01%             | 2023-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                            | University of Massachusetts Building Authority                                                                                                       | CUSIP: 914440QJ4<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266572.73    | 0.01%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Arlington Heights IL                                                           | Village of Arlington Heights                                                                                                                         | CUSIP: 041447G98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1143943.30   | 0.04%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lakeview School District/MI                                                               | Lakeview School District, School Building and Site, Unlimited Tax                                                                                    | CUSIP: 512282FR0<br>LEI: 549300REOJEH621BRL65 | Long             | STIV             | MUN               | US        |   7735000 | PA      | $7735000.00   | 0.29%             | 2032-05-01      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| Upper Allegheny Joint Sanitary Authority                                                  | Upper Allegheny Joint Sanitary Authority                                                                                                             | CUSIP: 915455LY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $216914.15    | 0.01%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX                                                                        | City of EI Paso, Combination Tax                                                                                                                     | CUSIP: 283734T50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $523809.23    | 0.02%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                          | Kentucky Public Energy Authority, Gas Supply, Series 2018A                                                                                           | CUSIP: 74440DAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13685000 | PA      | $13674554.24  | 0.52%             | 2048-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                                        | Southeastern Pennsylvania Transportation Authority                                                                                                   | CUSIP: 842039EJ4<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    750000 | PA      | $758931.45    | 0.03%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas School District/PA                                                                 | Dallas School District                                                                                                                               | CUSIP: 235177QT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $337301.38    | 0.01%             | 2024-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlantic County Improvement Authority (The)                                               | Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project                                                                   | CUSIP: 048501HY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106141.29    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                          | Maricopa County Industrial Development Authority, HonorHealth                                                                                        | CUSIP: 56678PAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $181093.66    | 0.01%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                                     | Utah Charter School Finance Authority, Summit Academy Incorporated                                                                                   | CUSIP: 91754TXN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85717.03     | 0.00%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York                                                                                                                                     | CUSIP: 64966MSD2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |  40280000 | PA      | $40280000.00  | 1.53%             | 2046-10-01      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 419                                          | Harris County Municipal Utility District No. 419, Unlimited Tax                                                                                      | CUSIP: 41421DE28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125334.08    | 0.00%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ambridge Borough Water Authority                                                          | Ambridge Borough Water Authority                                                                                                                     | CUSIP: 023339HG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $177018.28    | 0.01%             | 2023-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Oyster Bay NY                                                                     | Town of Oyster Bay, Public Improvement                                                                                                               | CUSIP: 692160RR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $512345.69    | 0.02%             | 2025-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arapahoe County School District No. 6 Littleton                                           | Arapahoe County School District No. 6 Littleton, Series 2019A                                                                                        | CUSIP: 038699TN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1370000.00   | 0.05%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Wellforce Issue                                                                                            | CUSIP: 57584YB24<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    175000 | PA      | $186140.82    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of West Alabama                                                                | University of West Alabama, General Fee                                                                                                              | CUSIP: 915235DY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152301.20    | 0.01%             | 2025-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Fiscal Year 2003                                                                                               | CUSIP: 64972FG34<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2035-06-15      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                            | State of Texas, Veterans                                                                                                                             | CUSIP: 8827236Q7<br>LEI: 549300X9CH74QB747L76 | Long             | STIV             | MUN               | US        |  14185000 | PA      | $14185000.00  | 0.54%             | 2047-12-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                                                    | University of Michigan                                                                                                                               | CUSIP: 914455LP3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   6255000 | PA      | $6255000.00   | 0.24%             | 2036-04-01      | Variable      | 1.86%                 | No            |                  2 | On Loan: No      |
| City of Lebanon Authority                                                                 | City of Lebanon Authority                                                                                                                            | CUSIP: 522858FK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $365046.84    | 0.01%             | 2023-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Floral Park-Bellerose Union Free School District                                          | Floral Park-Bellerose Union Free School District                                                                                                     | CUSIP: 339832EB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $549802.58    | 0.02%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Rusk WI                                                                         | County of Rusk, Promissory Notes                                                                                                                     | CUSIP: 782197GB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $271219.56    | 0.01%             | 2024-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                                    | City of Kansas City, Roe Bartle Convention Center, Series 2008F                                                                                      | CUSIP: 485106CQ9<br>LEI: 549300EGAE3I3XU7XE19 | Long             | STIV             | MUN               | US        |   4490000 | PA      | $4490000.00   | 0.17%             | 2025-04-15      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| Sales Tax Asset Receivable Corp.                                                          | Sales Tax Asset Receivable Corp., Fiscal Year 2015                                                                                                   | CUSIP: 794665FU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19035000 | PA      | $19545271.25  | 0.74%             | 2032-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carol Stream Park District                                                                | Carol Stream Park District                                                                                                                           | CUSIP: 143735VM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $214368.65    | 0.01%             | 2024-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Waukegan IL                                                                       | City of Waukegan, Series 2018A                                                                                                                       | CUSIP: 942860RV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $532022.09    | 0.02%             | 2023-12-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rockingham County Economic Development Authority                                          | Rockingham County Economic Development Authority, Sunnyside Presbyterian Home                                                                        | CUSIP: 773455AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $295000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Evansville IN Sewage Works Revenue                                                | City of Evansville, Sewage Works                                                                                                                     | CUSIP: 299461SF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3710000 | PA      | $3847062.24   | 0.15%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp., Commodity Project, Series 2021A                                                                                  | CUSIP: 88044TAC3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254761.18    | 0.01%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Huron Valley School District/MI                                                           | Huron Valley School District, Unlimited Tax                                                                                                          | CUSIP: 447726RC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5825000 | PA      | $5715146.33   | 0.22%             | 2024-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Parish of St. John the Baptist LA                                                         | Parish of St. John the Baptist, Marathon Oil Corp., Project, Series 2017B-2                                                                          | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  12800000 | PA      | $11809546.24  | 0.45%             | 2037-06-01      | Variable      | 2.37%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Phoenix Children's Hospital                                                                                | CUSIP: 04052EAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $138237.83    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 102 La Grange                                             | Cook County School District No. 102, La Grange, Limited Tax                                                                                          | CUSIP: 214435LY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $825413.82    | 0.03%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Aurora CO Water Revenue                                                           | City of Aurora, First Lien Water                                                                                                                     | CUSIP: 051595AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2393998.09   | 0.09%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alabama                                                                          | State of Alabama                                                                                                                                     | CUSIP: 0104107R3<br>LEI: 549300TKZX0YNENZC895 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1262774.88   | 0.05%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority                                                                                                                 | CUSIP: 19648FGL2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   7255000 | PA      | $7329682.97   | 0.28%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Midlothian IL                                                                  | Village of Midlothian                                                                                                                                | CUSIP: 597810FG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121493.57    | 0.00%             | 2024-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Selinsgrove Area School District                                                          | Selinsgrove Area School District                                                                                                                     | CUSIP: 816361NQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95115.37     | 0.00%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                                 | Florida Higher Educational Facilities Financial Authority, Ringling College Project                                                                  | CUSIP: 34073TLS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185597.03    | 0.01%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Indiana PA                                                                      | County of Indiana                                                                                                                                    | CUSIP: 454686ED4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $179941.97    | 0.01%             | 2022-12-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Rockingham County Economic Development Authority                                          | Rockingham County Economic Development Authority, Sunnyside Presbyterian Home                                                                        | CUSIP: 773455AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99941.83     | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp., Commodity Project, Series 2021A                                                                                  | CUSIP: 88044TAF6<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036446.10   | 0.04%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Presbyterian Homes Obligated Group                                                                                       | CUSIP: 45204FHM0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   1125000 | PA      | $1091711.36   | 0.04%             | 2042-05-01      | Floating      | 2.60%                 | No            |                  2 | On Loan: No      |
| Harris County Fresh Water Supply District No. 61                                          | Harris County Fresh Water Supply District No. 61                                                                                                     | CUSIP: 414150TW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $696767.66    | 0.03%             | 2024-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Northshore University Health System                                                                                      | CUSIP: 45204FAM7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508200.90    | 0.02%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                                       | Port of Portland, International Airport                                                                                                              | CUSIP: 735240Z89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5240000 | PA      | $5496581.84   | 0.21%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Oyster Bay NY                                                                     | Town of Oyster Bay, Public Improvement                                                                                                               | CUSIP: 692160RP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013354.90   | 0.04%             | 2023-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northwestern Lehigh School District                                                       | Northwestern Lehigh School District                                                                                                                  | CUSIP: 66809MPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $683406.32    | 0.03%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Stamford Hospital                                                                     | CUSIP: 20775DJZ6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301676.97    | 0.01%             | 2024-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Iowa Falls IA                                                                     | City of Iowa Falls, Capital Lien                                                                                                                     | CUSIP: 462434NL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230424.24    | 0.01%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tippecanoe County School Building Corp.                                                   | Tippecanoe County School Building Corp., Ad Valorem Property Tax First Mortgage                                                                      | CUSIP: 88786PCL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300479.67    | 0.01%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vermont Educational & Health Buildings Financing Agency                                   | Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health                                                                     | CUSIP: 924166BT7<br>LEI: 549300ZC1ZW1EUIIV708 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.38%             | 2030-12-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| City of Jamestown NY                                                                      | City of Jamestown, Public Improvement                                                                                                                | CUSIP: 470574C69<br>LEI: 549300B6ML3S2H2XXS23 | Long             | DBT              | MUN               | US        |    545000 | PA      | $563208.61    | 0.02%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN/St Paul Housing & Redevelopment Authority                          | City of Minneapolis, Allina Health                                                                                                                   | CUSIP: 603695FQ5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1625000 | PA      | $1625000.00   | 0.06%             | 2034-11-15      | Variable      | 1.89%                 | No            |                  2 | On Loan: No      |
| Armstrong School District                                                                 | Armstrong School District, Series 2019A                                                                                                              | CUSIP: 042467LY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240265.63    | 0.01%             | 2023-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels                                                                                      | CUSIP: 89602HAD9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  16000000 | PA      | $15077424.00  | 0.57%             | 2045-05-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Selinsgrove Area School District                                                          | Selinsgrove Area School District, Series 2019A                                                                                                       | CUSIP: 816361NG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $4990.67      | 0.00%             | 2023-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick County Unified School District No. 265 Goddard                                   | Sedgwick County Unified School District No. 265 Goddard                                                                                              | CUSIP: 815668PE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1052141.16   | 0.04%             | 2024-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lakeshore Technical College District                                                      | Lakeshore Technical College District                                                                                                                 | CUSIP: 51209EKF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $406334.03    | 0.02%             | 2024-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Garvin County Educational Facilities Authority                                            | Garvin County Educational Facilities Authority, Pernell Public Schools Project                                                                       | CUSIP: 36665VCR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110987.48    | 0.00%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia State Road & Tollway Authority                                                    | Georgia State Road and Tollway Authority, Federal Highway Reimbursement                                                                              | CUSIP: 37358MEE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3036471.00   | 0.12%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oak Creek WI                                                                      | City of Oak Creek                                                                                                                                    | CUSIP: 671137ZX8<br>LEI: 549300FLUIG6KPZ61B39 | Long             | DBT              | MUN               | US        |    180000 | PA      | $180287.08    | 0.01%             | 2023-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project                                                          | CUSIP: 13049YDF5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    425000 | PA      | $443180.35    | 0.02%             | 2025-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washington NE                                                                   | County of Washington, Wastewater and Solid Waste Disposal Facilities, Cargill Incorporated Projects                                                  | CUSIP: 938120AD4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   6800000 | PA      | $6415928.52   | 0.24%             | 2030-09-01      | Variable      | 0.90%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                                  | Chester County Health and Education Facilities Authority, Main Line Health System                                                                    | CUSIP: 16557HES0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215338.32    | 0.01%             | 2024-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                 | City of Atlanta, Department of Aviation                                                                                                              | CUSIP: 04780MXE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1878547.68   | 0.07%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Pittsburgh-of the Commonwealth System of Higher Education                   | University of Pittsburgh of the Commonwealth System of Higher Education                                                                              | CUSIP: 91335VKV7<br>LEI: 5493002C83QSGL8ETT42 | Long             | STIV             | MUN               | US        |  52000000 | PA      | $51981976.80  | 1.98%             | 2024-02-15      | Floating      | 2.26%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project                                                                             | CUSIP: 546399KT2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   8410000 | PA      | $8723983.15   | 0.33%             | 2050-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 160 Country Club Hills                                    | Cook County School District No. 160, Country Club Hills, Limited Tax                                                                                 | CUSIP: 215265EU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102200.69    | 0.00%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                                 | Central Texas Regional Mobility Authority, Subordinated Lien                                                                                         | CUSIP: 155498KR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6430000 | PA      | $6591773.66   | 0.25%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jackson MO                                                                      | County of Jackson, Harry S. Truman Sports Complex Project                                                                                            | CUSIP: 467578HK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.15%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Ross OH                                                                         | County of Ross, Adena Health System Obligated Group Project                                                                                          | CUSIP: 778260FC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $355000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                                    | Wisconsin Department of Transportation                                                                                                               | CUSIP: 977123Z43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1297490.75   | 0.05%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Altoona PA Sewer Revenue                                                          | City of Altoona, Guaranteed Sewer                                                                                                                    | CUSIP: 02178CAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306543.75    | 0.01%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                           | State of Louisiana Gasoline and Fuels Tax, Second Lien                                                                                               | CUSIP: 546475UU6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  60000000 | PA      | $59211750.00  | 2.26%             | 2043-05-01      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| Port of Tacoma WA                                                                         | Port of Tacoma, Subordinate Lien                                                                                                                     | CUSIP: 735439NE7<br>LEI: 549300MLYO8L64QKXV81 | Long             | STIV             | MUN               | US        |   2350000 | PA      | $2350000.00   | 0.09%             | 2044-12-01      | Variable      | 1.83%                 | No            |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                      | Kane County School District No. 131 Aurora East Side                                                                                                 | CUSIP: 484008PB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $121873.31    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                          | Regional Transportation District, Denver Transit Partners                                                                                            | CUSIP: 759151AY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $107377.06    | 0.00%             | 2026-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| West Palm Beach Community Redevelopment Agency                                            | West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area                                                             | CUSIP: 955070CY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1342973.42   | 0.05%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sangamon Menard Etc Counties Community School District No. 8 Pleasant Plains              | Sangamon Menard Etc Counties Community School District No. 8 Pleasant Plains                                                                         | CUSIP: 800805FF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $374250.04    | 0.01%             | 2024-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2019                                                                                                                   | CUSIP: 64966MD63<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10397182.00  | 0.40%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                         | State of Colorado                                                                                                                                    | CUSIP: 196711RU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2183190.36   | 0.08%             | 2024-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                 | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System                                                            | CUSIP: 414009MW7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  18300000 | PA      | $18300000.00  | 0.70%             | 2036-06-01      | Variable      | 1.93%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group                                                           | CUSIP: 97712DN51<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5769329.20   | 0.22%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Carol Stream Park District                                                                | Carol Stream Park District                                                                                                                           | CUSIP: 143735VN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $417470.07    | 0.02%             | 2025-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Lackawanna PA                                                                   | County of Lackawanna                                                                                                                                 | CUSIP: 505480T78<br>LEI: 549300FAS2IVO11LYX32 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200734.48    | 0.01%             | 2023-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                            | Wayne County Airport Authority                                                                                                                       | CUSIP: 944514TU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041088.20   | 0.04%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Peters MO                                                                      | City of St. Peters                                                                                                                                   | CUSIP: 793187EK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $628528.00    | 0.02%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                          | Regional Transportation District, Denver Transit Partners                                                                                            | CUSIP: 759151AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $233789.81    | 0.01%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spring-Benner-Walker Joint Authority                                                      | Spring-Benner-Walker Joint Authority                                                                                                                 | CUSIP: 849437BK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $448940.84    | 0.02%             | 2024-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Airport System, Subordinate Lien, Series 2021A                                                                                      | CUSIP: 442349FD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513351.40    | 0.02%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fulton School District/MI                                                                 | Fulton School District, Unlimited Tax                                                                                                                | CUSIP: 360432DL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $219415.85    | 0.01%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                                 | Florida Higher Educational Facilities Financial Authority, St. Leo University Project                                                                | CUSIP: 34073TLB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $410596.71    | 0.02%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 160 Country Club Hills                                    | Cook County School District No. 160, Country Club Hills, Limited Tax                                                                                 | CUSIP: 215265ET2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101155.06    | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Horizon City TX                                                                   | Town of Horizon City, Combination Tax                                                                                                                | CUSIP: 44042XBB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $232102.64    | 0.01%             | 2023-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                                       | State of New Jersey, COVID-19 Emergency Bonds                                                                                                        | CUSIP: 646039YJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12670000 | PA      | $13362586.55  | 0.51%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Port Arthur TX                                                                    | City of Port Arthur, Combination Tax, Certificates of Obligation                                                                                     | CUSIP: 733488K82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $366030.14    | 0.01%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                      | Chicago Midway International Airport, Second Lien                                                                                                    | CUSIP: 167562PD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150312.15    | 0.01%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Valdez AK                                                                         | City of Valdez, Phillips Trans Alaska Project                                                                                                        | CUSIP: 919061ET4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  23100000 | PA      | $23100000.00  | 0.88%             | 2031-05-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 152                                          | Harris County Municipal Utility District No. 152, Unlimited Tax                                                                                      | CUSIP: 414951HH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400868.04    | 0.02%             | 2023-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Grady County School Finance Authority                                                     | Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project                                                   | CUSIP: 384201GY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302804.34    | 0.01%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hopkins Public Schools                                                                    | Hopkins Public Schools                                                                                                                               | CUSIP: 439830JB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $367196.13    | 0.01%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Greene MO                                                                       | County of Greene, Special Obligation                                                                                                                 | CUSIP: 394594DG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $552929.54    | 0.02%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019                                                                    | CUSIP: 64972GSC9<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |  23200000 | PA      | $23200000.00  | 0.88%             | 2051-06-15      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority     | Louisiana Local Government Environmental Facilities and Community Development Authority, East Ascension Consolidated Gravity Drainage District No. 1 | CUSIP: 546282L93<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    715000 | PA      | $758790.53    | 0.03%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program                                                                     | CUSIP: 574215RD3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  16915000 | PA      | $16915000.00  | 0.64%             | 2035-04-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                          | Regional Transportation District, Denver Transit Partners                                                                                            | CUSIP: 759151AU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204092.98    | 0.01%             | 2024-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Will IL                                                                         | County of Will                                                                                                                                       | CUSIP: 968657HS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $537155.06    | 0.02%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson Public Schools/MI                                                                 | Jackson Public Schools, Unlimited Tax                                                                                                                | CUSIP: 468312HX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $608740.23    | 0.02%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lake Charles Harbor & Terminal District                                                   | Lake Charles Harbor and Terminal District, Big Lake Full LLC Projects                                                                                | CUSIP: 507739BB5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5000000 | PA      | $4702136.00   | 0.18%             | 2051-12-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                                     | Duluth Economic Development Authority, Benedictine Health System, Series 2021A                                                                       | CUSIP: 26444VAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $96287.17     | 0.00%             | 2025-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Jackson MS                                                                      | County of Jackson, Port Facility, Chevron USA, Inc. Project                                                                                          | CUSIP: 467229AF7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.76%             | 2023-06-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                        | South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project                                                                      | CUSIP: 837031ZB2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    130000 | PA      | $129159.12    | 0.00%             | 2023-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Austin Community College District                                                         | Austin Community College District, Combined Fee                                                                                                      | CUSIP: 052404NS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170709.56    | 0.01%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bryan County School Finance Authority                                                     | Bryan County School Finance Authority, Durant Public Schools Project                                                                                 | CUSIP: 117510BH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $156836.16    | 0.01%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2012                                                                                                                   | CUSIP: 64966JQG4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |   2300000 | PA      | $2300000.00   | 0.09%             | 2038-08-01      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| Pittsburg County Educational Facilities Authority                                         | Pittsburg County Educational Facilities Authority, McAlester Public Schools Project                                                                  | CUSIP: 72460MAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254944.15    | 0.01%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                      | Kane County School District No. 131 Aurora East Side                                                                                                 | CUSIP: 484008NE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $147803.50    | 0.01%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Punxsutawney Area School District                                                         | Punxsutawney Area School District                                                                                                                    | CUSIP: 746087GD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156374.07    | 0.01%             | 2024-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of East Coventry PA                                                              | Township of East Coventry                                                                                                                            | CUSIP: 271862BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $346837.85    | 0.01%             | 2025-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2011                                                                    | CUSIP: 64972FX27<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |  11200000 | PA      | $11200000.00  | 0.43%             | 2043-06-15      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| City of Port Arthur TX                                                                    | City of Port Arthur                                                                                                                                  | CUSIP: 733488J68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $914390.02    | 0.03%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                              | Birmingham Airport Authority                                                                                                                         | CUSIP: 090888GK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $239681.54    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clear Brook City Municipal Utility District                                               | Clear Brook City Municipal Utility District, Unlimited Tax                                                                                           | CUSIP: 18450CTN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $449349.62    | 0.02%             | 2023-02-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                               | Long Island Power Authority, Electric System                                                                                                         | CUSIP: 542691CW8<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    680000 | PA      | $735953.05    | 0.03%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                                     | New Jersey Health Care Facilities Financing Authority, Virtua Health, Inc.                                                                           | CUSIP: 64579FYL1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.19%             | 2043-07-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 100 South Berwyn                                          | Cook County School District No. 100, South Berwyn                                                                                                    | CUSIP: 214399SZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $351670.40    | 0.01%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Akron OH                                                                          | City of Akron, Various Purpose                                                                                                                       | CUSIP: 0100332D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $565000.00    | 0.02%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                                     | New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group, Series 2021A                                                 | CUSIP: 645790PH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6810000 | PA      | $6899743.54   | 0.26%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                                                 | CUSIP: 20772KKG3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    400000 | PA      | $403037.28    | 0.02%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Suffolk University Issue                                                                                   | CUSIP: 57584YRM3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    350000 | PA      | $358856.09    | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipality of Penn Hills PA                                                             | Municipality of Penn Hills, Series 2019A                                                                                                             | CUSIP: 707483PW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $345000.00    | 0.01%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| York County Economic Development Authority                                                | York County Economic Development Authority, Electric and Power Co. Project                                                                           | CUSIP: 98659AAB1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   8000000 | PA      | $7916390.40   | 0.30%             | 2033-05-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Pewaukee School District                                                                  | Pewaukee School District, Series 2019A                                                                                                               | CUSIP: 717021KT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $385644.53    | 0.01%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund, Holland Home Obligated Group                                                                                                | CUSIP: 594698RH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $189417.40    | 0.01%             | 2023-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Shawano WI                                                                        | City of Shawano, Promissory Notes                                                                                                                    | CUSIP: 820412MT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150214.49    | 0.01%             | 2023-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Adventist Health System                                                                            | CUSIP: 13032UUX4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1573281.20   | 0.06%             | 2041-03-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 160 Country Club Hills                                    | Cook County School District No. 160, Country Club Hills, Limited Tax                                                                                 | CUSIP: 215265ES4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                                   | City of Philadelphia, Airport System                                                                                                                 | CUSIP: 717817UP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1629030.63   | 0.06%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community School District No. 97 Oak Park                                     | Cook County Community School District No. 97, Oak Park                                                                                               | CUSIP: 213287BT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $278745.91    | 0.01%             | 2024-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 102 La Grange                                             | Cook County School District No. 102, La Grange, Limited Tax                                                                                          | CUSIP: 214435LZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $835719.39    | 0.03%             | 2023-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Rusk WI                                                                         | County of Rusk, Promissory Notes                                                                                                                     | CUSIP: 782197GA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $260264.19    | 0.01%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                         | Tulsa County Industrial Authority, Sand Springs Public Schools Project                                                                               | CUSIP: 89952PFR1<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    435000 | PA      | $442793.63    | 0.02%             | 2024-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rockport IN                                                                       | City of Rockport, Indiana Michigan Power Co. Project, Series 2009B                                                                                   | CUSIP: 773835BS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6516946.15   | 0.25%             | 2025-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Elk City Industrial Authority                                                             | Elk City Industrial Authority, Sales Tax                                                                                                             | CUSIP: 287178AD9<br>LEI: 254900M6FZ4FQFLKMD91 | Long             | DBT              | MUN               | US        |    105000 | PA      | $104388.04    | 0.00%             | 2023-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Tower Health Project                                                                                         | CUSIP: 084538HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $569855.58    | 0.02%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee & Ogle Counties School District No. 170 Dixon                                         | Lee and Ogle Counties School District No. 170 Dixon                                                                                                  | CUSIP: 523354JS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $255184.90    | 0.01%             | 2023-01-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Village of Midlothian IL                                                                  | Village of Midlothian                                                                                                                                | CUSIP: 597810FF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $190172.63    | 0.01%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iroquois School District                                                                  | Iroquois School District                                                                                                                             | CUSIP: 463583FV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202245.56    | 0.01%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency, Tax-Exempt Telecommunications                                                                                            | CUSIP: 917467BN1<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |     60000 | PA      | $59371.78     | 0.00%             | 2023-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Montana State Board of Regents                                                            | Montana State Board of Regents, Montana State University                                                                                             | CUSIP: 61212LQZ5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2760000 | PA      | $2759756.29   | 0.11%             | 2035-11-15      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                            | State of Texas, Veterans, Series 2011A                                                                                                               | CUSIP: 882723H51<br>LEI: 549300X9CH74QB747L76 | Long             | STIV             | MUN               | US        |  10530000 | PA      | $10530000.00  | 0.40%             | 2041-06-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                                     | County of Franklin, Hospital Facilities, OhioHealth Corp.                                                                                            | CUSIP: 353187CT2<br>LEI: 549300VCBUC1RZE7KL42 | Long             | STIV             | MUN               | US        |    175000 | PA      | $175000.00    | 0.01%             | 2033-11-15      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                                   | County of Miami-Dade                                                                                                                                 | CUSIP: 59333NJB0<br>LEI: 549300QG0NBD9HULR263 | Long             | STIV             | MUN               | US        |   5760000 | PA      | $5760000.00   | 0.22%             | 2043-04-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| City of Toledo OH                                                                         | City of Toledo, Limited Tax, Capital Improvement                                                                                                     | CUSIP: 889278YE1<br>LEI: 549300I365GIDPR4BM68 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1305000.00   | 0.05%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Travis County Water Control & Improvement District No. 17                                 | Travis County Water Control and Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax                                          | CUSIP: 894521AE3<br>LEI: 549300F2GYMQ0I900723 | Long             | DBT              | MUN               | US        |    300000 | PA      | $308143.47    | 0.01%             | 2025-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of West Alabama                                                                | University of West Alabama, General Fee                                                                                                              | CUSIP: 915235DX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126555.80    | 0.00%             | 2024-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Health Facility Financing Authority                                               | Indiana Health Facility Financing Authority, Ascension Health Credit Group                                                                           | CUSIP: 454798UR8<br>LEI: 549300P2SI60HN6M7V39 | Long             | STIV             | MUN               | US        |    125000 | PA      | $124852.95    | 0.00%             | 2036-11-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| City of St Peters MO                                                                      | City of St. Peters                                                                                                                                   | CUSIP: 793187EM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $436436.41    | 0.02%             | 2025-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Brunswick Parking Authority                                                           | New Brunswick Parking Authority, Tax-Exempt                                                                                                          | CUSIP: 642835QC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537074.25    | 0.02%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                          | California Pollution Control Financing Authority, American Water Capital Corp. Project                                                               | CUSIP: 13055JAB1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1850000 | PA      | $1813776.82   | 0.07%             | 2040-08-01      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| Mississippi Hospital Equipment & Facilities Authority                                     | Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project                                           | CUSIP: 605360SZ0<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |    370000 | PA      | $377719.31    | 0.01%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development                                                                                                    | CUSIP: 71781QEJ3<br>LEI: 549300DIY68KQZEW7M79 | Long             | STIV             | MUN               | US        |   6400000 | PA      | $6400000.00   | 0.24%             | 2030-10-01      | Variable      | 1.86%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI                                                                      | City of Milwaukee, Promissory Notes                                                                                                                  | CUSIP: 602366TX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1955000 | PA      | $1983891.58   | 0.08%             | 2024-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of East Coventry PA                                                              | Township of East Coventry                                                                                                                            | CUSIP: 271862BR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275886.57    | 0.01%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Orange NC                                                                       | County of Orange, Limited Obligation, Series 2021A                                                                                                   | CUSIP: 684566CR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $366115.09    | 0.01%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lorain OH                                                                         | City of Lorain, Limited Tax                                                                                                                          | CUSIP: 5436894Z3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303760.95    | 0.01%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                              | Clark County School District, Limited Tax                                                                                                            | CUSIP: 181059YC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026404.00   | 0.08%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ                                                                         | City of Newark                                                                                                                                       | CUSIP: 650367PV1<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |    595000 | PA      | $628045.76    | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                                      | Alaska Municipal Bond Bank Authority                                                                                                                 | CUSIP: 01179RE41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $795269.03    | 0.03%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                                                 | CUSIP: 20772KKH1<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1071717.38   | 0.04%             | 2024-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Gladstone MI                                                                      | City of Gladstone, Capital Improvement, Limited Tax                                                                                                  | CUSIP: 376550DG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275999.90    | 0.01%             | 2025-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Delaware Municipal Electric Corp. (The)                                                   | Delaware Municipal Electric Corp. (The), Middletown and Seaford Project                                                                              | CUSIP: 246154BZ0<br>LEI: 549300YTTTN4102GXK87 | Long             | DBT              | MUN               | US        |    220000 | PA      | $224392.32    | 0.01%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                         | Tulsa County Industrial Authority, Sand Springs Public Schools Project                                                                               | CUSIP: 89952PFQ3<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    175000 | PA      | $176570.99    | 0.01%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Floral Park-Bellerose Union Free School District                                          | Floral Park-Bellerose Union Free School District                                                                                                     | CUSIP: 339832DZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $475000.00    | 0.02%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Selinsgrove Area School District                                                          | Selinsgrove Area School District, Series 2019A                                                                                                       | CUSIP: 816361NH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $580542.24    | 0.02%             | 2023-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                   | County of Montgomery, Public Improvement                                                                                                             | CUSIP: 61334PCP6<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026804.10   | 0.04%             | 2024-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northwest Harris County Municipal Utility District No. 19                                 | Northwest Harris County Municipal Utility District No. 19, Unlimited Tax                                                                             | CUSIP: 667907SK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $104232.46    | 0.00%             | 2023-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Town of Schererville IN Sewage Works Revenue                                              | Town of Schererville, Sewage Works                                                                                                                   | CUSIP: 806551ES2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75236.86     | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Plano Public Facility Corp.                                                               | Plano Public Facility Corp., K Avenue Lofts                                                                                                          | CUSIP: 72721CAA8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   9500000 | PA      | $9500000.00   | 0.36%             | 2041-12-01      | Variable      | 0.65%                 | No            |                  2 | On Loan: No      |
| Tippecanoe County School Building Corp.                                                   | Tippecanoe County School Building Corp., Ad Valorem Property Tax First Mortgage                                                                      | CUSIP: 88786PCM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $382996.91    | 0.01%             | 2023-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Northeastern University Issue                                                                              | CUSIP: 57584YZT9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    975000 | PA      | $1036523.67   | 0.04%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of DeForest WI                                                                    | Village of DeForest                                                                                                                                  | CUSIP: 240297KV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4865000 | PA      | $4866704.21   | 0.19%             | 2023-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                                        | Southeastern Pennsylvania Transportation Authority                                                                                                   | CUSIP: 842039EM7<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    750000 | PA      | $799481.70    | 0.03%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                        | City of Houston, Combined Utility System, First Lien                                                                                                 | CUSIP: 442435XR9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   9000000 | PA      | $9000000.00   | 0.34%             | 2034-05-15      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                      | Chicago O'Hare International Airport, General Airport, Senior Lien                                                                                   | CUSIP: 167593Q39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512852.70    | 0.02%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                               | New York City Industrial Development Agency, Queens Baseball Stadium Project                                                                         | CUSIP: 64971PKU8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057925.20   | 0.04%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Brunswick Parking Authority                                                           | New Brunswick Parking Authority, Tax-Exempt                                                                                                          | CUSIP: 642835QG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $441051.87    | 0.02%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                                        | Grand Parkway Transportation Corp., System Toll                                                                                                      | CUSIP: 38611TAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21060000 | PA      | $21483967.28  | 0.82%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                            | Tender Option Bond Trust Receipts/Certificates                                                                                                       | CUSIP: 88034MRW8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   8200000 | PA      | $8200000.00   | 0.31%             | 2041-05-15      | Variable      | 2.02%                 | Yes           |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project                                                                 | CUSIP: 64542UFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $89781.60     | 0.00%             | 2023-01-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Tulane University Project                                                                                     | CUSIP: 546399PE0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     80000 | PA      | $84866.18     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                            | University of Central Arkansas, Student Fee                                                                                                          | CUSIP: 914115S27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $216611.18    | 0.01%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                                        | Southeastern Pennsylvania Transportation Authority                                                                                                   | CUSIP: 842039EL9<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1310611.63   | 0.05%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                          | CUSIP: 613603B99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $305077.47    | 0.01%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission, Series 2019A                                                                                                       | CUSIP: 709224Q77<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023403.30   | 0.04%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                               | New York City Industrial Development Agency, Queens Baseball Stadium Project                                                                         | CUSIP: 64971PKV6<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072887.40   | 0.04%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, School Facilities Construction, Series 2021QQQ                                                            | CUSIP: 64577XCB0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    555000 | PA      | $589671.18    | 0.02%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                             | North Texas Tollway Authority                                                                                                                        | CUSIP: 66285WK96<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   4195000 | PA      | $4203281.35   | 0.16%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project                                                          | CUSIP: 13049YDH1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    725000 | PA      | $775670.18    | 0.03%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Burgettstown Area School District                                                         | Burgettstown Area School District, Series 2019A                                                                                                      | CUSIP: 121262KB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200671.26    | 0.01%             | 2023-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Wellforce Issue                                                                                            | CUSIP: 57584YA90<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    175000 | PA      | $183601.08    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                                  | Chicago Transit Authority Capital Grant Receipts                                                                                                     | CUSIP: 167723HB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $617549.10    | 0.02%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lorain OH                                                                         | City of Lorain, Limited Tax                                                                                                                          | CUSIP: 5436894Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $280000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School District of the City of Erie (The)                                                 | School District of the City of Erie (The), Limited Tax                                                                                               | CUSIP: 295425TK8<br>LEI: 549300VQZWUO5J8WLO42 | Long             | DBT              | MUN               | US        |    315000 | PA      | $317349.24    | 0.01%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                        | Rhode Island Health and Educational Building Corp., Lifespan Obligated Group                                                                         | CUSIP: 762244FA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2264271.98   | 0.09%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                                        | Southeastern Pennsylvania Transportation Authority                                                                                                   | CUSIP: 842039EK1<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    755000 | PA      | $780449.84    | 0.03%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleroi Borough Authority Water System Revenue                                          | Charleroi Borough Authority Water System                                                                                                             | CUSIP: 159735FT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $227643.23    | 0.01%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Big Foot Union High School District                                                       | Big Foot Union High School District                                                                                                                  | CUSIP: 08916LCL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115368.91    | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                                       | State of New Jersey, COVID-19 Emergency Bonds                                                                                                        | CUSIP: 646039YH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  37550000 | PA      | $38815750.42  | 1.48%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                             | New Jersey Turnpike Authority                                                                                                                        | CUSIP: 646140DH3<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7507973.20   | 0.29%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Peters MO                                                                      | City of St. Peters                                                                                                                                   | CUSIP: 793187EL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $661320.92    | 0.03%             | 2024-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Muncy School District                                                                     | Muncy School District                                                                                                                                | CUSIP: 626038GF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $347281.55    | 0.01%             | 2023-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                            | University of Central Arkansas, Student Fee                                                                                                          | CUSIP: 914115R69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $208923.13    | 0.01%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Partners Healthcare System Issue                                                                           | CUSIP: 57584X7A3<br>LEI: 549300UZSVMFXJK08K70 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1500320.85   | 0.06%             | 2038-07-01      | Floating      | 2.40%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Marian University Project                                                                                                 | CUSIP: 45506D4S1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    155000 | PA      | $158848.53    | 0.01%             | 2024-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                      | County of Harnett, Limited Obligation                                                                                                                | CUSIP: 41333TCA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025926.20   | 0.04%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Akron OH                                                                          | City of Akron, Various Purpose                                                                                                                       | CUSIP: 0100332E7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $479516.93    | 0.02%             | 2023-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Northshore University Health System                                                                                      | CUSIP: 45204FAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038047.60   | 0.04%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                 | Metropolitan Government of Nashville and Davidson County                                                                                             | CUSIP: 592112TW6<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |    600000 | PA      | $647822.76    | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Apollo-Ridge School District                                                              | Apollo-Ridge School District                                                                                                                         | CUSIP: 037625LA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $458876.61    | 0.02%             | 2024-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                                    | University of Illinois, Health Services System, Series 2008                                                                                          | CUSIP: 914353VZ7<br>LEI: 549300VD8PPC4Q5HK850 | Long             | STIV             | MUN               | US        |  12510000 | PA      | $12510000.00  | 0.48%             | 2026-10-01      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| Punxsutawney Area School District                                                         | Punxsutawney Area School District                                                                                                                    | CUSIP: 746087GC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255105.13    | 0.01%             | 2023-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                            | University of Central Arkansas, Student Fee                                                                                                          | CUSIP: 914115R93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $234858.54    | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sangamon County Community Unit School District No. 5 Ball-Chatham                         | Sangamon County Community Unit School District No. 5, Ball-Chatham                                                                                   | CUSIP: 800732KD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2019913.58   | 0.08%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chesapeake Hospital Authority                                                             | Chesapeake Hospital Authority, Regional Medical Center                                                                                               | CUSIP: 16532VAY0<br>LEI: 549300MDFV8QY288K198 | Long             | DBT              | MUN               | US        |    925000 | PA      | $935850.07    | 0.04%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bridgestone Municipal Utility District                                                    | Bridgestone Municipal Utility District, Unlimited Tax, Series 2019A                                                                                  | CUSIP: 108443UK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85115.08     | 0.00%             | 2023-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Town of Oyster Bay NY                                                                     | Town of Oyster Bay, Public Improvement                                                                                                               | CUSIP: 692160RQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $972260.31    | 0.04%             | 2024-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lee Memorial Health System                                                                | Lee Memorial Health System                                                                                                                           | CUSIP: 52385LCZ0<br>LEI: 54930018FIX4OVLGH070 | Long             | DBT              | MUN               | US        |    575000 | PA      | $589632.14    | 0.02%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Brunswick Parking Authority                                                           | New Brunswick Parking Authority, Tax-Exempt                                                                                                          | CUSIP: 642835QH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $449226.23    | 0.02%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                            | University of Central Arkansas, Student Fee                                                                                                          | CUSIP: 914115R85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $241940.13    | 0.01%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Municipal Utility District No. 94                                       | Montgomery County Municipal Utility District No. 94, Unlimited Tax                                                                                   | CUSIP: 613926RQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $183260.15    | 0.01%             | 2023-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                                        | Mission Economic Development Corp., Waste Management, Inc., Project                                                                                  | CUSIP: 605155BP4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  10000000 | PA      | $9598136.00   | 0.37%             | 2048-11-01      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| Broome County Local Development Corp.                                                     | Broome County Local Development Corp., United Health Services Hospitals, Inc., Project                                                               | CUSIP: 114731AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514044.75    | 0.02%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Fordham University                                                                                               | CUSIP: 64990C5D9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    920000 | PA      | $932123.94    | 0.04%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Watertown WI                                                                      | City of Watertown, Promissory Notes                                                                                                                  | CUSIP: 942214YP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $426623.33    | 0.02%             | 2024-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority Aviation, Series 2021A                                                                                    | CUSIP: 592647JT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6189021.60   | 0.24%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                  | Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project                                                            | CUSIP: 18610PAX6<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105047.86    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Kaufman TX                                                                      | County of Kaufman, Limited Tax                                                                                                                       | CUSIP: 486188GT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $136308.37    | 0.01%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyalusing Area School District                                                            | Wyalusing Area School District                                                                                                                       | CUSIP: 982613JZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185882.95    | 0.01%             | 2024-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project                                                                 | CUSIP: 64542UFE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $296418.72    | 0.01%             | 2025-01-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 160 Country Club Hills                                    | Cook County School District No. 160, Country Club Hills                                                                                              | CUSIP: 215265EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $260611.76    | 0.01%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Industrial Development Authority                                        | Miami-Dade County Industrial Development Authority, Solid Waste Disposal, Waste Management, Inc. of Florida Project, Series 2018B                    | CUSIP: 59333GAN8<br>LEI: 549300RM19LZY32DAU30 | Long             | STIV             | MUN               | US        |  10500000 | PA      | $10078042.80  | 0.38%             | 2048-11-01      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 160 Country Club Hills                                    | Cook County School District No. 160, Country Club Hills                                                                                              | CUSIP: 215265EK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $510000.00    | 0.02%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stockton Public Financing Authority                                                       | Stockton Public Financing Authority                                                                                                                  | CUSIP: 86139TAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $361565.46    | 0.01%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 89 Maywood                                                | Cook County School District No. 89, Maywood, Maywood-Melrose Park-Broadview, Limited Tax                                                             | CUSIP: 214201HE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $561642.74    | 0.02%             | 2023-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                      | Kane County School District No. 131 Aurora East Side                                                                                                 | CUSIP: 484008PA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $239543.61    | 0.01%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Advocate Health Care Network                                                                                             | CUSIP: 45200FFT1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   2650000 | PA      | $2650000.00   | 0.10%             | 2038-11-01      | Variable      | 1.97%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                                        | County of Bexar, Tax Exempt Venue Project                                                                                                            | CUSIP: 088518MD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $278258.53    | 0.01%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                               | California Enterprise Development Authority, Riverside County, Library Facility Project                                                              | CUSIP: 13067VAB0<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    200000 | PA      | $202398.88    | 0.01%             | 2023-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County Unified School District No. 202 Turner                                   | Wyandotte County Unified School District No. 202 Turner                                                                                              | CUSIP: 982683FG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $399952.44    | 0.02%             | 2024-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Ashland KY                                                                        | City of Ashland, Ashland Hospital Corp. DBA King's Daughters Medical Center                                                                          | CUSIP: 044293BK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $601855.02    | 0.02%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Idaho                                                                       | University of Idaho                                                                                                                                  | CUSIP: 914318R36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $346281.38    | 0.01%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Tulane University Project                                                                                     | CUSIP: 546399PC4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21367.05     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Valdez AK                                                                         | City of Valdez, Exxon Pipeline Co. Project                                                                                                           | CUSIP: 919061DU2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   6840000 | PA      | $6840000.00   | 0.26%             | 2033-12-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL Utility System Revenue                                             | City of Tallahassee, Utility System                                                                                                                  | CUSIP: 874461KS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2477909.39   | 0.09%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Gas Prepay, Series 2018B-2                                                                                           | CUSIP: 09182RAH4<br>LEI: 549300I8V0Z68JQCB679 | Long             | STIV             | MUN               | US        |  30000000 | PA      | $29761470.00  | 1.13%             | 2048-12-01      | Floating      | 2.52%                 | No            |                  2 | On Loan: No      |
| County of Saunders NE                                                                     | County of Saunders                                                                                                                                   | CUSIP: 804491GG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $416749.10    | 0.02%             | 2024-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Gary Community School Building Corp.                                                      | Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage                                                                         | CUSIP: 366754DG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $242161.91    | 0.01%             | 2026-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                                   | Chattanooga Health Educational and Housing Facility Board, Battery Heights Apartment                                                                 | CUSIP: 162404DL8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1961985.40   | 0.07%             | 2024-08-01      | Variable      | 0.20%                 | No            |                  2 | On Loan: No      |
| Socorro Independent School District                                                       | Socorro Independent School District, Unlimited Tax                                                                                                   | CUSIP: 833715AQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2385000 | PA      | $2476620.25   | 0.09%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                          | Regional Transportation District, Denver Transit Partners                                                                                            | CUSIP: 759151AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50028.42     | 0.00%             | 2023-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Gary Community School Building Corp.                                                      | Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage                                                                         | CUSIP: 366754CZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165273.82    | 0.01%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Euclid City School District                                                               | Euclid City School District                                                                                                                          | CUSIP: 298048AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $183957.57    | 0.01%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 419                                          | Harris County Municipal Utility District No. 419, Unlimited Tax                                                                                      | CUSIP: 41421DG59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $330881.96    | 0.01%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Watertown WI                                                                      | City of Watertown, Promissory Notes                                                                                                                  | CUSIP: 942214YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125292.06    | 0.00%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Orange NC                                                                       | County of Orange, Limited Obligation, Series 2021A                                                                                                   | CUSIP: 684566CS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267000.65    | 0.01%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community Consolidated School District No. 34 Glenview                        | Cook County Community Consolidated School District No. 34, Glenview, Limited Tax                                                                     | CUSIP: 213453KZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152162.04    | 0.01%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lorain OH                                                                         | City of Lorain, Limited Tax                                                                                                                          | CUSIP: 5436895A7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255839.00    | 0.01%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Middletown Township Sewer Authority                                                       | Middletown Township Sewer Authority                                                                                                                  | CUSIP: 597290HD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $212305.88    | 0.01%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Airport System, Subordinate Lien, Series 2021A                                                                                      | CUSIP: 442349FC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $858938.77    | 0.03%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus County Industrial Facilities & Pollution Control Financing Authority             | Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project                                     | CUSIP: 199040AF3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    825000 | PA      | $793039.34    | 0.03%             | 2033-11-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL Utility System Revenue                                             | City of Tallahassee, Utility System                                                                                                                  | CUSIP: 874461KT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2657152.53   | 0.10%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montour School District                                                                   | Montour School District                                                                                                                              | CUSIP: 614707TQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200483.42    | 0.01%             | 2023-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Brunswick Parking Authority                                                           | New Brunswick Parking Authority, Tax-Exempt                                                                                                          | CUSIP: 642835QF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $340315.14    | 0.01%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lackawanna PA                                                                   | County of Lackawanna                                                                                                                                 | CUSIP: 505480W33<br>LEI: 549300FAS2IVO11LYX32 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1503102.15   | 0.06%             | 2026-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Greene MO                                                                       | County of Greene, Special Obligation                                                                                                                 | CUSIP: 394594DF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $526570.25    | 0.02%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Steel Valley School District                                                              | Steel Valley School District, Allegheny County, Pennsylvania Unlimited Tax                                                                           | CUSIP: 858151LK7<br>LEI: 549300BYA5FSMYFPGP34 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252772.25    | 0.01%             | 2023-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp., Commodity Project, Series 2021A                                                                                  | CUSIP: 88044TAB5<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252525.13    | 0.01%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gary Community School Building Corp.                                                      | Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage                                                                         | CUSIP: 366754DE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $219967.98    | 0.01%             | 2025-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jackson Public Schools/MI                                                                 | Jackson Public Schools, Unlimited Tax                                                                                                                | CUSIP: 468312HY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $700576.04    | 0.03%             | 2024-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission                                                                                                                     | CUSIP: 709225AF3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    400000 | PA      | $432840.20    | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Euclid City School District                                                               | Euclid City School District                                                                                                                          | CUSIP: 298048AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70843.04     | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Wellforce Issue                                                                                            | CUSIP: 57584YA82<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    115000 | PA      | $118768.03    | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ                                                                         | City of Newark                                                                                                                                       | CUSIP: 650367PN9<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |    750000 | PA      | $804741.75    | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pecan Grove Municipal Utility District                                                    | Pecan Grove Municipal Utility District, Unlimited Tax                                                                                                | CUSIP: 705116UR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $345667.68    | 0.01%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Buncombe County Metropolitan Sewerage District                                            | Buncombe County Metropolitan Sewerage District, Series 2008A                                                                                         | CUSIP: 120532GQ3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  17945000 | PA      | $17945000.00  | 0.68%             | 2031-07-01      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| Galveston Public Facility Corp.                                                           | Galveston Public Facility Corp., The Oleanders at Broadway                                                                                           | CUSIP: 36454CAA6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  11255000 | PA      | $10650107.90  | 0.41%             | 2025-08-01      | Variable      | 0.47%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                                  | County of Miami-Dade, Aviation System                                                                                                                | CUSIP: 59333P5M6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1458288.15   | 0.06%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ                                                                         | City of Newark                                                                                                                                       | CUSIP: 650367PL3<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037107.50   | 0.04%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend County Municipal Utility District No. 116                                       | Fort Bend County Municipal Utility District No. 116, Unlimited Tax                                                                                   | CUSIP: 346811PB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $450970.38    | 0.02%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Floral Park-Bellerose Union Free School District                                          | Floral Park-Bellerose Union Free School District                                                                                                     | CUSIP: 339832EC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $588097.13    | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Waste Management, Inc., Project, Series 2018A                                                              | CUSIP: 63608RAA2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  24500000 | PA      | $23515433.20  | 0.90%             | 2033-10-01      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Project No. 4                                                                                     | CUSIP: 84136FBC0<br>LEI: 25490090A3RLJHITY273 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $9715168.00   | 0.37%             | 2053-05-01      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| Savannah Economic Development Authority                                                   | Savannah Economic Development Authority, International Paper Co. Project                                                                             | CUSIP: 80483CNW7<br>LEI: 549300Q7LO1N6BCXOD30 | Long             | STIV             | MUN               | US        |   1675000 | PA      | $1610110.17   | 0.06%             | 2033-11-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 407 Riverview                                             | King County School District No. 407 Riverview, Unlimited Tax                                                                                         | CUSIP: 495152NS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507256.25    | 0.02%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                      | Kane County School District No. 131 Aurora East Side                                                                                                 | CUSIP: 484008NG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58287.23     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waterford School District/MI                                                              | Waterford School District, Unlimited Tax                                                                                                             | CUSIP: 941468YV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1385395.55   | 0.05%             | 2024-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                                        | City of Raleigh, Downtown Improvement Projects                                                                                                       | CUSIP: 751093FL4<br>LEI: 549300I7RPBIIRI16112 | Long             | STIV             | MUN               | US        |  21400000 | PA      | $21400000.00  | 0.82%             | 2034-02-01      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| City of Derby CT                                                                          | City of Derby, Series 2019A                                                                                                                          | CUSIP: 249739UW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152334.36    | 0.01%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                         | State of Colorado                                                                                                                                    | CUSIP: 196711RT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2563020.50   | 0.10%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Carnegie Endowment for International Peace                                                                                     | CUSIP: 25483VAE4<br>LEI: 549300HWFOZXPKGOX654 | Long             | STIV             | MUN               | US        |    375000 | PA      | $375000.00    | 0.01%             | 2045-11-01      | Variable      | 1.89%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Northeastern University Issue                                                                              | CUSIP: 57584YZU6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    895000 | PA      | $967743.27    | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chesapeake Economic Development Authority                                                 | Chesapeake Economic Development Authority, Virginia Electric and Power Co. Project                                                                   | CUSIP: 16532YAC2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4250000 | PA      | $4205582.40   | 0.16%             | 2032-02-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project                                                                 | CUSIP: 64542UFD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $174338.23    | 0.01%             | 2024-01-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                                 | City of Salt Lake, International Airport, Series 2021A                                                                                               | CUSIP: 795576JF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303172.20    | 0.01%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berkeley County Board of Education/WV                                                     | Berkeley County Board of Education                                                                                                                   | CUSIP: 084239FY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $379398.38    | 0.01%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2021C                                                                                              | CUSIP: 56035DCT7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750165.08    | 0.03%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ                                                                         | City of Newark                                                                                                                                       | CUSIP: 650367PM1<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |    850000 | PA      | $897208.24    | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                    | CUSIP: 4521526H9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2602484.50   | 0.10%             | 2025-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                           | Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.                                                                    | CUSIP: 60416JCJ7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Travis County Municipal Utility District No. 4/TX                                         | Travis County Municipal Utility District No. 4, Unlimited Contract Tax                                                                               | CUSIP: 894389YU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $651257.95    | 0.02%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Aurora IL                                                                         | City of Aurora                                                                                                                                       | CUSIP: 051645R35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1526711.05   | 0.06%             | 2022-12-30      | 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        | 158616646 | NS      | $158695954.40 | 6.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Yamhill County Hospital Authority                                                         | Yamhill County Hospital Authority, Friendsview, Tax Exempt, Series 2021B-2                                                                           | CUSIP: 98464UBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $444918.05    | 0.02%             | 2027-11-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Piedmont Municipal Power Agency                                                           | Piedmont Municipal Power Agency, Series 2021A                                                                                                        | CUSIP: 720175YZ5<br>LEI: 549300C7VOBGIG4OD375 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1544794.96   | 0.06%             | 2024-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Stanford Health Clinic                                                                             | CUSIP: 13032UYT9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $19980806.00  | 0.76%             | 2054-08-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix (The)                             | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A       | CUSIP: 71885DCP5<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203119.28    | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                             | North Texas Tollway Authority, Second Tier                                                                                                           | CUSIP: 66285WZE9<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5010405.00   | 0.19%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Industrial Development Board          | Metropolitan Government Nashville and Davidson County Industrial Development Board, Waste Management, Inc. of Tennessee Project                      | CUSIP: 592107AA4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1150000 | PA      | $1080245.72   | 0.04%             | 2031-08-01      | Variable      | 0.58%                 | No            |                  2 | On Loan: No      |
| Ellis County Educational Facilities Authority                                             | Ellis County Educational Facilities Authority, Fargo-Gage Public Schools Project                                                                     | CUSIP: 28869RAY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $730542.83    | 0.03%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                                        | Mississippi Business Finance Corp., Chevron USA, Inc. Project                                                                                        | CUSIP: 60528ABR4<br>LEI: 549300DYV074JUDKBQ77 | Long             | STIV             | MUN               | US        |   7000000 | PA      | $7000000.00   | 0.27%             | 2030-12-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, School Facilities Construction, Series 2021QQQ                                                            | CUSIP: 64577XCA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    550000 | PA      | $576361.89    | 0.02%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                                | Industrial Development Board of The City of Mobile, Alabama Power Control, Barry Plant Project                                                       | CUSIP: 607167DZ3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4750000 | PA      | $4497502.35   | 0.17%             | 2034-06-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Parish of St. John the Baptist LA                                                         | Parish of St. John the Baptist, Marathon Oil Corp., Project, Series 2017B-1                                                                          | CUSIP: 79020FAZ9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  18000000 | PA      | $17410289.40  | 0.66%             | 2037-06-01      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| City of Ashland KY                                                                        | City of Ashland, Ashland Hospital Corp. DBA King's Daughters Medical Center                                                                          | CUSIP: 044293BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $586680.78    | 0.02%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Port Arthur TX                                                                    | City of Port Arthur, Combination Tax, Certificates of Obligation                                                                                     | CUSIP: 733488K90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $389868.90    | 0.01%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fulton School District/MI                                                                 | Fulton School District, Unlimited Tax                                                                                                                | CUSIP: 360432DK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $227853.41    | 0.01%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Prattville Industrial Development Board                                                   | Prattville Industrial Development Board, International Paper Co. Project                                                                             | CUSIP: 740040AB6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    430000 | PA      | $413341.71    | 0.02%             | 2033-11-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission, Series 2018A-1                                                                                                     | CUSIP: 709224G86<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | STIV             | MUN               | US        |  18000000 | PA      | $17998808.40  | 0.69%             | 2023-12-01      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| County of Manitowoc WI                                                                    | County of Manitowoc, Promissory Notes                                                                                                                | CUSIP: 563554UM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $895778.02    | 0.03%             | 2023-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2021                                                                                                                   | CUSIP: 64966QLX6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15595773.00  | 0.59%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| La Joya Independent School District                                                       | La Joya Independent School District, Maintenance Tax                                                                                                 | CUSIP: 503462VW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $421236.94    | 0.02%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority, Green Bond                                                                                          | CUSIP: 13013JBK1<br>LEI: 549300X8VKJ215S2R571 | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5010976.00   | 0.19%             | 2053-05-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Fort Bend County Levee Improvement District No. 11                                        | Fort Bend County Levee Improvement District No. 11, Levee Improvement, Unlimited Tax                                                                 | CUSIP: 346790HC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400921.52    | 0.02%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Capital Area Housing Finance Corp.                                                        | Capital Area Housing Finance Corp., Multi-Family Housing, Grand Avenue Flats Ltd.                                                                    | CUSIP: 139726CR2<br>LEI: 549300XICE1XLI0VXV87 | Long             | STIV             | MUN               | US        |  11100000 | PA      | $10437486.51  | 0.40%             | 2039-08-01      | Variable      | 0.29%                 | No            |                  2 | On Loan: No      |
| Village of Mount Pleasant WI                                                              | Village of Mount Pleasant, Promissory Notes                                                                                                          | CUSIP: 622792ND7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $382060.47    | 0.01%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 69 Skokie                                                 | Cook County School District No. 69, Skokie, Limited Tax                                                                                              | CUSIP: 213759HA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $474645.16    | 0.02%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                                       | Allegheny County Sanitary Authority, Sewer                                                                                                           | CUSIP: 017357F58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306004.80    | 0.01%             | 2024-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                      | County of Harnett, Limited Obligation                                                                                                                | CUSIP: 41333TCB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066287.80   | 0.04%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Champaign County Community Unit School District No. 4 Champaign                           | Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation                                                                | CUSIP: 158249MF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199515.88    | 0.01%             | 2023-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| University of Idaho                                                                       | University of Idaho                                                                                                                                  | CUSIP: 914318R28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $324641.65    | 0.01%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Stamford Hospital                                                                     | CUSIP: 20775DKC5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    350000 | PA      | $351321.29    | 0.01%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                              | Michigan State Housing Development Authority, Single Family Mortgage                                                                                 | CUSIP: 5946534W4<br>LEI: 549300NSWW1HVXE93T03 | Long             | STIV             | MUN               | US        |   4895000 | PA      | $4895000.00   | 0.19%             | 2030-06-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                                     | Duluth Economic Development Authority, Benedictine Health System, Series 2021A                                                                       | CUSIP: 26444VAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $208399.19    | 0.01%             | 2023-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission                                                                                                                     | CUSIP: 709225AE6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    325000 | PA      | $346543.54    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Marian University Project                                                                                                 | CUSIP: 45506D4R3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75894.71     | 0.00%             | 2023-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                                       | Louisville and Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project                                                     | CUSIP: 546749AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4533273.50   | 0.17%             | 2026-09-01      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Broome County Local Development Corp.                                                     | Broome County Local Development Corp., United Health Services Hospitals, Inc., Project                                                               | CUSIP: 114731AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530250.75    | 0.02%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                      | Kane County School District No. 131 Aurora East Side                                                                                                 | CUSIP: 484008NF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $249813.70    | 0.01%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                              | Birmingham Airport Authority                                                                                                                         | CUSIP: 090888GH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154990.26    | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Villa Park IL                                                                  | Village of Villa Park                                                                                                                                | CUSIP: 927022SL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $207453.62    | 0.01%             | 2023-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tucson AZ                                                                         | City of Tucson                                                                                                                                       | CUSIP: 898711W69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $350904.00    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Butler PA/Luzerne County                                                      | Township of Butler                                                                                                                                   | CUSIP: 123859AZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $285704.02    | 0.01%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt                                      | CUSIP: 650116EB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750000.00    | 0.03%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 89 Maywood                                                | Cook County School District No. 89, Maywood, Maywood-Melrose Park-Broadview, Limited Tax                                                             | CUSIP: 214201HD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $535248.72    | 0.02%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp., Commodity Project, Series 2021A                                                                                  | CUSIP: 88044TAE9<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    350000 | PA      | $361125.00    | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton TN                                                                     | County of Hamilton                                                                                                                                   | CUSIP: 407325AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3355000 | PA      | $3457342.60   | 0.13%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Trinity Regional Water District                                                     | Upper Trinity Regional Water District, Regional Treated Water Supply System                                                                          | CUSIP: 916672M96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $944055.54    | 0.04%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                          | Regional Transportation District, Denver Transit Partners                                                                                            | CUSIP: 759151AX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $205901.74    | 0.01%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 276                                          | Harris County Municipal Utility District No. 276, Unlimited Tax                                                                                      | CUSIP: 41420EGR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $746332.06    | 0.03%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Racine WI                                                                         | City of Racine                                                                                                                                       | CUSIP: 750022FH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127726.56    | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Myers FL Utility System Revenue                                              | City of Fort Myers, Subordinate Utility System                                                                                                       | CUSIP: 348172UX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2449664.88   | 0.09%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gary Community School Building Corp.                                                      | Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage                                                                         | CUSIP: 366754DF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $225922.64    | 0.01%             | 2026-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florence Independent School District                                                      | Florence Independent School District, Unlimited Tax                                                                                                  | CUSIP: 340369FZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $114899.10    | 0.00%             | 2027-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                                      | Alaska Municipal Bond Bank Authority                                                                                                                 | CUSIP: 01179RE33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $906779.95    | 0.03%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Irving TX                                                                         | City of Irving, Hotel Occupancy, Occupancy Tax                                                                                                       | CUSIP: 463805CS8<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50435.89     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                                       | Allegheny County Sanitary Authority, Sewer                                                                                                           | CUSIP: 017357F66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154562.90    | 0.01%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Project No. 2, Series 2021B                                                                       | CUSIP: 84136FAP2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2413235.12   | 0.09%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                 | City of Atlanta, Department of Aviation                                                                                                              | CUSIP: 04780MXD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1205989.90   | 0.05%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                                  | Chicago Transit Authority Capital Grant Receipts                                                                                                     | CUSIP: 167723HC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2386631.03   | 0.09%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Arlington Heights IL                                                           | Village of Arlington Heights                                                                                                                         | CUSIP: 041447H30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $714108.12    | 0.03%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson County Park & Recreation District                                                 | Johnson County Park and Recreation District                                                                                                          | CUSIP: 47849KGR6<br>LEI: 549300W27V0RWOSSKX23 | Long             | DBT              | MUN               | US        |    125000 | PA      | $127085.84    | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Community College District Public Facility Corp.                                   | Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project, Series 2018C                                 | CUSIP: 052405ET0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207677.82    | 0.01%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 100 South Berwyn                                          | Cook County School District No. 100, South Berwyn                                                                                                    | CUSIP: 214399SY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado Hospital Authority                                                 | University of Colorado, Hospital Authority                                                                                                           | CUSIP: 914183BJ6<br>LEI: GQ60RLZ5ZEBY2J9KLI75 | Long             | STIV             | MUN               | US        |  48085000 | PA      | $48085000.00  | 1.83%             | 2035-11-15      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                                | Philadelphia Gas Works Co., 1998 General Ordinance                                                                                                   | CUSIP: 717823U48<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | STIV             | MUN               | US        |  20300000 | PA      | $20300000.00  | 0.77%             | 2034-09-01      | Variable      | 1.86%                 | No            |                  2 | On Loan: No      |
| Sedgwick County Unified School District No. 265 Goddard                                   | Sedgwick County Unified School District No. 265 Goddard                                                                                              | CUSIP: 815668PD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $351189.93    | 0.01%             | 2023-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 69 Skokie                                                 | Cook County School District No. 69, Skokie, Limited Tax                                                                                              | CUSIP: 213759GZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $321987.33    | 0.01%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai (The)                           | Industrial Development Authority of the County of Yavapai (The), Regional Medical Center                                                             | CUSIP: 985900EJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $329303.72    | 0.01%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Schererville IN Sewage Works Revenue                                              | Town of Schererville, Sewage Works                                                                                                                   | CUSIP: 806551ET0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111565.84    | 0.00%             | 2024-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community Consolidated School District No. 34 Glenview                        | Cook County Community Consolidated School District No. 34, Glenview, Limited Tax                                                                     | CUSIP: 213453KY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Broome County Local Development Corp.                                                     | Broome County Local Development Corp., United Health Services Hospitals, Inc., Project                                                               | CUSIP: 114731AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522709.15    | 0.02%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                             | North Texas Tollway Authority                                                                                                                        | CUSIP: 66285WL53<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    530000 | PA      | $530967.83    | 0.02%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Asset Liability Commission                                                       | Kentucky Asset Liability Commission                                                                                                                  | CUSIP: 491189GB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2552627.00   | 0.10%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Armstrong PA                                                                    | County of Armstrong                                                                                                                                  | CUSIP: 042325MJ6<br>LEI: 549300FVBLTMVMW6HN73 | Long             | DBT              | MUN               | US        |    230000 | PA      | $234230.05    | 0.01%             | 2024-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                            | University of Massachusetts Building Authority                                                                                                       | CUSIP: 914437QS0<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1953756.55   | 0.07%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                          | CUSIP: 613603C23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256692.13    | 0.01%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| General Authority of Southcentral Pennsylvania                                            | General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group                                                                      | CUSIP: 84129NHL6<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |  19000000 | PA      | $19674496.20  | 0.75%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2021C                                                                                              | CUSIP: 56035DCU4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    750000 | PA      | $749023.50    | 0.03%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                                    | University of Illinois, Auxiliary Facilities System, Series 2013A                                                                                    | CUSIP: 914353ZD2<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2516315.75   | 0.10%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Villa Park IL                                                                  | Village of Villa Park                                                                                                                                | CUSIP: 927022SK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200092.98    | 0.01%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                          | CUSIP: 613603C31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $170746.44    | 0.01%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Airport Authority                                                   | Memphis-Shelby County Airport Authority                                                                                                              | CUSIP: 586111PS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $872829.64    | 0.03%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gary Community School Building Corp.                                                      | Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage                                                                         | CUSIP: 366754DA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $186515.96    | 0.01%             | 2023-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grady County School Finance Authority                                                     | Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project                                                   | CUSIP: 384201GZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $248845.01    | 0.01%             | 2024-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hoffman Estates Park District                                                             | Hoffman Estates Park District                                                                                                                        | CUSIP: 434462QC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $248192.33    | 0.01%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Township High School District No. 207                                               | Maine Township High School District No. 207                                                                                                          | CUSIP: 215543MF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $325000.00    | 0.01%             | 2022-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                                  | Chester County Health and Education Facilities Authority, Main Line Health System                                                                    | CUSIP: 16557HET8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264047.03    | 0.01%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 99 Cicero                                                 | Cook County School District No. 99 Cicero, Limited Tax                                                                                               | CUSIP: 214381JX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                      | County of Harnett, Limited Obligation                                                                                                                | CUSIP: 41333TBZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1672314.11   | 0.06%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Stamford Hospital                                                                     | CUSIP: 20775DJY9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    275000 | PA      | $276023.99    | 0.01%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Asset Liability Commission                                                       | Kentucky Asset Liability Commission                                                                                                                  | CUSIP: 491189GC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2606729.25   | 0.10%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wayzata MN                                                                        | City of Wayzata, Folkestone Senior Living Community                                                                                                  | CUSIP: 946829AX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98040.21     | 0.00%             | 2024-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Airport Authority                                                   | Memphis-Shelby County Airport Authority                                                                                                              | CUSIP: 586111PR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $651820.23    | 0.02%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Battery Park City Authority                                                               | Battery Park City Authority                                                                                                                          | CUSIP: 07133AJC7<br>LEI: 549300RF3SFDOWRHVM56 | Long             | STIV             | MUN               | US        |   3645000 | PA      | $3645000.00   | 0.14%             | 2038-11-01      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| City of Waukesha WI                                                                       | City of Waukesha, Promissory Notes                                                                                                                   | CUSIP: 943080TH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350989.24    | 0.01%             | 2023-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                                      | Alaska Municipal Bond Bank Authority                                                                                                                 | CUSIP: 01179RE25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $981894.05    | 0.04%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Indiana PA                                                                      | County of Indiana                                                                                                                                    | CUSIP: 454686EF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $431661.99    | 0.02%             | 2024-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Greene County Reorganized School District No. R-8                                         | Greene County Reorganized School District No. R-8                                                                                                    | CUSIP: 541058BK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $595722.57    | 0.02%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                           | Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project                                                   | CUSIP: 303823LR7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  13675000 | PA      | $13675000.00  | 0.52%             | 2042-05-15      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                                    | Oklahoma Development Finance Authority, Gilcrease Expressway West Project                                                                            | CUSIP: 6789083U6<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   4885000 | PA      | $4800460.68   | 0.18%             | 2023-07-06      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Atlantic County Improvement Authority (The)                                               | Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project                                                                   | CUSIP: 048501HX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104717.79    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Fresh Water Supply District No. 61                                          | Harris County Fresh Water Supply District No. 61                                                                                                     | CUSIP: 414150TV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $449291.85    | 0.02%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Tower Health Project                                                                                         | CUSIP: 084538HQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1292910.06   | 0.05%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                                      | County of Fairfax, Public Improvement                                                                                                                | CUSIP: 30382AKR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2740000 | PA      | $2774610.31   | 0.11%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charleroi Borough Authority Water System Revenue                                          | Charleroi Borough Authority Water System                                                                                                             | CUSIP: 159735FS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Will Grundy Etc Counties Community College District No. 525                               | Will Grundy Etc Counties Community College District No. 525, Joliet Junior College                                                                   | CUSIP: 969080HQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5495000 | PA      | $5505305.32   | 0.21%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                                     | Duluth Economic Development Authority, Benedictine Health System, Series 2021A                                                                       | CUSIP: 26444VAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97748.61     | 0.00%             | 2024-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp., Commodity Project, Series 2021A                                                                                  | CUSIP: 88044TAD1<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    290000 | PA      | $297640.51    | 0.01%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 95 Queen Creek                                | Maricopa County Unified School District No. 95, Queen Creek, School Improvement                                                                      | CUSIP: 567430SP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $528295.16    | 0.02%             | 2024-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Tupelo MS                                                                         | City of Tupelo                                                                                                                                       | CUSIP: 899797C28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $245000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County Hospital Authority                                                         | Yamhill County Hospital Authority, Friendsview, Tax Exempt, Series 2021B-3                                                                           | CUSIP: 98464UBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $262653.12    | 0.01%             | 2026-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                               | Long Island Power Authority, Electric System                                                                                                         | CUSIP: 542691DY3<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $22857867.50  | 0.87%             | 2025-09-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 100 South Berwyn                                          | Cook County School District No. 100, South Berwyn                                                                                                    | CUSIP: 214399TQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $605000.00    | 0.02%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Yamhill OR                                                                      | County of Yamhill, Linfield University Project                                                                                                       | CUSIP: 98464TAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $428782.84    | 0.02%             | 2024-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Altoona IA                                                                        | City of Altoona                                                                                                                                      | CUSIP: 021753WT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $276788.96    | 0.01%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Shelby TN                                                                       | County of Shelby, Public Improvement                                                                                                                 | CUSIP: 821686VR0<br>LEI: 5493000UVZ1EF2SIPO10 | Long             | STIV             | MUN               | US        |   4715000 | PA      | $4715000.00   | 0.18%             | 2031-03-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Wittenberg Birnamwood School District                                                     | Wittenberg Birnamwood School District                                                                                                                | CUSIP: 97746PCL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $280953.96    | 0.01%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority Aviation, Series 2021A                                                                                    | CUSIP: 592647JS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3552491.60   | 0.14%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Boston MA                                                                         | City of Boston                                                                                                                                       | CUSIP: 100853B74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2404771.20   | 0.09%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 99 Cicero                                                 | Cook County School District No. 99 Cicero, Limited Tax                                                                                               | CUSIP: 214381JY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $585889.87    | 0.02%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Airport System, Subordinate Lien, Series 2021A                                                                                      | CUSIP: 442349FE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519679.25    | 0.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Zachary Community School District No. 1                                                   | Zachary Community School District No. 1                                                                                                              | CUSIP: 988844NX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $715691.12    | 0.03%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Castle Area School District                                                           | New Castle Area School District                                                                                                                      | CUSIP: 643442NK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $243416.38    | 0.01%             | 2024-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                 | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System                                                            | CUSIP: 414009PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8700000 | PA      | $9268427.55   | 0.35%             | 2032-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wichita Falls Independent School District                                                 | Wichita Falls Independent School District, Unlimited Tax                                                                                             | CUSIP: 967171QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1401240.12   | 0.05%             | 2023-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Kenedy TX                                                                         | City of Kenedy, Combination Tax                                                                                                                      | CUSIP: 488818FF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125653.98    | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carson City NV                                                                            | Carson City, Nevada Hospital                                                                                                                         | CUSIP: 145810DK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $646385.10    | 0.02%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Universal City TX                                                                 | City of Universal City, Improvement Bonds                                                                                                            | CUSIP: 913407JQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $228372.47    | 0.01%             | 2023-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Neshannock Township School District                                                       | Neshannock Township School District                                                                                                                  | CUSIP: 640874QU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202003.16    | 0.01%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 160 Country Club Hills                                    | Cook County School District No. 160, Country Club Hills                                                                                              | CUSIP: 215265EL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $288291.92    | 0.01%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Income Tax                                                                                                                     | CUSIP: 25477GVD4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |  37655000 | PA      | $38573759.41  | 1.47%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine State Housing Authority                                                             | Maine State Housing Authority                                                                                                                        | CUSIP: 56052E8C5<br>LEI: 549300SO05LH6D240016 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993365.20    | 0.04%             | 2023-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Penn Hills School District                                                                | Penn Hills School District                                                                                                                           | CUSIP: 707487JR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1807443.37   | 0.07%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency, Tax-Exempt Telecommunications                                                                                            | CUSIP: 917467BQ4<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    125000 | PA      | $120587.04    | 0.00%             | 2025-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Wellforce Issue                                                                                            | CUSIP: 57584YA74<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101623.58    | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Du Page Cook & Will Counties Community College District No. 502                           | Du Page Cook and Will Counties Community College District No. 502                                                                                    | CUSIP: 262615KL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2470931.47   | 0.09%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                              | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project                                    | CUSIP: 95648VBG3<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |   5650000 | PA      | $5152814.69   | 0.20%             | 2041-01-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                       | State of California, Various Purpose                                                                                                                 | CUSIP: 13063DB72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2454570.94   | 0.09%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Saunders NE                                                                     | County of Saunders                                                                                                                                   | CUSIP: 804491GF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $325809.15    | 0.01%             | 2023-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan School District of Southwest Allen County                                    | Metropolitan School District of Southwest Allen County                                                                                               | CUSIP: 55353RBK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $583478.38    | 0.02%             | 2024-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Calvert MD                                                                      | County of Calvert, Consolidated Public Improvement                                                                                                   | CUSIP: 131537Q47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2053538.61   | 0.08%             | 2024-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                                          | JEA Water and Sewer System                                                                                                                           | CUSIP: 46613PVY9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   9980000 | PA      | $9980000.00   | 0.38%             | 2036-10-01      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                                 | Michigan State Hospital Finance Authority, Ascension Health Credit Group                                                                             | CUSIP: 59465HVL7<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008040.30   | 0.04%             | 2047-11-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                          | Regional Transportation District, Denver Transit Partners                                                                                            | CUSIP: 759151AV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152363.07    | 0.01%             | 2024-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 157                                          | Harris County Municipal Utility District No. 157, Unlimited Tax                                                                                      | CUSIP: 414964ST4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $425252.92    | 0.02%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Frankenmuth School District                                                               | Frankenmuth School District, School Building and Site                                                                                                | CUSIP: 352046CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201253.00    | 0.01%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 281                                          | Harris County Municipal Utility District No. 281, Unlimited Tax                                                                                      | CUSIP: 41420KLB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $301999.01    | 0.01%             | 2023-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Armstrong School District                                                                 | Armstrong School District                                                                                                                            | CUSIP: 042467MU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400442.72    | 0.02%             | 2023-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                                 | Florida Higher Educational Facilities Financial Authority, Ringling College Project                                                                  | CUSIP: 34073TLT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111549.80    | 0.00%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Housing Authority                                                             | King County Housing Authority, Highland Village Project                                                                                              | CUSIP: 494762MM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100103.95    | 0.00%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                                                 | CUSIP: 20772KKL2<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    850000 | PA      | $875026.38    | 0.03%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pecan Grove Municipal Utility District                                                    | Pecan Grove Municipal Utility District, Unlimited Tax                                                                                                | CUSIP: 705116US8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $601758.18    | 0.02%             | 2024-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                                     | City of Fort Worth, General Purpose, Tarrant Denton Parker Johnson, General Purpose                                                                  | CUSIP: 349426EV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2566187.66   | 0.10%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus County Industrial Facilities & Pollution Control Financing Authority             | Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project                                     | CUSIP: 199048AD1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1780000 | PA      | $1657237.85   | 0.06%             | 2034-05-01      | Variable      | 1.37%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Stamford Hospital                                                                     | CUSIP: 20775DKB7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    350000 | PA      | $351600.34    | 0.01%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Hamilton AL                                                                       | City of Hamilton, Warrants                                                                                                                           | CUSIP: 406882RG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $243480.14    | 0.01%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Area School District/PA                                                      | Wilkes-Barre Area School District                                                                                                                    | CUSIP: 968261MW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115957.29    | 0.00%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Muskogee Industrial Trust                                                                 | Muskogee Industrial Trust, Muskogee Public Schools Project                                                                                           | CUSIP: 62813NAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $912136.50    | 0.03%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Louis County Special School District                                                  | St. Louis County Special School District                                                                                                             | CUSIP: 791498BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $411856.44    | 0.02%             | 2023-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Goshen Health                                                                                                             | CUSIP: 45471ATB8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | STIV             | MUN               | US        |   2700000 | PA      | $2594271.51   | 0.10%             | 2049-11-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                          | Maricopa County Industrial Development Authority, HonorHealth                                                                                        | CUSIP: 56678PAZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $747538.33    | 0.03%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Castle Area School District                                                           | New Castle Area School District                                                                                                                      | CUSIP: 643442NJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000842.70   | 0.04%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                            | University of Massachusetts Building Authority                                                                                                       | CUSIP: 914437QT8<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   3195000 | PA      | $3338102.77   | 0.13%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Water Control & Improvement District No. 119                                | Harris County Water Control and Improvement District No. 119, Unlimited Tax                                                                          | CUSIP: 414513KM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375753.04    | 0.01%             | 2023-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                               | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project                                                   | CUSIP: 82170KAH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9589276.00   | 0.37%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                               | City of Shreveport, Water and Sewer, Junior Lien                                                                                                     | CUSIP: 825485WZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $313153.60    | 0.01%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                            | University of Central Arkansas, Student Housing System, Series 2019C                                                                                 | CUSIP: 914115P87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135166.39    | 0.01%             | 2023-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Charleston County School District                                                         | Charleston County School District                                                                                                                    | CUSIP: 160075ZF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3091513.50   | 0.12%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                                 | City of Salt Lake, International Airport, Series 2021A                                                                                               | CUSIP: 795576JG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026858.40   | 0.04%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Gas Supply                                                                                                           | CUSIP: 09182NCC2<br>LEI: 549300I8V0Z68JQCB679 | Long             | STIV             | MUN               | US        |  25450000 | PA      | $25108748.59  | 0.96%             | 2052-07-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                                     | School District of Philadelphia (The)                                                                                                                | CUSIP: 717883VR0<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1068540.90   | 0.04%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 13                                             | Village Community Development District No. 13 Special Assessment                                                                                     | CUSIP: 92708HAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $246959.72    | 0.01%             | 2024-05-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Lycoming County Water & Sewer Authority                                                   | Lycoming County Water and Sewer Authority                                                                                                            | CUSIP: 55081RCZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151871.45    | 0.01%             | 2023-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Sales Tax                                                                                                  | CUSIP: 64990AJP1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    400000 | PA      | $421115.20    | 0.02%             | 2025-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mount Vernon City School District/NY                                                      | Mount Vernon City School District                                                                                                                    | CUSIP: 623606B41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1965000.00   | 0.07%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                        | Rhode Island Health and Educational Building Corp., Public School Financing Program, Series 2021F                                                    | CUSIP: 762196A78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1824555.23   | 0.07%             | 2024-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community School District No. 97 Oak Park                                     | Cook County Community School District No. 97, Oak Park                                                                                               | CUSIP: 213287BS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300373.20    | 0.01%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Robstown Independent School District                                                      | Robstown Independent School District, Unlimited Tax                                                                                                  | CUSIP: 771146XY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $361576.12    | 0.01%             | 2024-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                                   | State of Hawaii, Airports System, Series 2022B                                                                                                       | CUSIP: 419794H88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4625770.50   | 0.18%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Atkinson WI                                                                  | City of Fort Atkinson                                                                                                                                | CUSIP: 346748NZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230446.50    | 0.01%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Manitowoc WI                                                                    | County of Manitowoc                                                                                                                                  | CUSIP: 563554TV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150319.55    | 0.01%             | 2023-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX                                                                        | City of El Paso                                                                                                                                      | CUSIP: 283734R29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $285696.43    | 0.01%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                                      | Alaska Municipal Bond Bank Authority                                                                                                                 | CUSIP: 01179RE58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $726446.68    | 0.03%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                   | Municipal Electric Authority of Georgia, Project One                                                                                                 | CUSIP: 626207VS0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | STIV             | MUN               | US        |   4255000 | PA      | $4255000.00   | 0.16%             | 2048-01-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Canadian County Educational Facilities Authority                                          | Canadian County Educational Facilities Authority, Mustang Public Schools Project                                                                     | CUSIP: 135521CU4<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003041.50   | 0.04%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chelan County Public Utility District No. 1                                               | Chelan County Public Utility District No.1                                                                                                           | CUSIP: 163103UP7<br>LEI: 5493004E8FN9GU2SU067 | Long             | STIV             | MUN               | US        |   2350000 | PA      | $2350000.00   | 0.09%             | 2032-07-01      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| Hempstead Town Local Development Corp.                                                    | Hempstead Town Local Development Corp., Adelphi University Project                                                                                   | CUSIP: 424682JZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202668.14    | 0.01%             | 2024-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Silicon Valley Clean Water                                                                | Silicon Valley Clean Water, WIFIA Rescue Project, Series 2021A                                                                                       | CUSIP: 82707BEU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  40000000 | PA      | $38926636.00  | 1.48%             | 2024-03-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| University of West Alabama                                                                | University of West Alabama, General Fee                                                                                                              | CUSIP: 915235DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120124.74    | 0.00%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Jamestown NY                                                                      | City of Jamestown, Public Improvement                                                                                                                | CUSIP: 470574C51<br>LEI: 549300B6ML3S2H2XXS23 | Long             | DBT              | MUN               | US        |    525000 | PA      | $531252.02    | 0.02%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuPage County Community High School District No. 94 West Chicago                          | DuPage County Community High School District No. 94 West Chicago                                                                                     | CUSIP: 263381DX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10304.65     | 0.00%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Coralville IA                                                                     | City of Coralville, Series 2016E                                                                                                                     | CUSIP: 218086CB0<br>LEI: 549300UKC7MMW46X6P25 | Long             | DBT              | MUN               | US        |    325000 | PA      | $325199.13    | 0.01%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                                                 | CUSIP: 20772KKF5<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    600000 | PA      | $601608.72    | 0.02%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Pittsburgh PA                                                                     | City of Pittsburgh                                                                                                                                   | CUSIP: 725209NM8<br>LEI: 549300EZQQVTL1QEIU17 | Long             | DBT              | MUN               | US        |    300000 | PA      | $323462.13    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                 | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System                                                            | CUSIP: 414009KQ2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  11995000 | PA      | $11995000.00  | 0.46%             | 2046-06-01      | Variable      | 1.93%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational and Housing Facility Board, University Health System, Inc.                                                            | CUSIP: 49952MDY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030826.50   | 0.04%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Tulane University Project                                                                                     | CUSIP: 546399JD9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     60000 | PA      | $63085.18     | 0.00%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015                                                                    | CUSIP: 64972GEM2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |   5680000 | PA      | $5680000.00   | 0.22%             | 2050-06-15      | Variable      | 1.89%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                                        | City of Raleigh, Limited Obligation                                                                                                                  | CUSIP: 751120EA0<br>LEI: 549300I7RPBIIRI16112 | Long             | STIV             | MUN               | US        |   7315000 | PA      | $7315000.00   | 0.28%             | 2034-06-01      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| City of Sparks NV                                                                         | City of Sparks, Senior Sales Tax                                                                                                                     | CUSIP: 846562AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $261040.73    | 0.01%             | 2024-06-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| County of Franklin OH                                                                     | County of Franklin, Hospital Facilities, OhioHealth Corp., Series 2009A                                                                              | CUSIP: 3531867L7<br>LEI: 549300VCBUC1RZE7KL42 | Long             | STIV             | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.76%             | 2041-11-15      | Variable      | 1.83%                 | No            |                  2 | On Loan: No      |
| City of Tupelo MS                                                                         | City of Tupelo                                                                                                                                       | CUSIP: 899797C36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $318793.67    | 0.01%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                         | Oregon State Facilities Authority, Linfield College Project                                                                                          | CUSIP: 68608JTL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056097.10   | 0.04%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                          | Regional Transportation District, Denver Transit Partners                                                                                            | CUSIP: 759151AW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $169050.95    | 0.01%             | 2025-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pawtucket RI                                                                      | City of Pawtucket                                                                                                                                    | CUSIP: 7041652X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $383301.17    | 0.01%             | 2023-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Calcasieu Parish School District No. 23                                                   | Calcasieu Parish School District No. 23, Public School Improvement                                                                                   | CUSIP: 128492JK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259529.15    | 0.01%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Turnpike & Bridge Authority                                                  | Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax                                                                                           | CUSIP: 762322BC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127339.95    | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Elyria OH                                                                         | City of Elyria, Limited Tax                                                                                                                          | CUSIP: 2906415D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    935000 | PA      | $935000.00    | 0.04%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Orange NC                                                                       | County of Orange, Limited Obligation, Series 2021A                                                                                                   | CUSIP: 684566CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $644166.12    | 0.02%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                            | State of Texas, Veterans Housing Assistance Program                                                                                                  | CUSIP: 882724GM3<br>LEI: 549300X9CH74QB747L76 | Long             | STIV             | MUN               | US        |   5250000 | PA      | $5250000.00   | 0.20%             | 2038-12-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Columbus County Industrial Facilities & Pollution Control Financing Authority             | Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project                                     | CUSIP: 199048AC3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    825000 | PA      | $793039.34    | 0.03%             | 2033-11-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                             | Allentown Neighborhood Improvement Zone Development Authority, City Center Project                                                                   | CUSIP: 018444AZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100342.57    | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                                       | Louisville Gas and Electric Co.                                                                                                                      | CUSIP: 546751AN8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.38%             | 2033-06-01      | Variable      | 1.98%                 | No            |                  2 | On Loan: No      |
| Penn Hills School District                                                                | Penn Hills School District                                                                                                                           | CUSIP: 707487JS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1888126.03   | 0.07%             | 2024-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project                  | CUSIP: 592029AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $215078.25    | 0.01%             | 2024-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ                                                                         | City of Newark                                                                                                                                       | CUSIP: 650367PK5<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017476.50   | 0.04%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 89 Maywood                                                | Cook County School District No. 89, Maywood, Maywood-Melrose Park-Broadview, Limited Tax                                                             | CUSIP: 214201HF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $592988.81    | 0.02%             | 2024-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Armstrong PA                                                                    | County of Armstrong                                                                                                                                  | CUSIP: 042325MH0<br>LEI: 549300FVBLTMVMW6HN73 | Long             | DBT              | MUN               | US        |    225000 | PA      | $226574.89    | 0.01%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                                  | Chicago Transit Authority Capital Grant Receipts                                                                                                     | CUSIP: 167723HL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1325906.13   | 0.05%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick County Unified School District No. 267 Renwick                                   | Sedgwick County Unified School District No. 267 Renwick                                                                                              | CUSIP: 815672GZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100302.93    | 0.00%             | 2023-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                                        | City of Philadelphia, Water & Wastewater                                                                                                             | CUSIP: 717893ZB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18500000 | PA      | $19191178.50  | 0.73%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Travis County Water Control & Improvement District No. 17                                 | Travis County Water Control and Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax                                          | CUSIP: 894521AF0<br>LEI: 549300F2GYMQ0I900723 | Long             | DBT              | MUN               | US        |    280000 | PA      | $290457.27    | 0.01%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Armstrong PA                                                                    | County of Armstrong                                                                                                                                  | CUSIP: 042325MK3<br>LEI: 549300FVBLTMVMW6HN73 | Long             | DBT              | MUN               | US        |    240000 | PA      | $247124.83    | 0.01%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                                           | Port of Oakland, Intermediate Lien, Series 2021H                                                                                                     | CUSIP: 735000UN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3245000 | PA      | $3272537.39   | 0.12%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chula Vista Elementary School District                                                    | Chula Vista Elementary School District                                                                                                               | CUSIP: 171314JY4<br>LEI: 5493007W74ET6MX0FN28 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5401003.30   | 0.21%             | 2023-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lee Memorial Health System                                                                | Lee Memorial Health System                                                                                                                           | CUSIP: 52385LCY3<br>LEI: 54930018FIX4OVLGH070 | Long             | DBT              | MUN               | US        |    400000 | PA      | $402717.04    | 0.02%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Kaufman TX                                                                      | County of Kaufman, Unlimited Tax                                                                                                                     | CUSIP: 486188FW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $215781.30    | 0.01%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                    | CUSIP: 452152G54<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3370000 | PA      | $3429391.87   | 0.13%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Indiana PA                                                                      | County of Indiana                                                                                                                                    | CUSIP: 454686EH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $435266.48    | 0.02%             | 2026-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Lackawanna PA                                                                   | County of Lackawanna                                                                                                                                 | CUSIP: 505480T86<br>LEI: 549300FAS2IVO11LYX32 | Long             | DBT              | MUN               | US        |    300000 | PA      | $304281.30    | 0.01%             | 2024-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wyalusing Area School District                                                            | Wyalusing Area School District                                                                                                                       | CUSIP: 982613KA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201041.16    | 0.01%             | 2025-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County Unified School District No. 202 Turner                                   | Wyandotte County Unified School District No. 202 Turner                                                                                              | CUSIP: 982683FF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400479.56    | 0.02%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Centre AL                                                                         | City of Centre, Warrant                                                                                                                              | CUSIP: 15626TAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $216914.15    | 0.01%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                    | Maine Health and Higher Educational Facilities Authority, Mainehealth                                                                                | CUSIP: 56042RXS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265092.23    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                               | New York City Industrial Development Agency, Queens Baseball Stadium Project                                                                         | CUSIP: 64971PKS3<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021184.80   | 0.04%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                      | Kane County School District No. 131 Aurora East Side                                                                                                 | CUSIP: 484008ND5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Housing Corp.                                                                   | Louisiana Housing Corp., England Apartment Projects                                                                                                  | CUSIP: 54627CBG7<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |   7890000 | PA      | $7700200.53   | 0.29%             | 2025-02-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, Single Family Mortgage-Backed Securities Program                                                                             | CUSIP: 462467D99<br>LEI: 549300NQVL49BTHOW391 | Long             | STIV             | MUN               | US        |   8500000 | PA      | $8500000.00   | 0.32%             | 2049-07-01      | Variable      | 1.86%                 | No            |                  2 | On Loan: No      |
| County of Kaufman TX                                                                      | County of Kaufman, Unlimited Tax                                                                                                                     | CUSIP: 486188FV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155798.78    | 0.01%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 374                                          | Harris County Municipal Utility District No. 374, Unlimited Tax                                                                                      | CUSIP: 413897PB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115180.21    | 0.00%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 096                                          | Harris County Municipal Utility District No. 096, Unlimited Tax                                                                                      | CUSIP: 413959JF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $193167.78    | 0.01%             | 2023-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Northeast Bradford School District                                                        | Northeast Bradford School District                                                                                                                   | CUSIP: 664088CD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $330771.05    | 0.01%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust IV

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer