# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001752724-23-066040
**Filing Date:** 2023-3
**Character Count:** 414441
**Document Hash:** 3fc4b03baf82623afc24e5a2104b9dd0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-066040.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-066040

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**PERIOD START**: 20231031

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 23761609

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

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

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

## Series and Classes Contracts Data

### JPMorgan Tax Aware Real Return Fund (Series ID: S000002608)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007161 | Class I      | TXRIX           |
| C000007162 | Class A      | TXRAX           |
| C000007163 | Class C      | TXRCX           |
| C000130213 | Class R6     | TXRRX           |

## Nport-Ex

**JPMorgan Tax Aware Real Return Fund**

**Schedule of Portfolio Investments as of January 31, 2023**

**(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., 2023. |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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 — 91.3%** (a) | **Municipal Bonds — 91.3%** (a) | **Municipal Bonds — 91.3%** (a) |
| **Alabama — 3.6%** | **Alabama — 3.6%** | **Alabama — 3.6%** |
| &nbsp;&nbsp;&nbsp; Alabama Public School and College Authority Series 2016-A, Rev., 4.00%, 6/1/2031 | 35 | 37 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C-1, Rev., 5.25%, 6/1/2028 | 1530 | 1645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C-1, Rev., 5.25%, 12/1/2028 | 1275 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C-1, Rev., 5.25%, 6/1/2029 (b) | 5000 | 5362 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project No. 8 Series 2022A, Rev., 4.00%, 12/1/2029 (b) | 1615 | 1591 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-1, Rev., 5.00%, 8/1/2028 (b) | 4685 | 4909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, Rev., 5.50%, 12/1/2029 (b) | 1000 | 1089 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2051 (b) | 3825 | 3813 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp; 19821 |
| **Alaska — 0.0% ^** | **Alaska — 0.0% ^** | **Alaska — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Borough of Matanuska-Susitna, Goose Creek Correctional Center Project Series 2016, Rev., 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| **Arizona — 1.2%** | **Arizona — 1.2%** | **Arizona — 1.2%** |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Academics of Math and Science Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2038 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 7/1/2043 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project Series 2021A, Rev., 4.00%, <br> 7/15/2036 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Macombs Facility Project Series 2021A, Rev., 4.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project Series 2022A, Rev., 4.50%, <br> 7/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Series 2018 A, GO, 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1818 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Senior Lien Rev., AMT, 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp; 1475 | &nbsp;&nbsp;&nbsp;&nbsp; 1624 |
| &nbsp;&nbsp;&nbsp; City of San Luis Series 2017A, Rev., AGM, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; City of Sedona, Excise Tax Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; County of Pima Rev., 3.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima (The) Series 2022B-3, Rev., 5.13%, 11/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 60 Higley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, AGM, 5.00%, 6/1/2037 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, AGM, 5.00%, 6/1/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 69 Paradise Valley Series 2022 D, GO, 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pima County Unified School District No. 16 Catalina Foothills, School Improvement Projects Series 2018 B, GO, 5.00%, <br> 7/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Pinal County Electric District No. 3 Rev., 4.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District, Electric System Series 2017A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp; Town of Queen Creek, Excise Tax Series 2022A, Rev., 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 6589 |
| **Arkansas — 0.3%** | **Arkansas — 0.3%** | **Arkansas — 0.3%** |
| &nbsp;&nbsp;&nbsp; City of Fort Smith, Water and Sewer Series 2019A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp; 1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1440 |
| &nbsp;&nbsp;&nbsp; City of Springdale Public Facilities Board Hospital, Arkansas Children's Northwest Project Series 2016, Rev., 5.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Total Arkansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 1451 |
| **California — 13.1%** | **California — 13.1%** | **California — 13.1%** |
| &nbsp;&nbsp;&nbsp; Briggs Elementary School District, Election of 2014 Series B, GO, 4.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project Series 2021B-1, Rev., 4.00%, 8/1/2031 (b) | 12200 | &nbsp;&nbsp; 12366 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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; California Enterprise Development Authority, Rocketship Public Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 6/1/2031 (c) | 250 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 6/1/2042 (c) | 550 | 453 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Kaiser Permanente Series 2017A, Subseries 2017A-2, Rev., 4.00%, 11/1/2038 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Sutter Health Series 2016B, Rev., 4.00%, 11/15/2038 | 3740 | 3759 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Lutheran University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2029 | 225 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B1, Rev., 5.00%, 10/1/2030 | 225 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2031 | 225 | 240 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Mount San Antonio Garden Series 2022B1, Rev., 2.75%, 11/15/2027 | 100 | 91 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Enso Village Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-3, Rev., 2.13%, 11/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-2, Rev., 2.38%, 11/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-1, Rev., 3.13%, 5/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, San Francisco Campus for Jewish Living Project Series 2021B-2, Rev., <br> 4.00%, 11/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; City of Culver City, Wastewater Facilities Series 2019 A, Rev., 4.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports Series 2022A, Rev., 5.00%, 5/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles, Department of Water and Power, Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp; 1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014D, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp;&nbsp; 3422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 C, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; City of Santa Rosa, Wastewater Series 2002B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023 | &nbsp;&nbsp;&nbsp; 4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4685 |
| &nbsp;&nbsp;&nbsp; Clovis Unified School District COP, 4.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp; Contra Costa County Public Financing Authority Series 2021B, Rev., 5.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811 |
| &nbsp;&nbsp;&nbsp; County of San Bernardino, Arrowhead Project Series 2019 A, COP, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Orange Portfolio Series 2021A-1, Rev., 2.80%, 3/1/2047 (c) | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1159 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio Series 2021A-1, Rev., 2.65%, 12/1/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Senior Lien Series 2021A-1, Rev., 2.45%, 2/1/2047 (c) | &nbsp;&nbsp;&nbsp; 1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1101 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Tobacco Settlement Series 2015A, Rev., 5.00%, 6/1/2025 (e) | &nbsp;&nbsp;&nbsp; 4950 | &nbsp;&nbsp;&nbsp;&nbsp; 5267 |
| &nbsp;&nbsp;&nbsp; Lompoc Valley Medical Center GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Los Angeles Community College District, Election of 2008 Series G, GO, 4.00%, 8/1/2039 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Public Works Financing Authority Series 2020A, Rev., 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp; 3700 | &nbsp;&nbsp;&nbsp;&nbsp; 4389 |
| &nbsp;&nbsp;&nbsp; Mission Viejo Community Development Financing Authority Series 2022B, Rev., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp; Ontario Public Financing Authority, Civic Center Improvements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AGM, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AGM, 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AGM, 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp; Orange County Community Facilities District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 8/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp; River Islands Public Financing Authority,Community of Facilities District No. 2003-1 Series 2022A-1, AGM, 4.00%, 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District, Financing Authority, Cosumnes Project Series 2022A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp; 1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1381 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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; San Francisco Bay Area Rapid Transit District, Sales Tax Series 2015A, Rev., 5.00%, 7/1/2026 | 125 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City and County, Airport Commission, San Francisco International Airport Series 2019A, Rev., AMT, 5.00%, <br> 5/1/2034<br>| 25 | 27 |
| &nbsp;&nbsp;&nbsp; San Marcos Redevelopment Agency Successor Agency Series 2019 A, 5.00%, 10/1/2026 | 100 | 110 |
| &nbsp;&nbsp;&nbsp; South Placer Wastewater Authority Rev., 5.00%, 11/1/2024 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; South San Francisco Public Facilities Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2035 | 185 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2036 | 215 | 245 |
| &nbsp;&nbsp;&nbsp; State of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 4.00%, 10/1/2027 | 410 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2032 | 7000 | 8555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/1/2037 | 5000 | 5956 |
| &nbsp;&nbsp;&nbsp; State of California, Various Purpose Series 2018 A, GO, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp; 5370 | &nbsp;&nbsp;&nbsp;&nbsp; 5674 |
| &nbsp;&nbsp;&nbsp; Vista Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 8/1/2034 | &nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1354 |
| &nbsp;&nbsp;&nbsp; Westminster School District Series 2016, GO, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp; 73133 |
| **Colorado — 3.2%** | **Colorado — 3.2%** | **Colorado — 3.2%** |
| &nbsp;&nbsp;&nbsp; Arapahoe County School District No. 5 Cherry Creek GO, 5.00%, 12/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp; Arapahoe County Water & Wastewater Authority Rev., 4.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1176 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 D, Rev., AMT, 5.50%, 11/15/2032 | &nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AMT, 5.50%, 11/15/2042 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5709 |
| &nbsp;&nbsp;&nbsp; City of Greeley COP, 4.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp; Denver Health and Hospital Authority Series 2019A, Rev., 4.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923 |
| &nbsp;&nbsp;&nbsp; Dominion Water & Sanitation District Rev., 5.25%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp; Jefferson County School District R-1 GO, 5.00%, 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp; Rampart Range Metropolitan District No. 5 Rev., 4.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp; Reunion Metropolitan District Series 2021A, Rev., 3.63%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367 |
| &nbsp;&nbsp;&nbsp; State of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, COP, 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 A, COP, 4.00%, 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Third Creek Metropolitan District No. 1 Series 2022A-1, GO, 4.50%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 716 |
| &nbsp;&nbsp;&nbsp; University of Colorado, Enterprise System Series 2021C-3B, Rev., 2.00%, 10/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; Waterview II Metropolitan District Series 2022A, GO, 4.50%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483 |
| &nbsp;&nbsp;&nbsp; Windler Public Improvement Authority, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, Rev., 4.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, Rev., 4.00%, 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp; 17719 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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 — 2.6%** | **Connecticut — 2.6%** | **Connecticut — 2.6%** |
| &nbsp;&nbsp;&nbsp; Stamford Housing Authority, The Dogwoods Project Rev., 11.00%, 12/1/2027 (c) | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Series 2013B, GO, 5.00%, 3/1/2023 | 9140 | 9158 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2031 | 1250 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 7/1/2031 | 2500 | 3019 |
| &nbsp;&nbsp;&nbsp; Town of Southington Series 2020C, GO, 5.00%, 6/1/2028 | 5 | 6 |
| &nbsp;&nbsp;&nbsp; Town of Stafford GO, 3.00%, 8/1/2026 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp; 14722 |
| **District of Columbia — 1.9%** | **District of Columbia — 1.9%** | **District of Columbia — 1.9%** |
| &nbsp;&nbsp;&nbsp; District of Columbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 6/1/2029 | 290 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Gallaudet University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 A, Rev., AMT, 5.00%, 10/1/2032 | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 4.00%, 10/1/2039 | &nbsp;&nbsp;&nbsp; 1590 | &nbsp;&nbsp;&nbsp;&nbsp; 1575 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll Road Series 2019A, Rev., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp; 10784 |
| **Florida — 3.5%** | **Florida — 3.5%** | **Florida — 3.5%** |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Legends Academy Project Series 2021A, Rev., 5.00%, 12/1/2045 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., The Marie Selby Botanical Gardens, Inc., Project Rev., 4.00%, 6/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp; City of Jacksonville Series 2022A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239 |
| &nbsp;&nbsp;&nbsp; City of Pompano Beach, John Knox Village Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.50%, 9/1/2030 | &nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 3.50%, 9/1/2035 | &nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 1915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp; Florida Atlantic University Finance Corp., Student Housing Project Series 2019B, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., IPS Florida LLC Rev., 5.25%, 6/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Mater Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., River city Science Academy Series 2022B, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., The Mayflower Retirement Community Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B2, Rev., 1.75%, 6/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-1, Rev., 2.38%, 6/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2029 (c) | &nbsp;&nbsp;&nbsp; 1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2030 (c) | &nbsp;&nbsp;&nbsp; 1435 | &nbsp;&nbsp;&nbsp;&nbsp; 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2031 (c) | &nbsp;&nbsp;&nbsp; 1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2036 (c) | &nbsp;&nbsp;&nbsp; 2105 | &nbsp;&nbsp;&nbsp;&nbsp; 1756 |
| &nbsp;&nbsp;&nbsp; Florida Higher Educational Facilities Financial Authority, Rollins College Project Series 2020A, Rev., 4.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp; 1590 | &nbsp;&nbsp;&nbsp;&nbsp; 1597 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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; JEA Electric System Series 2017B, Rev., 5.00%, 10/1/2033 | 4000 | 4451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority, Cypress Cove at Healthpark Florida, Inc., Project Series 2022B2, Rev., 3.25%, <br> 10/1/2026<br>| 1500 | 1449 |
| &nbsp;&nbsp;&nbsp; Middleton Community Development District A 5.20%, 5/1/2027 | 225 | 228 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Jupiter Medical Center Projects Series 2022A, Rev., 5.00%, 11/1/2028 | 150 | 164 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Rev., 4.00%, 6/1/2041 | 500 | 412 |
| &nbsp;&nbsp;&nbsp; St. Johns County Industrial Development Authority, Vicar's Landing Project Series 2021A, Rev., 4.00%, 12/15/2029 | 225 | 211 |
| &nbsp;&nbsp;&nbsp; University of Central Florida Housing Facility Series 2021A, Rev., 5.00%, 10/1/2024 | 50 | 52 |
| &nbsp;&nbsp;&nbsp; Wildwood Utility Dependent District Series 2021A, Rev., 5.00%, 10/1/2030 | 125 | 147 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp; 19707 |
| **Georgia — 1.4%** | **Georgia — 1.4%** | **Georgia — 1.4%** |
| &nbsp;&nbsp;&nbsp; Albany-Dougherty Inner City Authority, Albany State University Projects Series 2022A, Rev., 5.00%, 7/1/2032 | 1000 | 1160 |
| &nbsp;&nbsp;&nbsp; City of Atlanta Series 2021 C, Rev., AMT, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp; 1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1305 |
| &nbsp;&nbsp;&nbsp; Clayton County Development Authority, Clayton State University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp; Georgia Ports Authority Rev., 4.00%, 7/1/2052 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1484 |
| &nbsp;&nbsp;&nbsp; Lee County School District GO, 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 9/1/2027 (b) | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 6/1/2029 (b) | &nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1374 |
| &nbsp;&nbsp;&nbsp; Polk School District, Sales Tax Series 2018, GO, 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 |
| &nbsp;&nbsp;&nbsp; Savannah Economic Development Authority, University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396 |
| &nbsp;&nbsp;&nbsp; State of Georgia Series 2015A, GO, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 7886 |
| **Illinois — 4.6%** | **Illinois — 4.6%** | **Illinois — 4.6%** |
| &nbsp;&nbsp;&nbsp; City of Chicago, Second Lien Waterworks Project Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp; Cook County Community Consolidated School District No. 15 Palatine GO, 5.00%, 12/1/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-3, Rev., 4.75%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-2, Rev., 5.25%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-1, Rev., 6.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern Memorial Healthcare Series 2021B, Rev., VRDO, LIQ : Royal Bank of Canada, 3.85%, <br> 2/1/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Smith Crossing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 A, Rev., 4.00%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp; Northern Illinois University, Auxiliary Facilities System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority Series 2002A, Rev., NATL - RE, 6.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2025 | 5000 | 5262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2028 | 1350 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 10/1/2030 | 2000 | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 3/1/2033 | 6000 | 6609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 5.00%, 12/1/2033 | 1000 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 4.00%, 3/1/2038 | 1000 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 4.00%, 3/1/2039 | 3000 | 2895 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp; 25551 |
| **Indiana — 1.9%** | **Indiana — 1.9%** | **Indiana — 1.9%** |
| &nbsp;&nbsp;&nbsp; Avon Community School Building Corp. Rev., 4.00%, 7/15/2035 | 25 | 27 |
| &nbsp;&nbsp;&nbsp; Carmel Local Public Improvement Bond Bank Series 2021 A, Rev., 4.00%, 7/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; City of Valparaiso, Green Oaks of Valparaiso LLC Rev., 5.38%, 12/1/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp; Fort Wayne Community School Building Corp. Series 2020 A, Rev., 5.00%, 7/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748 |
| &nbsp;&nbsp;&nbsp; Fort Wayne Redevelopment Authority, Harrison Square Project Series 2020 A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1136 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, DEPAUW University Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Rose-Hulman Institute of Technology Project Series 2008-J, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Vita of New Whiteland Project Rev., 6.75%, 1/1/2043 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2027 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2013D, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp; 4050 | &nbsp;&nbsp;&nbsp;&nbsp; 4059 |
| &nbsp;&nbsp;&nbsp; Lake Ridge School Building Corp., First Mortgage Rev., 4.00%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; Marion High School Building Corp. Rev., 4.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp; 10364 |
| **Iowa — 0.0% ^** | **Iowa — 0.0% ^** | **Iowa — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, State Revolving Fund Series 2013D, Rev., 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| **Kansas — 0.1%** | **Kansas — 0.1%** | **Kansas — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of Topeka, Brewster Place Series 2022B, Rev., 5.13%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp; City of Wichita Series 2016 B, Rev., 4.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 |
| **Kentucky — 2.0%** | **Kentucky — 2.0%** | **Kentucky — 2.0%** |
| &nbsp;&nbsp;&nbsp; City of Henderson, Pratt Paper LLC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 3.70%, 1/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 4.45%, 1/1/2042 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481 |
| &nbsp;&nbsp;&nbsp; County of Boone, Duke Energy Kentucky, Inc. Series 2008A, Rev., 3.70%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746 |
| &nbsp;&nbsp;&nbsp; County of Carroll, Kentucky Environmental Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008A, Rev., AMT, 2.00%, 2/1/2032 | &nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006 B, Rev., AMT, 2.13%, 10/1/2034 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813 |
| &nbsp;&nbsp;&nbsp; Kentucky Bond Development Corp., Centre College Rev., 4.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply Series 2022A-1, Rev., 4.00%, 8/1/2030 (b) | &nbsp;&nbsp;&nbsp; 7265 | &nbsp;&nbsp;&nbsp;&nbsp; 7251 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp; 10937 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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** |
| **Louisiana — 0.4%** | **Louisiana — 0.4%** | **Louisiana — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of Alexandria, Utilities Series 2013A, Rev., 5.00%, 5/1/2043 (e) | 1250 | 1258 |
| &nbsp;&nbsp;&nbsp; Lafayette Public Power Authority Rev., 5.00%, 11/1/2025 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; Livingston Parish School Board Sales and Use Tax Series 2021 A, Rev., 4.00%, 5/1/2027 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities and Community Development Authority, Bossier City Project Series 2017A, <br> Rev., 5.00%, 10/1/2027<br>| 25 | 28 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/15/2036 | 675 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/15/2037 | 65 | 70 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, School Master Project Series 2021A, Rev., 4.00%, 6/1/2031 (c) | 290 | 272 |
| &nbsp;&nbsp;&nbsp; St. Tammany Parish Hospital Service District No. 1 Series 2018 A, Rev., 5.00%, 7/1/2032 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; State of Louisiana, State Highway Improvement Series 2013-A, Rev., 5.00%, 6/15/2023 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; Terrebonne Parish Recreation District No. 5 Series 2021A, GO, 5.00%, 3/1/2027 | 20 | 22 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 2484 |
| **Maine — 0.3%** | **Maine — 0.3%** | **Maine — 0.3%** |
| &nbsp;&nbsp;&nbsp; Maine Municipal Bond Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837 |
| &nbsp;&nbsp;&nbsp; Total Maine |  | &nbsp;&nbsp;&nbsp;&nbsp; 1803 |
| **Maryland — 1.2%** | **Maryland — 1.2%** | **Maryland — 1.2%** |
| &nbsp;&nbsp;&nbsp; County of Howard Series 2019 B, GO, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; County of Howard, Consol Public Improvement Project Series 2021 A, GO, 5.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp; 2370 | &nbsp;&nbsp;&nbsp;&nbsp; 2467 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Consolidated Public Improvements Series 2016 A, GO, 4.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.25%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.25%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Stevenson University Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782 |
| &nbsp;&nbsp;&nbsp; State of Maryland Series 2013A, GO, 4.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634 |
| &nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation Series 2021-A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508 |
| &nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission Rev., GTD, 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 6885 |
| **Massachusetts — 0.7%** | **Massachusetts — 0.7%** | **Massachusetts — 0.7%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Series 2018 B, GO, 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1605 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Salem Community Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.13%, 1/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue Series 2021G, Rev., 5.00%, <br> 7/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 3728 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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 — 0.3%** | **Michigan — 0.3%** | **Michigan — 0.3%** |
| &nbsp;&nbsp;&nbsp; Avondale School District Series 2022A, GO, Q-SBLF, 5.00%, 11/1/2027 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; City of Detroit, Unlimited Tax Series 2021A, GO, 5.00%, 4/1/2037 | 400 | 409 |
| &nbsp;&nbsp;&nbsp; Eastern Michigan University, Board of Regents Series 2017A, Rev., 5.00%, 3/1/2033 | 1000 | 1085 |
| &nbsp;&nbsp;&nbsp; Lakeview School District, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2028 | 10 | 11 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Lawrence Technological University Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 2/1/2027 | 45 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 2/1/2032 | 95 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Graphic Packaging International LLC, Coated Recycled Board Machine Project Rev., AMT, 4.00%, <br> 10/1/2026 (b)<br>| 125 | 124 |
| &nbsp;&nbsp;&nbsp; Onekama Consolidated Schools GO, AGM, 4.00%, 5/1/2025 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; Watervliet Public Schools, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2025 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Wayne-Westland Community Schools Series 2019, GO, Q-SBLF, 4.00%, 11/1/2031 | 10 | 11 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 1818 |
| **Minnesota — 0.9%** | **Minnesota — 0.9%** | **Minnesota — 0.9%** |
| &nbsp;&nbsp;&nbsp; Chisholm Independent School District No. 695 Series 2023A, GO, Zero Coupon, 2/1/2039 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Benedictine Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 3.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 3.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp; Minnesota Higher Education Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp; Minnesota Municipal Gas Agency Series 2022A, Rev., LIQ : Royal Bank of Canada, 4.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp; 1435 | &nbsp;&nbsp;&nbsp;&nbsp; 1469 |
| &nbsp;&nbsp;&nbsp; Moorhead Independent School District No. 152 Series 2020A, GO, 4.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| **Missouri — 0.6%** | **Missouri — 0.6%** | **Missouri — 0.6%** |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of St Louis Missouri (The), St. Louis Innovation District Rev., 5.00%, 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 3429 |
| **Montana — 0.2%** | **Montana — 0.2%** | **Montana — 0.2%** |
| &nbsp;&nbsp;&nbsp; Montana State Board of Regents,The University of Montana Series 2019B, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1147 |
| &nbsp;&nbsp;&nbsp; Silver Bow County School District No. 1 Series 2021B, GO, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Total Montana |  | &nbsp;&nbsp;&nbsp;&nbsp; 1153 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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** |
| **Nebraska — 2.4%** | **Nebraska — 2.4%** | **Nebraska — 2.4%** |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Gas Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2042 | 2550 | 2679 |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Gas Project No. 4 Series 2018 A, Rev., 5.00%, 1/1/2024 (b) | 10260 | 10372 |
| &nbsp;&nbsp;&nbsp; Lancaster County School District 001 GO, 5.00%, 1/15/2026 | 110 | 119 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp; 13170 |
| **Nevada — 0.2%** | **Nevada — 0.2%** | **Nevada — 0.2%** |
| &nbsp;&nbsp;&nbsp; County of Clark, Nevada Improvement District No. 158 Series 2006 B, 5.00%, 8/1/2034 | 10 | 11 |
| &nbsp;&nbsp;&nbsp; County of Clark, Southern California Edison Co. Series 2008A, Rev., 2.10%, 6/1/2031 | 1215 | 1022 |
| &nbsp;&nbsp;&nbsp; Total Nevada |  | &nbsp;&nbsp;&nbsp;&nbsp; 1033 |
| **New Hampshire — 0.1%** | **New Hampshire — 0.1%** | **New Hampshire — 0.1%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, St. Luke's Hospital Obligated Group Series 2021B, Rev., 5.00%, 8/15/2035 | 650 | 715 |
| **New Jersey — 3.5%** | **New Jersey — 3.5%** | **New Jersey — 3.5%** |
| &nbsp;&nbsp;&nbsp; Borough of Bergenfield GO, 4.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp; 1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1480 |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority (The) Rev., GTD, 5.00%, 1/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority (The), Camden Prep High School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2042 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority (The), Kipp Cooper Norcross Academy Project Rev., 6.00%, 6/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572 |
| &nbsp;&nbsp;&nbsp; County of Morris GO, 3.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction Series 2014PP, Rev., 5.00%, 6/15/2024 (e) | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5179 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series 2018 A, Rev., 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3232 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013AA, Rev., 5.00%, 6/15/2036 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 AA, Rev., 4.00%, 6/15/2050 | &nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 AA, Rev., 5.00%, 6/15/2050 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority Series 2017B, Rev., 4.00%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Northvale School District GO, 4.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. Series 2018A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2989 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp; 19615 |
| **New Mexico — 0.6%** | **New Mexico — 0.6%** | **New Mexico — 0.6%** |
| &nbsp;&nbsp;&nbsp; Loving Municipal School District No. 10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 A, GO, 5.00%, 9/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 A, GO, 5.00%, 9/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp; State of New Mexico GO, 5.00%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 913 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp; 3497 |
| **New York — 16.5%** | **New York — 16.5%** | **New York — 16.5%** |
| &nbsp;&nbsp;&nbsp; Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Kipp NYC Public School Facilities-Canal West Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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%, 7/1/2034 | 210 | 235 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., New World Preparatory Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2031 | 150 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2056 | 225 | 170 |
| &nbsp;&nbsp;&nbsp; City of New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, GO, 4.00%, 8/1/2034 | 150 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021F, Subseries F-1, GO, 5.00%, 3/1/2036 | 1000 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Subseries F-1, GO, 5.00%, 3/1/2037 | 2000 | 2282 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2018 Series 2018-1, GO, 5.00%, 8/1/2030 | 20 | 22 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2023 Series 2023A, Subseries A-3, GO, VRDO, LIQ : Bank of Montreal, 3.85%, 2/1/2023 (b) | 7000 | 7000 |
| &nbsp;&nbsp;&nbsp; County of St. Lawrence GO, AGM, 3.00%, 5/15/2034 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., Second Indenture, Fiscal Year 2017 Series 2017 A, Rev., 5.00%, 2/15/2033 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1651 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority Series 2019 A, Rev., 3.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System Series 2021 A, Rev., 4.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015F, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries C-1, Rev., 5.25%, 11/15/2028 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5194 |
| &nbsp;&nbsp;&nbsp; Monroe County Water Authority Rev., 4.00%, 3/1/2050 | &nbsp;&nbsp;&nbsp; 4510 | &nbsp;&nbsp;&nbsp;&nbsp; 4513 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority Fiscal Year 2022 Series 2022, Subseries BB-1, Rev., 4.00%, 6/15/2045 | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal year 2021 Series <br> 2021, Subseries EE2, Rev., VRDO, LIQ : State Street Bank & Trust Co., 3.83%, 2/1/2023 (b)<br>| &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Series 2020 B-1, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 967 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Subseries B-1, Rev., 4.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, Subseries D-1, Rev., 5.00%, 11/1/2046 | 10000 | &nbsp;&nbsp; 11169 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022 Series 2022F, Rev., 5.00%, 2/1/2036 | &nbsp;&nbsp;&nbsp; 1005 | &nbsp;&nbsp;&nbsp;&nbsp; 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured Series 2016B, Rev., AGM-CR, Zero <br> Coupon, 11/15/2052<br>| 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 2462 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC-2021, Rev., 2.25%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.75%, 2/15/2044 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775 |
| &nbsp;&nbsp;&nbsp; New York Power Authority Series 2020 A, Rev., 4.00%, 11/15/2045 | &nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 2/15/2034 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 D, Rev., 5.00%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3857 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales and Use Tax Series 2018 C, Rev., 5.00%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program Series 2018A, Rev., 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2020 A, Rev., 4.00%, 3/15/2044 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Sales Tax Series A, Rev., 5.00%, 3/15/2033 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., 2010 Master Financing Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 9/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 9/15/2035 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 9/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp; 1133 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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; Series 2022B, Rev., 5.00%, 9/15/2037 | 635 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, New York City Municipal <br> Water Finance Authority Series 2017A, Rev., 5.00%, 6/15/2028<br>| 2000 | 2238 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A, Rev., 5.00%, 1/1/2025 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, Rev., 5.00%, 1/1/2025 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Sales Tax Series 2021A, Rev., 4.00%, 3/15/2046 | 1000 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C and D Re-development Rev., <br> AMT, 5.00%, 1/1/2031<br>| 1000 | 1045 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey Rev., 4.00%, 7/15/2038 | 100 | 102 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated Series 194, Rev., 5.00%, 10/15/2041 | 6500 | 6820 |
| &nbsp;&nbsp;&nbsp; Port Washington Union Free School District GO, 4.00%, 8/1/2035 | 5045 | 5365 |
| &nbsp;&nbsp;&nbsp; Sales Tax Asset Receivable Corp., Fiscal Year 2015 Series 2015A, Rev., 5.00%, 10/15/2031 (e) | 1890 | 1975 |
| &nbsp;&nbsp;&nbsp; Syracuse Industrial Development Agency, School District Series 2019 A, Rev., 4.00%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, Senior Lien, MTA Bridges and Tunnels Series 2022B, Rev., 5.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439 |
| &nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority Series 2013TE, Rev., 5.00%, 12/15/2041 | &nbsp;&nbsp;&nbsp; 4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4327 |
| &nbsp;&nbsp;&nbsp; Village of Stewart Manor, Public Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013TE, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013TE, GO, 4.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Wellsville Central School District Series 2017 B, GO, AGM, 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021D, Rev., 2.88%, 7/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 3.20%, 7/1/2028 (c) | &nbsp;&nbsp;&nbsp; 3025 | &nbsp;&nbsp;&nbsp;&nbsp; 2866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2041 (c) | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 844 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp; 91766 |
| **North Carolina — 1.8%** | **North Carolina — 1.8%** | **North Carolina — 1.8%** |
| &nbsp;&nbsp;&nbsp; County of Cabarrus Series 2022A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1142 |
| &nbsp;&nbsp;&nbsp; County of Duplin Series 2021B, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp; County of New Hanover Series 2016 A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp; County of Wake GO, 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp; 1315 | &nbsp;&nbsp;&nbsp;&nbsp; 1503 |
| &nbsp;&nbsp;&nbsp; North Carolina Capital Facilities Finance Agency, High Point University Rev., 4.00%, 5/1/2032 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, The Forest at Duke Project Rev., 4.00%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien Rev., AGM, 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760 |
| &nbsp;&nbsp;&nbsp; University of North Carolina at Greensboro Series 2021A, Rev., 4.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; University of North Carolina, Hospital at Chapel Hill Series A, Rev., VRDO, LIQ : TD Bank NA, 3.90%, 2/1/2023 (b) | &nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp;&nbsp;&nbsp; 4900 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 9953 |
| **North Dakota — 0.3%** | **North Dakota — 0.3%** | **North Dakota — 0.3%** |
| &nbsp;&nbsp;&nbsp; City of Grand Forks Rev., 4.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1171 |
| &nbsp;&nbsp;&nbsp; North Dakota Building Authority Series 2020A, Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp; Total North Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp; 1425 |
| **Ohio — 1.9%** | **Ohio — 1.9%** | **Ohio — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical Center of Akron Series 2022A, Rev., 5.00%, <br> 11/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746 |
| &nbsp;&nbsp;&nbsp; Butler County Port Authority, Community First Solutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 5/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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; Series 2021A, Rev., 4.00%, 5/15/2040 | 120 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 5/15/2041 | 125 | 124 |
| &nbsp;&nbsp;&nbsp; County of Cuyahoga, Eliza Jennings Senior Care Network Series 2022-A, Rev., 5.00%, 5/15/2032 | 170 | 168 |
| &nbsp;&nbsp;&nbsp; County of Summit Series 2019 A, GO, 5.00%, 12/1/2029 | 200 | 235 |
| &nbsp;&nbsp;&nbsp; Northeast Ohio Medical University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 12/1/2030 | 70 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/1/2035 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2030 | 275 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.75%, 9/1/2037 | 205 | 218 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Cleveland Institute of Music 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, John Carroll University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2037 | &nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 12/1/2039 | &nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1183 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund Series 2021 A, Rev., 4.00%, 12/1/2041 | &nbsp;&nbsp; 1195 | &nbsp;&nbsp;&nbsp;&nbsp; 1213 |
| &nbsp;&nbsp;&nbsp; State of Ohio Series 2016A, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Capital Facilities Lease Appropriation Series 2018A, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1157 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp; 10531 |
| **Oklahoma — 0.6%** | **Oklahoma — 0.6%** | **Oklahoma — 0.6%** |
| &nbsp;&nbsp;&nbsp; Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp; Oklahoma State University Series 2021 A, Rev., 4.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority, Turnpike System, Second Senior Series 2017A, Rev., 5.00%, 1/1/2038 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2119 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 3402 |
| **Oregon — 2.3%** | **Oregon — 2.3%** | **Oregon — 2.3%** |
| &nbsp;&nbsp;&nbsp; City of Portland, Second Lien Sewer System Series 2014B, Rev., 4.00%, 10/1/2036 | &nbsp;&nbsp; 2180 | &nbsp;&nbsp;&nbsp;&nbsp; 2209 |
| &nbsp;&nbsp;&nbsp; County of Marion Series 2022B, GO, AMBAC, 5.50%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; Hillsboro School District No. 1J GO, 4.00%, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; Hospital Facilities Authority of Multnomah County Oregon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-2, Rev., 0.95%, 6/1/2027 | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp;&nbsp; 5088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-1, Rev., 1.20%, 6/1/2028 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1710 |
| &nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority, Capital Manor Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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%, 5/15/2032 | 185 | 169 |
| &nbsp;&nbsp;&nbsp; Tri-County Metropolitan Transportation District of Oregon Series 2017A, Rev., 5.00%, 10/1/2023 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; Umatilla County School District No. 61R Stanfield GO, 4.00%, 6/15/2039 | 275 | 283 |
| &nbsp;&nbsp;&nbsp; Washington & Multnomah Counties School District No. 48J Beaverton Series 2022B, GO, 5.00%, 6/15/2025 | 1455 | 1547 |
| &nbsp;&nbsp;&nbsp; Washington Counties, Hillsborough School District No. 1J Series 2017, GO, 5.00%, 6/15/2027 | 570 | 636 |
| &nbsp;&nbsp;&nbsp; Yamhill County Hospital Authority, Friendsview Manor Series 2021A, Rev., 5.00%, 11/15/2056 | 240 | 182 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp; 12724 |
| **Pennsylvania — 2.3%** | **Pennsylvania — 2.3%** | **Pennsylvania — 2.3%** |
| &nbsp;&nbsp;&nbsp; Allegheny County Higher Education Building Authority, Chatham University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 9/1/2028 | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2029 | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; Berks County Industrial Development Authority, Tower Health Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1234 |
| &nbsp;&nbsp;&nbsp; Bucks County Water and Sewer Authority Series 2022A, Rev., AGM, 5.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp; County of Lancaster Series A, GO, 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Montgomery Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 4.00%, <br> 9/1/2043<br>| &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1958 |
| &nbsp;&nbsp;&nbsp; Fairview School District Series A, GO, 4.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Rev., 4.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Package One Project Rev., AMT, AGM, <br> 5.00%, 12/31/2057<br>| &nbsp;&nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp;&nbsp; 1772 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Series 2021B, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Holy Family University Project Rev., 5.00%, 9/1/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sayre Health Care Facilities Authority, Guthrie Health Issue Series 2021B, Rev., (ICE LIBOR USD 3 Month + 0.78%), 3.97%, <br> 3/1/2023 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp; 12744 |
| **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Series 2016A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| **South Carolina — 0.0% ^** | **South Carolina — 0.0% ^** | **South Carolina — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City of Charleston, Waterworks & Sewer System Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Spartanburg County Tourist Public Facilities Corp. Series 2021B, COP, 4.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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 — 2.8%** | **Tennessee — 2.8%** | **Tennessee — 2.8%** |
| &nbsp;&nbsp;&nbsp; City of Clarksville Series 2021 A, Rev., 4.00%, 2/1/2051 | 2000 | 1982 |
| &nbsp;&nbsp;&nbsp; City of Knoxville, Wastewater System Series 2021 A, Rev., 4.00%, 4/1/2038 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; City of Memphis, Electric System Series 2022A, Rev., 5.00%, 12/1/2026 | 345 | 381 |
| &nbsp;&nbsp;&nbsp; City of Murfreesboro GO, 5.00%, 6/1/2029 | 725 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County Health and Educational Facilities, The Blakeford at Green Hills Corp. <br> Series 2020A, Rev., 4.00%, 11/1/2038<br>| 1305 | 1146 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 5.50%, 7/1/2038 | 1500 | 1715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 5.25%, 7/1/2047 | 1400 | 1521 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Gas Project Series 2018, Rev., 4.00%, 11/1/2049 (b) | 8000 | 8038 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp; 15653 |
| **Texas — 5.2%** | **Texas — 5.2%** | **Texas — 5.2%** |
| &nbsp;&nbsp;&nbsp; Bexar County Hospital District GO, 4.00%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Bryan Independent School District GO, PSF-GTD, 4.00%, 2/15/2032 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097 |
| &nbsp;&nbsp;&nbsp; City of Austin, Airport System Series 2022A, Rev., AMT, 5.00%, 11/15/2034 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1706 |
| &nbsp;&nbsp;&nbsp; City of Houston, Airport System Series 2021A, Rev., AMT, 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp; 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Houston, Airport System, United Airlines, Inc., Terminal Improvements Projects Series 2021B-1, Rev., AMT, 4.00%, <br> 7/15/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., AGM, 5.75%, 12/1/2032 (e) | &nbsp;&nbsp;&nbsp; 5550 | &nbsp;&nbsp;&nbsp;&nbsp; 7272 |
| &nbsp;&nbsp;&nbsp; City of Mesquite, Waterworks and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 A, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2035 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., IDEA Public Schools Rev., PSF-GTD, 5.00%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536 |
| &nbsp;&nbsp;&nbsp; Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 2.50%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; County of El Paso GO, 5.00%, 2/15/2032 | &nbsp;&nbsp;&nbsp; 1490 | &nbsp;&nbsp;&nbsp;&nbsp; 1663 |
| &nbsp;&nbsp;&nbsp; County of Tarrant GO, 5.00%, 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599 |
| &nbsp;&nbsp;&nbsp; Denton Independent School District Series 2021A, GO, PSF-GTD, 5.00%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp; McKinney Independent School District GO, PSF-GTD, 5.00%, 2/15/2033 | &nbsp;&nbsp;&nbsp; 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 3145 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. Series 2022B-3, Rev., 4.25%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Inc. Series 2021B, Rev., 4.00%, 8/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project Rev., 4.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Westminster Project Rev., 4.00%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; Newark Higher Education Finance Corp., The Hughen Center, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., PSF-GTD, 5.00%, 8/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., PSF-GTD, 5.00%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority System, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority System, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier Series A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District GO, 5.00%, 2/15/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District Series 2016A, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., Hallmark University Project Series 2021A, Rev., 5.00%, 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., University of the Incarnate Word Series 2021A, Rev., 4.00%, 4/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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; Texas Water Development Board Series 2018 B, Rev., 5.00%, 10/15/2029 | 1000 | 1144 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority, Walker-Calloway System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2026 | 275 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 A, Rev., 5.00%, 2/1/2027 | 290 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2028 | 305 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2029 | 320 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2030 | 340 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2031 | 355 | 398 |
| &nbsp;&nbsp;&nbsp; Tyler Independent School District GO, PSF-GTD, 5.00%, 2/15/2028 | 175 | 193 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp; 29102 |
| **Utah — 1.0%** | **Utah — 1.0%** | **Utah — 1.0%** |
| &nbsp;&nbsp;&nbsp; Central Utah Water Conservancy District Series 2013A, GO, 4.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Series 2018A, Rev., AMT, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2189 |
| &nbsp;&nbsp;&nbsp; Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax GO, 4.13%, 6/1/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758 |
| &nbsp;&nbsp;&nbsp; Military Installation Development Authority, Tax Allocation and Hotel Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, Rev., 4.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-2, Rev., 4.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, Rev., 4.00%, 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Wallace Stegner Academy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.25%, 6/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.63%, 6/15/2042 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Tax-Exempt Telecommunications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 5725 |
| **Virginia — 0.4%** | **Virginia — 0.4%** | **Virginia — 0.4%** |
| &nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, Westminster Canterbury Richmond Rev., 4.00%, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp; Lynchburg Economic Development Authority, Central Health, Inc. Rev., 4.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, The Obligated Group of National Senior Campuses, Inc. Series 2020A, Rev., 5.00%, <br> 1/1/2034<br>| &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1306 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 2287 |
| **Washington — 4.0%** | **Washington — 4.0%** | **Washington — 4.0%** |
| &nbsp;&nbsp;&nbsp; County of Kitsap Series 2022B, GO, 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp; 1715 | &nbsp;&nbsp;&nbsp;&nbsp; 2062 |
| &nbsp;&nbsp;&nbsp; Energy Northwest Series 2021A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Port of Seattle Series 2022B, Rev., AMT, 4.00%, 8/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp; Port of Seattle, Intermediate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 3/1/2033 | &nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp; 2830 | &nbsp;&nbsp;&nbsp;&nbsp; 3231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 3/1/2034 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp; State of Washington Series R-2022A, GO, 4.00%, 2/1/2036 | &nbsp;&nbsp;&nbsp; 4335 | &nbsp;&nbsp;&nbsp;&nbsp; 4624 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Providence St. Joseph Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2766 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, New Haven Apartments Series 2018 B, Rev., VRDO, LOC : Federal National <br> Mortgage Association, 3.78%, 2/9/2023 (b)<br>| 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Rockwood Retirement Communities Project Series 2020A, Rev., 5.00%, <br> 1/1/2041 (c)<br>| 1415 | 1147 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp; 22502 |
| **Wisconsin — 1.4%** | **Wisconsin — 1.4%** | **Wisconsin — 1.4%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Ascend Leadership Academy Project Series 2021A, Rev., 5.00%, 6/15/2041 (c) | 130 | 113 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Coral Academy of Science |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2030 | 305 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2041 | 500 | 441 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Eastern Michigan University Student Housing Project Series 2022 A-1, Rev., 5.25%, 7/1/2033 | 500 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Entrance Fee Principal Redemption, Searstone CCRC Project Series 2021B2, Rev., 2.25%, <br> 6/1/2027 (c)<br>| 215 | 195 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Roseman University of Health Sciences Project Rev., 4.00%, 4/1/2032 (c) | 100 | 94 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Scotland Healthcare System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, The Carmelite System, Inc., Obligated Group Series 2021A, Rev., 3.25%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 807 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2042 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Triad Educational Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Triad Math and Science Academy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Viticus Group Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 12/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 12/1/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Marquette University Series 2021A-1, Rev., 5.00%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries Rev., 4.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 7874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $511,078)<br>|  | 509141 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 6.1%** | **Short-Term Investments — 6.1%** | **Short-Term Investments — 6.1%** |
| **Investment Companies — 6.1%** | **Investment Companies — 6.1%** | **Investment Companies — 6.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.70% (g) (h) <br>(Cost $33,915)<br>| 33905 | 33922 |
| **Total Investments — 97.4%** <br>**(Cost $544,993)**<br>|  | **543063** |
| **Other Assets Less Liabilities — 2.6%** |  | **14659** |
| **NET ASSETS — 100.0%** |  | **557722** |

---

&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 |
| CCRC | Congregate Care Retirement Center |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| GO | General Obligation |
| GTD | Guaranteed |
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| Q-SBLF | Qualified School Bond Loan Fund |
| RE | Reinsured |
| Rev. | Revenue |
| USD | United States Dollar |
| 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 January 31, 2023. <br>|
| (c) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (d) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (e) | Security is prerefunded or escrowed to maturity. |
| (f) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of January 31, 2023. |
| (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 January 31, 2023. |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (Unaudited) (continued)

**Centrally Cleared Inflation-linked swap contracts outstanding as of January 31, 2023 (amounts in thousands):**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX(a)** | **FIXED RATE** | &nbsp;&nbsp; **PAY/** <br>**RECEIVE** <br>**FLOATING** <br>**RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**$**<br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION) ($)**<br>| **VALUE ($)** |
| CPI-U at termination | 2.33% at termination | Receive | 1/23/2028 | USD 10,863 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| CPI-U at termination | 2.35% at termination | Receive | 1/23/2033 | USD 28,670 | &nbsp;&nbsp; (27) | &nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp; 278 |
| CPI-U at termination | 2.37% at termination | Receive | 10/4/2032 | USD 46,362 | (110) | &nbsp;&nbsp;&nbsp; 582 | &nbsp;&nbsp;&nbsp; 472 |
| CPI-U at termination | 2.39% at termination | Receive | 1/19/2033 | USD 10,430 | &nbsp;&nbsp; (19) | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| CPI-U at termination | 2.45% at termination | Receive | 10/4/2027 | USD 41,716 | (109) | &nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; (17) |
| CPI-U at termination | 2.47% at termination | Receive | 10/6/2032 | USD 20,132 | &nbsp;&nbsp; (36) | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| CPI-U at termination | 2.47% at termination | Receive | 10/6/2032 | USD 6,298 | &nbsp;&nbsp;&nbsp; (11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
|  |  |  |  |  | (312) | &nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp; 858 |
| CPI-U at termination | 2.60% at termination | Receive | 11/23/2027 | USD 6,290 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (39) | &nbsp;&nbsp;&nbsp;&nbsp; (39) |
| CPI-U at termination | 2.62% at termination | Receive | 12/2/2027 | USD 12,429 | &nbsp;&nbsp; (45) | &nbsp;&nbsp;&nbsp;&nbsp; (47) | &nbsp;&nbsp;&nbsp;&nbsp; (92) |
| CPI-U at termination | 2.73% at termination | Receive | 10/19/2029 | USD 70,437 | (179) | (1009) | (1188) |
| CPI-U at termination | 2.77% at termination | Receive | 11/16/2025 | USD 5,792 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; (51) | &nbsp;&nbsp;&nbsp;&nbsp; (50) |
| CPI-U at termination | 2.82% at termination | Receive | 11/4/2029 | USD 9,852 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (216) | &nbsp;&nbsp;&nbsp; (216) |
| CPI-U at termination | 2.83% at termination | Receive | 11/16/2024 | USD 37,649 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; (224) | &nbsp;&nbsp; (220) |
| CPI-U at termination | 2.83% at termination | Receive | 11/10/2029 | USD 7,144 | &nbsp;&nbsp;&nbsp; (13) | &nbsp;&nbsp;&nbsp; (152) | &nbsp;&nbsp;&nbsp; (165) |
| CPI-U at termination | 2.95% at termination | Receive | 10/19/2025 | USD 47,889 | &nbsp;&nbsp; (60) | &nbsp;&nbsp; (624) | &nbsp;&nbsp; (684) |
|  |  |  |  |  | (292) | (2362) | (2654) |
|  |  |  |  |  | (604) | (1192) | (1796) |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CPI-U | Consumer Price Index for All Urban Consumers |
| USD | United States Dollar |

---

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

(a) Value of floating rate index at January 31, 2023 was as follows:<br>

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

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | **VALUE** |
| &nbsp;&nbsp;&nbsp; CPI-U | 2.99% |

---

**Centrally Cleared Credit default swap contracts outstanding - buy protection**<sup>(\*)</sup> **as of January 31, 2023 (amounts in thousands):**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.HY.39-V1 | 5.00 | Quarterly | 12/20/2027 | 4.05 | USD 19,900 | 760 | (1428) | (668) |

---

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

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from <br> the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference <br> obligation, as defined under the terms of individual swap contracts. |
| (a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to <br> make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which <br> may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated <br> to perform (i.e. make payment) under the swap contract.Increasing values, in absolute terms and relative to notional amounts, are also indicative of <br> greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying <br> reference obligations included in a particular index. |
| (b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, <br> upon occurrence of a credit event. |
| (c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between <br> the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CDX | Credit Default Swap Index |
| USD | United States Dollar |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (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 Funds 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 Funds. 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.

Swaps are valued utilizing market quotations from approved Pricing Services.

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 | $— | $509141 | $— | $509141 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 33922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33922 |
| **Total Investments in Securities**  | $33922 | $509141 | $— | $543063 |

---

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (Unaudited) (continued) <br>(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Swaps | $— | $1170 | $— | $1170 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3790) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3790) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $— | $(2620) | $— | $(2620) |

---

**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 January 31, 2023** | **For the period ended January 31, 2023** | **For the period ended January 31, 2023** | **For the period ended January 31, 2023** | **For the period ended January 31, 2023** | **For the period ended January 31, 2023** | **For the period ended January 31, 2023** | **For the period ended January 31, 2023** | **For the period ended January 31, 2023** | **For the period ended January 31, 2023** |
| **Security Description** | **Value at** <br>**October 31,** <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>**January 31,** <br>**2023**<br>| **Shares at** <br>**January 31,** <br>**2023**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 1.70% (a) (b)<br>| $46363 | $158995 | $171438 | $(1) | $3 | $33922 | 33905 | $233 | $2 |

---

&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 January 31, 2023.

**C. Derivatives** — The Fund used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.

**(1). Swaps —** The Fund engaged in various swap transactions to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter ("OTC swaps") between the Fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

------

**JPMorgan Tax Aware Real Return Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF January 31, 2023 (Unaudited) (continued) <br>(Dollar values in thousands)

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Portfolio Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund's outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund's custodian bank.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

The Fund's swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

<u>Inflation-Linked Swaps</u>

The Fund used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan Tax Aware Real Return Fund

- **b. EDGAR series identifier (if any):** S000002608

- **c. LEI of Series:** 0V1VWJ1B5ACQIUA2GL88

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $564939777.30

**Total Liabilities:** $5984050.67

**Net Assets:** $558955726.63

**Cash Not Reported:** $438323.27

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 345.96926000 | **1-Year:** 18536.07266000 | **5-Year:** 81728.84994000 | **10-Year:** 146001.30908000 | **30-Year:** 22265.72659000

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

- **3-Month:** -217177.13184000 | **1-Year:** 918.96134000 | **5-Year:** 10268.65570000 | **10-Year:** 16960.89300000 | **30-Year:** 4458.67452000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007161 | 2.98%                | -0.20%               | 2.09%                |
| Class ID C000007162 | 3.08%                | -0.33%               | 2.07%                |
| Class ID C000130213 | 3.10%                | -0.30%               | 2.10%                |
| Class ID C000007163 | 3.04%                | -0.37%               | 2.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-232713.09              | $19983725.22                               |
| Month 2  | $-2133887.45             | $1268782.93                                |
| Month 3  | $70011.10                | $13256615.87                               |

**Designated Index Information**

- **Index Name:** U.S. Treasury Inflation Notes: 1-10 Year

- **Index Identifier:** 63TRUSD0

### Schedule of Portfolio Investments

| Name                                                                                      | Title                                                                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of Houston TX Airport System Revenue                                                 | City of Houston, Airport System, Series 2021A                                                                                | CUSIP: 442349FM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $1079558.25   | 0.19%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of San Bernardino CA                                                               | County of San Bernardino                                                                                                     | CUSIP: 796815ZC5<br>LEI: 254900RTS8DDNPA7MX91 | Long             | DBT              | MUN               | US        |    200000 | PA      | $220789.02    | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Residences of Boca Ration Expansion             | CUSIP: 696507VK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $412528.40    | 0.07%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois, Series 2021A                                                                                              | CUSIP: 452153AS8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976367.60    | 0.17%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                     | CUSIP: 01728RPT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105883.69    | 0.02%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                             | Henrico County Economic Development Authority, Westminster-Canterbury Corp.                                                  | CUSIP: 42605QGX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $316366.58    | 0.06%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                                                     | CUSIP: 74442EKL3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    380000 | PA      | $383814.90    | 0.07%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                              | Butler County Port Authority, Community First Solutions                                                                      | CUSIP: 12355RAL0<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110471.78    | 0.02%             | 2039-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mayflower Retirement Community, Series 2021A                                              | CUSIP: 34061WBK9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2105000 | PA      | $1756441.47   | 0.31%             | 2036-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp.                                                                                | CUSIP: 64985HQ67<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1133145.47   | 0.20%             | 2036-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesquite TX Waterworks & Sewer System Revenue                                     | City of Mesquite, Waterworks & Sewer System                                                                                  | CUSIP: 590775DD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $700470.36    | 0.13%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma State University                                                                 | Oklahoma State University                                                                                                    | CUSIP: 679191KL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25958.19     | 0.00%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Umatilla County School District No. 61R Stanfield                                         | Umatilla County School District No. 61R Stanfield                                                                            | CUSIP: 904148ED1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $283126.83    | 0.05%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Kitsap WA                                                                       | County of Kitsap                                                                                                             | CUSIP: 4980354F8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $2062311.85   | 0.37%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water & Power, Series A                                                                            | CUSIP: 544495Z23<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    710000 | PA      | $782999.29    | 0.14%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | USCPI                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   6298000 | PA      | $16946.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pima County Unified School District No. 16 Catalina Foothills                             | Pima County Unified School District No. 16 Catalina Foothills, School Improvement Projects, Series 2018-B                    | CUSIP: 721863QH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11066.90     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broome County Local Development Corp.                                                     | Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc.                                                | CUSIP: 114731BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $137022.51    | 0.02%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Terrebonne Parish Recreation District No. 5                                               | Terrebonne Parish Recreation District No. 5                                                                                  | CUSIP: 881246AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22047.53     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                       | Maryland Economic Development Corp.                                                                                          | CUSIP: 57420VSF1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    295000 | PA      | $329626.10    | 0.06%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                                   | Trinity River Authority, Walker-Calloway System                                                                              | CUSIP: 89657PJD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $397620.95    | 0.07%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, DePauw University Project                                                                         | CUSIP: 45470ECK9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    200000 | PA      | $218683.08    | 0.04%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Gallaudet University Project, Series 2021A                                                             | CUSIP: 25483VYM0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    160000 | PA      | $168237.63    | 0.03%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                        | County of Clark, Southern California Edison Co.                                                                              | CUSIP: 181008BD4<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1022498.68   | 0.18%             | 2031-06-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | USCPI                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  70437000 | PA      | $-1009164.02  | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                                        | Port of Seattle, Intermediate Lien, Series 2015B                                                                             | CUSIP: 735389VS4<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031078.10   | 0.18%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                                        | Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical Center of Akron                              | CUSIP: 009730QG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $745783.87    | 0.13%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Southington CT                                                                    | Town of Southington, Series 2020C                                                                                            | CUSIP: 844402E94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5715.33      | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                                | Capital Trust Agency, Inc., Sustainability Bonds -The Marie                                                                  | CUSIP: 14052WEA1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $92127.16     | 0.02%             | 2031-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Green Hills, Series 2020A     | CUSIP: 592041YW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1145639.79   | 0.20%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                                   | City of Jacksonville, Series 2022A                                                                                           | CUSIP: 469487TE2<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |    205000 | PA      | $238832.89    | 0.04%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Queen Creek AZ Excise Tax Revenue                                                 | Town of Queen Creek, Excise Tax                                                                                              | CUSIP: 74823YBP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10904.64     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                 | Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Bonds                                             | CUSIP: 38122NYG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4950000 | PA      | $5267134.62   | 0.94%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                         | Indiana Housing & Community Development Authority                                                                            | CUSIP: 45506CBH9<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027225.00   | 0.36%             | 2043-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Avondale School District                                                                  | Avondale School District                                                                                                     | CUSIP: 054375TF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16395.37     | 0.00%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, John Carroll University                                                         | CUSIP: 67756DZN9<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    425000 | PA      | $468340.01    | 0.08%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Morris NJ                                                                       | County of Morris                                                                                                             | CUSIP: 618024AW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20281.57     | 0.00%             | 2030-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Mesquite TX Waterworks & Sewer System Revenue                                     | City of Mesquite, Waterworks & Sewer System                                                                                  | CUSIP: 590775DN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1174914.30   | 0.21%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                           | Minnesota Higher Education Facilities Authority, University of St. Thomas                                                    | CUSIP: 60416JET3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    275000 | PA      | $303339.52    | 0.05%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Syracuse Industrial Development Agency                                                    | Syracuse Industrial Development Agency, Syracuse City School District, Series 2019-A                                         | CUSIP: 871683EQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10469.51     | 0.00%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                               | CUSIP: 64990FYM0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994282.50    | 0.18%             | 2044-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project                                    | CUSIP: 70869PNG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $327000.54    | 0.06%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach, John Knox Village Project                                                                             | CUSIP: 732203BA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1734325.89   | 0.31%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                                  | Lynchburg Economic Development Authority, Centra Health Obligated Group                                                      | CUSIP: 55123TBK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $664581.32    | 0.12%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Smith Crossing                                                                                   | CUSIP: 45204FPR0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $92998.51     | 0.02%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hospital Facilities Authority of Multnomah County Oregon                                  | Hospital Facilities Authority of Multnomah County Oregon, Terwilliger Plaza, Inc.                                            | CUSIP: 62551PDC8<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1709998.80   | 0.31%             | 2028-06-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                             | Bucks County Industrial Development Authority, Grand View Hospital Project                                                   | CUSIP: 11861MBE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1234078.48   | 0.22%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mayflower Retirement Community, Series 2021A                                              | CUSIP: 34061WBJ2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1247069.18   | 0.22%             | 2031-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| County of Wake NC                                                                         | County of Wake                                                                                                               | CUSIP: 930864DR1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1502488.10   | 0.27%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois, Series 2017D                                                                                              | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1447986.92   | 0.26%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority                                                                                           | CUSIP: 64990C7M7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3857172.90   | 0.69%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                           | Minnesota Higher Education Facilities Authority, University of St. Thomas                                                    | CUSIP: 60416JER7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    170000 | PA      | $180188.75    | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge & Tunnel Authority                                                                                         | CUSIP: 89602HCU9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    375000 | PA      | $439069.58    | 0.08%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York & New Jersey                                                                                      | CUSIP: 73358W6P4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101504.35    | 0.02%             | 2038-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Windler Public Improvement Authority                                                      | Windler Public Improvement Authority, Limited Tax                                                                            | CUSIP: 973405AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $572944.13    | 0.10%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Enso Village Project, Series 2021B-2                                                    | CUSIP: 13057GAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $244792.37    | 0.04%             | 2028-11-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| New York State Thruway Authority                                                          | New York State Thruway Authority, Series J                                                                                   | CUSIP: 650009B44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5105.59      | 0.00%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project                                 | CUSIP: 95737TEX0<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   3025000 | PA      | $2866429.50   | 0.51%             | 2028-07-01      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| Bucks County Water and Sewer Authority                                                    | Bucks County Water and Sewer Authority                                                                                       | CUSIP: 118683JV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $484904.56    | 0.09%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                         | Northeast Ohio Medical University, Series 2021A                                                                              | CUSIP: 66433RBC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150446.34    | 0.03%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                             | North Texas Tollway Authority, First Tier                                                                                    | CUSIP: 66285WL61<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10020.20     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                                 | Los Angeles Community College District, Election of 2008, Series G                                                           | CUSIP: 54438CSH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $148806.26    | 0.03%             | 2024-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Salem Community Corp.                                                              | CUSIP: 57584Y2T5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $493941.80    | 0.09%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp.                                                         | Hudson Yards Infrastructure Corp., Second Indenture, Fiscal Year 2017, Series A                                              | CUSIP: 44420RAV2<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1651071.00   | 0.30%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                       | State of California, Various Purpose                                                                                         | CUSIP: 13063D2F4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5955641.50   | 1.07%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Enso Village Project, Series 2021B-3                                                    | CUSIP: 13057GAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $142060.83    | 0.03%             | 2027-11-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority                                                                                     | CUSIP: 04052BSX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249456.80    | 0.04%             | 2038-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                               | University of North Carolina at Chapel Hill                                                                                  | CUSIP: 91471FAW5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4900000 | PA      | $4900000.00   | 0.88%             | 2031-02-15      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| South Placer Wastewater Authority/CA                                                      | South Placer Wastewater Authority                                                                                            | CUSIP: 839423CE8<br>LEI: 549300FGO2EDNXECW829 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10458.19     | 0.00%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                              | Industrial Development Authority of the County of Pima (The)                                                                 | CUSIP: 72178AAM4<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502260.10    | 0.09%             | 2029-11-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Northern Illinois University                                                              | Northern Illinois University, Auxiliary Facilities System                                                                    | CUSIP: 665245YV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267931.20    | 0.05%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Cleveland Institute of Music 2                                                  | CUSIP: 67756DD45<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104128.46    | 0.02%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico                                                                       | State of New Mexico                                                                                                          | CUSIP: 647293SP5<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |    755000 | PA      | $912839.32    | 0.16%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | USCPI                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   7144000 | PA      | $-151676.79   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                                         | Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project                | CUSIP: 67868UFU2<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |    180000 | PA      | $182984.54    | 0.03%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                                  | River Islands Public Financing Authority, Facilities District No. 2003                                                       | CUSIP: 76827QGN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261551.55    | 0.05%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority Aviation                                                                          | CUSIP: 592647HM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3389883.00   | 0.61%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                          | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                          | CUSIP: 20282EAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $422983.09    | 0.08%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                          | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                          | CUSIP: 20282EAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $661984.79    | 0.12%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority                                                                                     | CUSIP: 04052BSY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250662.25    | 0.04%             | 2043-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                                     | County of Cuyahoga, Eliza Jennings Senior Care Network                                                                       | CUSIP: 23226MAH4<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    170000 | PA      | $168123.25    | 0.03%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                                      | City of Henderson, Series 2022B                                                                                              | CUSIP: 425099AC2<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    440000 | PA      | $432440.27    | 0.08%             | 2032-01-01      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                                       | USCPI                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  46362000 | PA      | $582101.22    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                             | New Jersey Turnpike Authority, Series 2017B                                                                                  | CUSIP: 6461397J8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5213.54      | 0.00%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series A                                      | CUSIP: 6461363J8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3232247.70   | 0.58%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Doral Academy of Northern Nevada                                                   | CUSIP: 04052BPP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $247047.32    | 0.04%             | 2036-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                    | Clifton Higher Education Finance Corp., IDEA Public Schools                                                                  | CUSIP: 187145PS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $536417.27    | 0.10%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp., Gas Project                                                                              | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8038246.40   | 1.44%             | 2025-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of St Lawrence NY                                                                  | County of St. Lawrence                                                                                                       | CUSIP: 791096FL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9806.43      | 0.00%             | 2034-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                               | California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2, Series 2022A | CUSIP: 13069AAS7<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    250000 | PA      | $232637.05    | 0.04%             | 2031-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority Future Tax Secured                                                              | CUSIP: 64971XMT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $967466.34    | 0.17%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                 | City of Atlanta                                                                                                              | CUSIP: 04780MZN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1304653.28   | 0.23%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                                        | Ontario Public Financing Authority                                                                                           | CUSIP: 68304RCV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $117433.64    | 0.02%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Military Installation Development Authority                                               | Military Installation Development Authority, Tax Allocation and Hotel Tax, Series 2021A-1                                    | CUSIP: 599772AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $82804.88     | 0.01%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Triad Math & Science Academy Co.                                                                   | CUSIP: 74442EHH6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    370000 | PA      | $371543.90    | 0.07%             | 2026-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority                                                                        | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1771777.06   | 0.32%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency Tax-Exempt Telecommunications                                                                     | CUSIP: 917467BY7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    525000 | PA      | $495721.22    | 0.09%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hillsboro School District No. 1J                                                          | Hillsboro School District No. 1J                                                                                             | CUSIP: 939307JM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $636381.40    | 0.11%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority, Series 2020AA                                                                | CUSIP: 6461367L9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1069545.83   | 0.19%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                                        | Ontario Public Financing Authority                                                                                           | CUSIP: 68304RCW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $167527.28    | 0.03%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moorhead Independent School District No. 152                                              | Moorhead Independent School District No. 152                                                                                 | CUSIP: 616157ST1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10796.99     | 0.00%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Issue, Series 2021A                        | CUSIP: 57421CBY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $503249.22    | 0.09%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project                                           | CUSIP: 19645UGE8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     85000 | PA      | $80252.95     | 0.01%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Westminster Project                                                    | CUSIP: 64542UFN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $75861.30     | 0.01%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 60 Higley                                     | Maricopa County Unified School District No. 60 Higley                                                                        | CUSIP: 56756QBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $279696.58    | 0.05%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                           | Minnesota Higher Education Facilities Authority, University of St. Thomas                                                    | CUSIP: 60416JFQ8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    655000 | PA      | $734807.89    | 0.13%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                              | Butler County Port Authority, Community First Solutions                                                                      | CUSIP: 12355RAM8<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120188.95    | 0.02%             | 2040-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                             | Central Plains Energy Project, Gas Project No. 4, Series 2018A                                                               | CUSIP: 154871CT2<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |  10260000 | PA      | $10372159.24  | 1.86%             | 2050-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                             | North Texas Tollway Authority, Second Tier, Series 2017B                                                                     | CUSIP: 66285WWX0<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    300000 | PA      | $320979.87    | 0.06%             | 2027-01-01      | Fixed         | 5.00%                 | 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      | $171978.12    | 0.03%             | 2026-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 69 Paradise Valley                            | Maricopa County Unified School District No. 69 Paradise Valley                                                               | CUSIP: 567373Q73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $502190.29    | 0.09%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                         | Salem Hospital Facility Authority, Capital Manor, Inc.                                                                       | CUSIP: 794458GH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $169056.29    | 0.03%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health & Educational Facilities Authority of the State of Missouri, Lake Regional Health System                              | CUSIP: 60637AUM2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    705000 | PA      | $779821.37    | 0.14%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                                   | Trinity River Authority, Walker-Calloway System                                                                              | CUSIP: 89657PHZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $319337.30    | 0.06%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bryan Independent School District                                                         | Bryan Independent School District                                                                                            | CUSIP: 117583M50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097468.20   | 0.20%             | 2032-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tyler Independent School District                                                         | Tyler Independent School District                                                                                            | CUSIP: 902273WZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $193447.49    | 0.03%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County School District R-1                                                      | Jefferson County School District R-1                                                                                         | CUSIP: 472736Y43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $581212.62    | 0.10%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Providence St. Joseph Health                                                    | CUSIP: 93978HUS2<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2765732.50   | 0.49%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community Consolidated School District No. 15 Palatine                        | Cook County Community Consolidated School District No. 15 Palatine                                                           | CUSIP: 213291RW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $568307.55    | 0.10%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Lawrence Technological University                                                                | CUSIP: 594479HN0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     95000 | PA      | $91682.94     | 0.02%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                                  | County of New Hanover                                                                                                        | CUSIP: 64480PER6<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |    220000 | PA      | $240069.59    | 0.04%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2020AA                                        | CUSIP: 6461367M7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051163.60   | 0.19%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                                        | State of Louisiana, State Highway Improvement, Series 2013-A                                                                 | CUSIP: 546486AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40381.92     | 0.01%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County School District 001                                                      | Lancaster County School District 001                                                                                         | CUSIP: 514014RH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $118831.72    | 0.02%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2020A                                       | CUSIP: 546399KQ8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     65000 | PA      | $70042.26     | 0.01%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | USCPI                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  41716000 | PA      | $91741.08     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Spartanburg County Tourist Public Facilities Corp.                                        | Spartanburg County Tourist Public Facilities Corp.                                                                           | CUSIP: 847111BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10445.97     | 0.00%             | 2028-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                                 | Maine Municipal Bond Bank                                                                                                    | CUSIP: 56045R3Y3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $836743.74    | 0.15%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Lutheran University                                                                  | CUSIP: 13048VDN5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    225000 | PA      | $240377.00    | 0.04%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp., State Revolving Fund, Series 2017A                                            | CUSIP: 64986DDK8<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2237774.60   | 0.40%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                                                  | CUSIP: 67756DJ64<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    205000 | PA      | $218449.31    | 0.04%             | 2037-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                          | Energy Northwest                                                                                                             | CUSIP: 29270MEL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10592.87     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lancaster PA                                                                    | County of Lancaster                                                                                                          | CUSIP: 514040P57<br>LEI: 549300W9YR5FSCHLO756 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15486.74     | 0.00%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, DePauw University Project                                                                         | CUSIP: 45470ECN3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    230000 | PA      | $256241.14    | 0.05%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Playmouth Place Inc.                                                                             | CUSIP: 45204FSS5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200674.56    | 0.04%             | 2027-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Clayton County Development Authority                                                      | Clayton County Development Authority, CSU Foundation Real Estate II LLC                                                      | CUSIP: 184150GB0<br>LEI: 549300MRIVF01QB6RF86 | Long             | DBT              | MUN               | US        |    125000 | PA      | $140827.40    | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Triad Educational Services, Inc., Series 2021A                                                     | CUSIP: 74442EHP8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    280000 | PA      | $244222.02    | 0.04%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                             | North Texas Tollway Authority, Second Tier                                                                                   | CUSIP: 66285WXA9<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    400000 | PA      | $426324.88    | 0.08%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of St Louis Missouri (The)                   | Industrial Development Authority of the City of St Louis Missouri (The), Innovation District                                 | CUSIP: 85233LAH6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |    400000 | PA      | $401468.04    | 0.07%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                                        | Port of Seattle, Intermediate Lien                                                                                           | CUSIP: 735389VR6<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3870655.13   | 0.69%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency                                                                                                   | CUSIP: 917467CG5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104557.31    | 0.02%             | 2032-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                              | Butler County Port Authority, Community First Solutions                                                                      | CUSIP: 12355RAK2<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    110000 | PA      | $111028.58    | 0.02%             | 2038-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mayflower Retirement Community, Series 2021A                                              | CUSIP: 34061WBG8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1266596.24   | 0.23%             | 2029-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                           | Minnesota Higher Education Facilities Authority, University of St. Thomas                                                    | CUSIP: 60416JEY2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    245000 | PA      | $279894.17    | 0.05%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Tammany Parish Hospital Service District No. 1                                        | St. Tammany Parish Hospital Service District No. 1                                                                           | CUSIP: 793556CD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16136.93     | 0.00%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                                     | Sacramento Municipal Utility District Financing Authority, Cosumnes Project                                                  | CUSIP: 786009CC2<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1380877.92   | 0.25%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Matanuska-Susitna AK                                                           | Borough of Matanuska-Susitna, Goose Creek Correctional Center Project                                                        | CUSIP: 576553CD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15548.65     | 0.00%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avon Community School Building Corp.                                                      | Avon Community School Building Corp.                                                                                         | CUSIP: 054071LS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26676.54     | 0.00%             | 2035-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Tarrant TX                                                                      | County of Tarrant                                                                                                            | CUSIP: 876315ZA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $598804.55    | 0.11%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charleston SC Waterworks & Sewer System Revenue                                   | City of Charleston, Waterworks & Sewer System                                                                                | CUSIP: 160429UL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16230.38     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2020A                                       | CUSIP: 546399KP0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    675000 | PA      | $735075.95    | 0.13%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, School Districts Financing Program, Series 2018A                                         | CUSIP: 64990GAZ5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    875000 | PA      | $950131.09    | 0.17%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Enso Village Project, Series 2021B-1                                                    | CUSIP: 13057GAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $89686.62     | 0.02%             | 2029-05-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority, National Senior Communities, Inc., Series 2020A                                 | CUSIP: 928104MU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1306493.64   | 0.23%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                                        | Denver Health and Hospital Authority                                                                                         | CUSIP: 24918EEH9<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922777.30    | 0.17%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp.                                                                                                     | CUSIP: 12008ETS5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    210000 | PA      | $235413.28    | 0.04%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Local Government Corp.                                                             | Conroe Local Government Corp., Conroe Convention Center Hotel, Series 2021A                                                  | CUSIP: 208419AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $86245.82     | 0.02%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                 | Camden County Improvement Authority (The)                                                                                    | CUSIP: 13281PAA5<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    525000 | PA      | $572162.75    | 0.10%             | 2042-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                     | CUSIP: 01728RPR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105784.60    | 0.02%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                          | State of Georgia                                                                                                             | CUSIP: 373384Z66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $136979.47    | 0.02%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series 2022A                         | CUSIP: 04052BRH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $146873.55    | 0.03%             | 2029-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                         | North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien                                                   | CUSIP: 65830RBH1<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    700000 | PA      | $759701.60    | 0.14%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County School District/GA                                                             | Lee County School District                                                                                                   | CUSIP: 523552DL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $367686.12    | 0.07%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clovis Unified School District                                                            | Clovis Unified School District                                                                                               | CUSIP: 189344EQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $121244.36    | 0.02%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Project No. 3                                                             | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088628.70   | 0.19%             | 2053-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                               | JEA Electric System                                                                                                          | CUSIP: 46613SGM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4451513.20   | 0.80%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority                                                                                           | CUSIP: 64990FP99<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049752.50   | 0.19%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | USCPI                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  37649000 | PA      | $-223927.03   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Smith Crossing                                                                                   | CUSIP: 45204FPQ2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    150000 | PA      | $141210.30    | 0.03%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wildwood Utility Dependent District                                                       | Wildwood Utility Dependent District                                                                                          | CUSIP: 968214AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $146741.13    | 0.03%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                              | Northern Illinois University, Auxiliary Facilities System                                                                    | CUSIP: 665245YW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $353280.98    | 0.06%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Murfreesboro TN                                                                   | City of Murfreesboro                                                                                                         | CUSIP: 626524V66<br>LEI: 5493004HW7N2IUAQK610 | Long             | DBT              | MUN               | US        |    725000 | PA      | $844505.81    | 0.15%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                          | Ohio Water Development Authority                                                                                             | CUSIP: 67765QHK5<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1159546.51   | 0.21%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hospital Facilities Authority of Multnomah County Oregon                                  | Hospital Facilities Authority of Multnomah County Oregon, Terwilliger Plaza, Inc.                                            | CUSIP: 62551PDD6<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |   5800000 | PA      | $5088058.70   | 0.91%             | 2027-06-01      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                          | North Carolina Capital Facilities Finance Agency, High Point University                                                      | CUSIP: 65818PNN5<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059354.70   | 0.19%             | 2032-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Miami-Dade Osceola County Facilities, Series 2022A                          | CUSIP: 34061UKB3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    260000 | PA      | $270612.63    | 0.05%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                    | CUSIP: 249182QU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5709097.00   | 1.02%             | 2042-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Lutheran University                                                                  | CUSIP: 13048VDP0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    225000 | PA      | $239831.10    | 0.04%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp.                                                                                | CUSIP: 64985HQ34<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    300000 | PA      | $367240.59    | 0.07%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                           | Minnesota Higher Education Facilities Authority, University of St. Thomas                                                    | CUSIP: 60416JEV8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    315000 | PA      | $358845.26    | 0.06%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                                   | Trinity River Authority, Walker-Calloway System                                                                              | CUSIP: 89657PHY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $295788.30    | 0.05%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health & Educational Facilities Authority of the State of Missouri, Lake Regional Health System                              | CUSIP: 60637AUQ3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    400000 | PA      | $406929.84    | 0.07%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Providence St. Joseph Health, Series 2018B                                      | CUSIP: 93978HUQ6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1326906.38   | 0.24%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Project No. 2, Series 2021B                                               | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   3825000 | PA      | $3812627.27   | 0.68%             | 2031-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                                    | University of Colorado, Enterprise System, Series 2021C-3B                                                                   | CUSIP: 91417NDA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24344.05     | 0.00%             | 2051-06-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                 | Camden County Improvement Authority (The), Camden Prep High School Project                                                   | CUSIP: 13281UAC0<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    585000 | PA      | $600197.72    | 0.11%             | 2042-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2021                                                                                           | CUSIP: 64966QVM9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2282262.60   | 0.41%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                          | New York State Thruway Authority, Junior Lien, Series 2016-A                                                                 | CUSIP: 650010AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26163.57     | 0.00%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Entrance Fee Principal Redemption, Searstone CCRC Project                                          | CUSIP: 74442PTT2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    215000 | PA      | $195042.58    | 0.03%             | 2027-06-01      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Port of Seattle WA                                                                        | Port of Seattle                                                                                                              | CUSIP: 735389U71<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2830000 | PA      | $3230621.59   | 0.58%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                                | Stamford Housing Authority                                                                                                   | CUSIP: 852640AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019275.10   | 0.18%             | 2027-12-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Kaiser Permanente, Series 2017A, Subseries 2017A-2                         | CUSIP: 13032UMM7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022251.00   | 0.18%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                                     | Utah Charter School Finance Authority, Wallace Stegner Academy                                                               | CUSIP: 91754TS61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $808310.32    | 0.14%             | 2042-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Miami-Dade Osceola County Facilities, Series 2022A                          | CUSIP: 34061UJY5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    180000 | PA      | $188648.91    | 0.03%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Silver Bow County School District No. 1                                                   | Silver Bow County School District No. 1                                                                                      | CUSIP: 827422AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5753.08      | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio, Series 2016A                                                                                                  | CUSIP: 677522HM9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    385000 | PA      | $412055.64    | 0.07%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Third Creek Metropolitan District No. 1                                                   | Third Creek Metropolitan District No. 1, Limited Tax                                                                         | CUSIP: 88423EAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $716049.18    | 0.13%             | 2037-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                              | Butler County Port Authority, Community First Solutions                                                                      | CUSIP: 12355RAN6<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    125000 | PA      | $124391.94    | 0.02%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                             | North Texas Tollway Authority, First Tier                                                                                    | CUSIP: 66285WVS2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    360000 | PA      | $384737.29    | 0.07%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority, Hebrew Home for Aged Disabled                                        | CUSIP: 13080SJ47<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $111197.19    | 0.02%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rampart Range Metropolitan District No. 5                                                 | Rampart Range Metropolitan District No. 5                                                                                    | CUSIP: 75157WAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $425052.30    | 0.08%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Water Authority                                                             | Monroe County Water Authority                                                                                                | CUSIP: 610763RG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4510000 | PA      | $4513148.43   | 0.81%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| McKinney Independent School District                                                      | McKinney Independent School District                                                                                         | CUSIP: 581664LH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $3144830.79   | 0.56%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                         | Salem Hospital Facility Authority, Capital Manor, Inc.                                                                       | CUSIP: 794458GG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $184887.14    | 0.03%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | USCPI                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   5792000 | PA      | $-51225.01    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, John Carroll University                                                         | CUSIP: 67756DZM1<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    445000 | PA      | $486760.00    | 0.09%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                                     | City of Valparaiso                                                                                                           | CUSIP: 920286AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $160734.94    | 0.03%             | 2041-12-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| City of Sedona AZ Excise Tax Revenue                                                      | City of Sedona, Excise Tax                                                                                                   | CUSIP: 81567LDF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $209432.34    | 0.04%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, John Carroll University                                                         | CUSIP: 67756DZP4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    645000 | PA      | $713773.83    | 0.13%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project                                 | CUSIP: 95737TEY8<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    465000 | PA      | $448814.93    | 0.08%             | 2026-07-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Long Island Power Authority                                                               | Long Island Power Authority, Electric System, Series 2021A                                                                   | CUSIP: 542691EM8<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32816.83     | 0.01%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairview School District                                                                  | Fairview School District, Series A                                                                                           | CUSIP: 305879GT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10269.74     | 0.00%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                                   | Trinity River Authority, Walker-Calloway System                                                                              | CUSIP: 89657PJB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $361057.47    | 0.06%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                               | CUSIP: 592190QT2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1714682.40   | 0.31%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wellsville Central School District/NY                                                     | Wellsville Central School District                                                                                           | CUSIP: 950348FV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20185.01     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Rosa CA Wastewater Revenue                                                  | City of Santa Rosa, Wastewater, Series B                                                                                     | CUSIP: 802649NY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4684782.03   | 0.84%             | 2023-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                                   | City of Phoenix Civic Improvement Corp.                                                                                      | CUSIP: 71883MNK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1623592.83   | 0.29%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Central Florida Housing Facility Revenue                                    | University of Central Florida Housing Facility                                                                               | CUSIP: 341576CT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51928.29     | 0.01%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                            | Lee County Industrial Development Authority, Health Care Facilities, Series 2022B2                                           | CUSIP: 52349EEN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1449049.50   | 0.26%             | 2026-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                        | Ohio Water Development Authority Water Pollution Control Loan Fund                                                           | CUSIP: 67766WE40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1212961.69   | 0.22%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montana State Board of Regents                                                            | Montana State Board of Regents, Montana State University                                                                     | CUSIP: 61212LRL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1147324.20   | 0.21%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp.                                                     | Newark Higher Education Finance Corp., The Hughen Center, Inc.                                                               | CUSIP: 650346FN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $281965.33    | 0.05%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Marcos Redevelopment Agency Successor Agency                                          | San Marcos Redevelopment Agency Successor Agency                                                                             | CUSIP: 79876BAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $109615.25    | 0.02%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Enso Village Project, Series 2021A                                                      | CUSIP: 13057GAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $96798.68     | 0.02%             | 2036-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Eastern Michigan University                                                               | Eastern Michigan University, Board of Regents, Series 2017A                                                                  | CUSIP: 276731ZQ2<br>LEI: 549300K3C21R17LKDU63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085027.40   | 0.19%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington & Multnomah Counties School District No. 48J Beaverton                         | Washington & Multnomah Counties School District No. 48J Beaverton                                                            | CUSIP: 938429Y68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1547141.80   | 0.28%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Topeka KS                                                                         | City of Topeka                                                                                                               | CUSIP: 890585BV3<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250140.18    | 0.04%             | 2026-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Watervliet Public Schools                                                                 | Watervliet Public Schools, School Building and Site                                                                          | CUSIP: 942367GF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10329.91     | 0.00%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia                                                                                                         | CUSIP: 25476FUD8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    600000 | PA      | $668460.96    | 0.12%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Knoxville TN Wastewater System Revenue                                            | City of Knoxville                                                                                                            | CUSIP: 499815C97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26178.95     | 0.00%             | 2038-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority, Transportation Program                                                       | CUSIP: 646136R86<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2511190.75   | 0.45%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Salem Community Corp.                                                              | CUSIP: 57584Y2S7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    265000 | PA      | $263281.55    | 0.05%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                                        | Port of Seattle, Intermediate Lien                                                                                           | CUSIP: 735389W20<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    600000 | PA      | $557274.18    | 0.10%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vista Unified School District                                                             | Vista Unified School District                                                                                                | CUSIP: 928346QK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $437106.04    | 0.08%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Municipal Water Finance Authority, Water & Sewer System                                                        | CUSIP: 64972GZB3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.89%             | 2045-06-15      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                            | CUSIP: 452152Q46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5261905.00   | 0.94%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                                    | San Antonio Education Facilities Corp., University of the Incarnate Word, Series 2021A                                       | CUSIP: 796247DD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $561397.44    | 0.10%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                                        | Ontario Public Financing Authority                                                                                           | CUSIP: 68304RCT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $101360.60    | 0.02%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp.                                                                                    | CUSIP: 650116CK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044904.50   | 0.19%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Contra Costa County Public Financing Authority                                            | Contra Costa County Public Financing Authority                                                                               | CUSIP: 21226PPU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $811407.78    | 0.15%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, DePauw University Project                                                                         | CUSIP: 45470ECH6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    200000 | PA      | $214367.94    | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                            | State of Maryland, Department of Transportation                                                                              | CUSIP: 574204N33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $507967.07    | 0.09%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesquite TX Waterworks & Sewer System Revenue                                     | City of Mesquite, Waterworks & Sewer System                                                                                  | CUSIP: 590775DG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $752352.65    | 0.13%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                             | Berks County Industrial Development Authority, Tower Health Project                                                          | CUSIP: 08451PAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $125599.94    | 0.02%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | USCPI                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  28670000 | PA      | $305326.52    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| County of Carroll KY                                                                      | County of Carroll, Kentucky Environmental Facilities, Series B                                                               | CUSIP: 14483RAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $813088.50    | 0.15%             | 2034-10-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mayflower Retirement Community, Series 2021A                                              | CUSIP: 34061WBH6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1301630.67   | 0.23%             | 2030-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                                    | San Antonio Education Facilities Corp., Hallmark University Project, Series 2021A                                            | CUSIP: 796247DX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $177503.26    | 0.03%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | USCPI                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  47889000 | PA      | $-623869.66   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series 2018A                           | CUSIP: 613603YW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1957747.60   | 0.35%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mayflower Retirement Community, Series 2021B-1                                            | CUSIP: 34061WBP8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $90142.08     | 0.02%             | 2027-06-01      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority                                                                                           | CUSIP: 64990FPN8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $114595.20    | 0.02%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pinal County Electric District No. 3                                                      | Pinal County Electric District No. 3                                                                                         | CUSIP: 722021CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155719.32    | 0.03%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Series 2017A                                                                                           | CUSIP: 25476FUC0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    400000 | PA      | $446696.44    | 0.08%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Viejo Community Development Financing Authority                                   | Mission Viejo Community Development Financing Authority, City of Mission Viejo                                               | CUSIP: 60519NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $142537.90    | 0.03%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2018, Series 2018-1                                                                            | CUSIP: 64966MRW1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     20000 | PA      | $22383.93     | 0.00%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                         | CUSIP: 20772JMX7<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   9140000 | PA      | $9158170.32   | 1.64%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, St Luke's Hospital                                                                 | CUSIP: 63609XAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $715162.96    | 0.13%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority Aviation                                                                          | CUSIP: 592647KJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1575008.21   | 0.28%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                                      | Dominion Water and Sanitation District                                                                                       | CUSIP: 25755AAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502558.40    | 0.09%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Marion OR                                                                       | County of Marion                                                                                                             | CUSIP: 569127BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101003.35    | 0.02%             | 2023-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Cleveland Institute of Music 2                                                  | CUSIP: 67756DD94<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109597.51    | 0.02%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Ridge School Building Corp.                                                          | Lake Ridge School Building Corp., First Mortgage                                                                             | CUSIP: 510660CA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127773.19    | 0.02%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp.                                                                                | CUSIP: 64985HP92<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    565000 | PA      | $698020.15    | 0.12%             | 2033-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Public Works Financing Authority                                       | Los Angeles County Public Works Financing Authority                                                                          | CUSIP: 54473EVH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $4389506.47   | 0.79%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                   | County of Montgomery, Consolidated Public Improvements, Series A                                                             | CUSIP: 6133406F0<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5140.07      | 0.00%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency                                                                                                   | CUSIP: 917467CF7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103091.73    | 0.02%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health Care Facilities Authority of Sayre                                                 | Health Care Facilities Authority of Sayre, Guthrie Clinic (The)                                                              | CUSIP: 805777HZ5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    995000 | PA      | $997266.91    | 0.18%             | 2024-12-01      | Floating      | 3.97%                 | 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      | $96891.18     | 0.02%             | 2025-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                       | County of Howard                                                                                                             | CUSIP: 44256PA52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2370000 | PA      | $2467310.54   | 0.44%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bexar County Hospital District                                                            | Bexar County Hospital District                                                                                               | CUSIP: 088365FN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10279.93     | 0.00%             | 2035-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Polk School District                                                                      | Polk County School District, Sales Tax                                                                                       | CUSIP: 731486BU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $342952.61    | 0.06%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | USCPI                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  10430000 | PA      | $82939.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project                                         | CUSIP: 64542UFX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $81635.23     | 0.01%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                            | Minnesota Municipal Gas Agency                                                                                               | CUSIP: 60406UAL1<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1468860.69   | 0.26%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority, Marquette University                                                    | CUSIP: 97712D2S4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $561179.05    | 0.10%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                             | Berks County Industrial Development Authority, Tower Health Project                                                          | CUSIP: 08451PAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $393047.64    | 0.07%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                                     | Utility Debt Securitization Authority                                                                                        | CUSIP: 91802RAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4327250.13   | 0.77%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                             | Central Plains Energy Project, Gas Project No. 3, Series 2017A                                                               | CUSIP: 154871CP0<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2679223.04   | 0.48%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Stafford CT                                                                       | Town of Stafford                                                                                                             | CUSIP: 852410KR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10003.86     | 0.00%             | 2026-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, John Carroll University                                                         | CUSIP: 67756DZQ2<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    700000 | PA      | $770029.05    | 0.14%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., IDEA Florida, Inc.                                                                        | CUSIP: 34061VAA4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100535.71    | 0.02%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                                | Capital Trust Agency, Inc., Legends Academy Project                                                                          | CUSIP: 14054CEV7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    175000 | PA      | $146985.79    | 0.03%             | 2045-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries                                    | CUSIP: 97712JEC3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    325000 | PA      | $276033.49    | 0.05%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Viticus Group Project, Series 2022A                                                                | CUSIP: 74442PWM3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    290000 | PA      | $240857.21    | 0.04%             | 2041-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                                 | City of Salt Lake City                                                                                                       | CUSIP: 795576GZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2189265.80   | 0.39%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Smith Crossing                                                                                   | CUSIP: 45204FPS8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    135000 | PA      | $124122.90    | 0.02%             | 2031-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                     | CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio, Series 2021A-1                                 | CUSIP: 126292AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $157710.62    | 0.03%             | 2046-12-01      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., New World Preparatory Charter School Project, Series 2021A                                         | CUSIP: 12008ERQ1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    150000 | PA      | $144001.23    | 0.03%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | USCPI                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  10863000 | PA      | $37125.18     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Salem Community Corp.                                                              | CUSIP: 57584Y2W8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $93806.12     | 0.02%             | 2040-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Scotland Health Care System, Series 2021A                                                          | CUSIP: 74444KCC6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    695000 | PA      | $729332.86    | 0.13%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Utah Water Conservancy District                                                   | Central Utah Water Conservancy District                                                                                      | CUSIP: 155674KB9<br>LEI: 5493001AT8W3NBIEDB45 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25061.03     | 0.00%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Briggs Elementary School District                                                         | Briggs Elementary School District                                                                                            | CUSIP: 109066CW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5348.66      | 0.00%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                          | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                          | CUSIP: 20282EAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $408069.54    | 0.07%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Savannah Economic Development Authority                                                   | Savannah Economic Development Authority, University System of Georgia                                                        | CUSIP: 80483CQM6<br>LEI: 549300Q7LO1N6BCXOD30 | Long             | DBT              | MUN               | US        |     95000 | PA      | $104811.77    | 0.02%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Duplin NC                                                                       | County of Duplin                                                                                                             | CUSIP: 266122BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $160403.75    | 0.03%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                                     | Utah Charter School Finance Authority, Wallace Stegner Academy                                                               | CUSIP: 91754TS53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503306.75    | 0.09%             | 2032-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois, Series 2021A                                                                                              | CUSIP: 452153AT6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2894747.70   | 0.52%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia                                                                                                         | CUSIP: 25476FUB2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    290000 | PA      | $324041.71    | 0.06%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp.                                                                                | CUSIP: 64985HP76<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    400000 | PA      | $498154.00    | 0.09%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured                                                             | CUSIP: 64971XF78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $614060.94    | 0.11%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio, Department of Transportation                                                                                  | CUSIP: 677522XP4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1156868.09   | 0.21%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | USCPI                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   6290000 | PA      | $-39245.79    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                  | State of Connecticut, Special Tax Transportation Infrastructure Purposes, Series 2022B                                       | CUSIP: 207758M83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $3019393.75   | 0.54%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                         | State of Colorado, Series 2021A                                                                                              | CUSIP: 196711TR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $2071911.96   | 0.37%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, School Master Project, Series 2021A                                                   | CUSIP: 546399NE2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    290000 | PA      | $271928.68    | 0.05%             | 2031-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Sales Tax                                                                                | CUSIP: 64990ACS2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028419.90   | 0.18%             | 2033-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denton Independent School District                                                        | Denton Independent School District                                                                                           | CUSIP: 249002GX8<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |    460000 | PA      | $533098.69    | 0.10%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loving Municipal School District No. 10                                                   | Loving Municipal School District No. 10                                                                                      | CUSIP: 547413DW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $379420.99    | 0.07%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority                                                                   | Georgia Ports Authority                                                                                                      | CUSIP: 373586HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1484286.15   | 0.27%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York                                                                                                             | CUSIP: 64966QVL1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1151764.20   | 0.21%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Eastern Michigan University Student Housing Project                                                | CUSIP: 74444UAP7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $587162.75    | 0.11%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS Water & Sewer Utility Revenue                                          | City of Wichita                                                                                                              | CUSIP: 967338A38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $132681.99    | 0.02%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                            | CUSIP: 452153CU1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6609287.40   | 1.18%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project                          | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $123693.68    | 0.02%             | 2061-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                        | New York Liberty Development Corp.                                                                                           | CUSIP: 649519EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $374608.00    | 0.07%             | 2041-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Waterview II Metropolitan District                                                        | Waterview II Metropolitan District, Series 2022A                                                                             | CUSIP: 94222GAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $483443.89    | 0.09%             | 2031-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                               | California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2, Series 2022A | CUSIP: 13069AAT5<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    550000 | PA      | $453090.88    | 0.08%             | 2042-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Municipal Water Finance Authority Fiscal Year 2022                                                             | CUSIP: 64972GZP2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2987241.30   | 0.53%             | 2045-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Roseman University of Health Sciences Project                                                      | CUSIP: 74442PVT9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $94332.29     | 0.02%             | 2032-04-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Windler Public Improvement Authority                                                      | Windler Public Improvement Authority, Limited Tax                                                                            | CUSIP: 973405AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $728897.15    | 0.13%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Lawrence Technological University                                                                | CUSIP: 594479HM2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     45000 | PA      | $44404.25     | 0.01%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Macombs Facility Project, Series 2021A                                             | CUSIP: 04052BQF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $122698.58    | 0.02%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carmel Local Public Improvement Bond Bank                                                 | Carmel Local Public Improvement Bond Bank                                                                                    | CUSIP: 143287HJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25719.72     | 0.00%             | 2037-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County Hospital Authority                                                         | Yamhill County Hospital Authority, Friendsview Manor, Series 2021A                                                           | CUSIP: 98464UAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $182068.37    | 0.03%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loving Municipal School District No. 10                                                   | Loving Municipal School District No. 10                                                                                      | CUSIP: 547413DU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $319612.86    | 0.06%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                             | Commonwealth of Massachusetts                                                                                                | CUSIP: 57582RSA5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1605057.71   | 0.29%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broome County Local Development Corp.                                                     | Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc.                                                | CUSIP: 114731BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $91326.73     | 0.02%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Albany-Dougherty Inner City Authority                                                     | Albany-Dougherty Inner City Authority, USG Real Estate Foundation XI LLC                                                     | CUSIP: 012173JS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1159956.90   | 0.21%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Bond Development Corp.                                                           | Kentucky Bond Development Corp., Centre College                                                                              | CUSIP: 49120ABA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $171194.88    | 0.03%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                    | CUSIP: 249182TA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2732914.80   | 0.49%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Northwestern Memorial Healthcare                                                                 | CUSIP: 45204FME2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |    600000 | PA      | $600000.00    | 0.11%             | 2055-07-15      | Variable      | 1.27%                 | No            |                  2 | On Loan: No      |
| County of El Paso TX                                                                      | County of El Paso                                                                                                            | CUSIP: 283497U52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1663193.88   | 0.30%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                                  | New York Power Authority                                                                                                     | CUSIP: 64989KLD6<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2250065.25   | 0.40%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St. Johns County Industrial Development Authority                                         | St Johns County Industrial Development Authority, Life Care Ponte Vedra, Series 2021A                                        | CUSIP: 79041LAJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $211543.43    | 0.04%             | 2029-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health & Educational Facilities Authority of the State of Missouri, Lake Regional Health System                              | CUSIP: 60637AUP5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $551489.30    | 0.10%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp.                                                                                | CUSIP: 64985HQ75<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    635000 | PA      | $750150.96    | 0.13%             | 2037-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Gallaudet University Project, Series 2021A                                                             | CUSIP: 25483VYP3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    200000 | PA      | $205766.44    | 0.04%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Greeley CO                                                                        | City of Greeley                                                                                                              | CUSIP: 392505BD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10721.64     | 0.00%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health & Educational Facilities Authority of the State of Missouri, Lake Regional Health System                              | CUSIP: 60637AUL4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    670000 | PA      | $735710.99    | 0.13%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington                                                                                                          | CUSIP: 93974ETS5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4335000 | PA      | $4624001.45   | 0.83%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Washington and Jane Smith Community - Orland Park                                                | CUSIP: 45204FPL3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    295000 | PA      | $289725.81    | 0.05%             | 2025-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Triad Math & Science Academy Co.                                                                   | CUSIP: 74442EHM5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    435000 | PA      | $432484.40    | 0.08%             | 2030-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue                           | San Francisco Bay Area Rapid Transit District, Sales Tax, Series A                                                           | CUSIP: 797669WA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $133746.69    | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, DePauw University Project                                                                         | CUSIP: 45470ECM5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    230000 | PA      | $254898.12    | 0.05%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                                 | Florida Higher Educational Facilities Financial Authority, Rollins College Project                                           | CUSIP: 34073TNK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1596734.76   | 0.29%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                                | Pennsylvania Turnpike Commission Oil Franchise Tax, Series 2021B                                                             | CUSIP: 709221WE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $176982.47    | 0.03%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority, Clean Energy Project                                                        | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  12200000 | PA      | $12365862.66  | 2.21%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Chisholm Independent School District No. 695                                              | Chisholm Independent School District No. 695                                                                                 | CUSIP: 170142FV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $300429.90    | 0.05%             | 2039-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                                 | Maine Municipal Bond Bank                                                                                                    | CUSIP: 56045R3X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $966659.92    | 0.17%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                          | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                          | CUSIP: 20282EAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $980529.35    | 0.18%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York                                                                                                             | CUSIP: 64966QH29<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |   7000000 | PA      | $7000000.00   | 1.25%             | 2049-09-01      | Variable      | 1.15%                 | No            |                  2 | On Loan: No      |
| Vista Unified School District                                                             | Vista Unified School District                                                                                                | CUSIP: 928346QM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1353740.79   | 0.24%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vista Unified School District                                                             | Vista Unified School District                                                                                                | CUSIP: 928346QL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1459392.36   | 0.26%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 60 Higley                                     | Maricopa County Unified School District No. 60 Higley                                                                        | CUSIP: 56756QBA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $191522.60    | 0.03%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                               | CUSIP: 592190QY1<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1520548.26   | 0.27%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District                                                                                               | CUSIP: 09182TCE5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1375065.83   | 0.25%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2021A                                                                      | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019220.40   | 0.18%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health & Educational Facilities Authority of the State of Missouri, Lake Regional Health System                              | CUSIP: 60637AUN0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $553080.35    | 0.10%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marion High School Building Corp.                                                         | Marion High School Building Corp.                                                                                            | CUSIP: 569567DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263020.90    | 0.05%             | 2027-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp.                                                                                | CUSIP: 64985HQ59<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1208886.00   | 0.22%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                        | New York Liberty Development Corp., Secured by Port Authority                                                                | CUSIP: 649519ER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $775260.60    | 0.14%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Loving Municipal School District No. 10                                                   | Loving Municipal School District No. 10                                                                                      | CUSIP: 547413DX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $334643.94    | 0.06%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                               | Washington State Housing Finance Commission, Bitter Lake Village Associates 1 LP                                             | CUSIP: 93978PJU2<br>LEI: 549300YL1HU59NREG764 | Long             | STIV             | MUN               | US        |    250000 | PA      | $250000.00    | 0.04%             | 2044-12-15      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                     | CSCDA Community Improvement Authority, Essential Housing, Orange Portfolio                                                   | CUSIP: 126292BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1158873.15   | 0.21%             | 2047-03-01      | Fixed         | 2.80%                 | Yes           |                  2 | On Loan: No      |
| City of Henderson KY                                                                      | City of Henderson, Series 2022B                                                                                              | CUSIP: 425099AD0<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    500000 | PA      | $481397.75    | 0.09%             | 2042-01-01      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District                                                                                               | CUSIP: 09182TCD7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1644859.40   | 0.29%             | 2028-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                         | Salem Hospital Facility Authority, Capital Manor Project                                                                     | CUSIP: 794458GE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $122986.16    | 0.02%             | 2029-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project                                | CUSIP: 95737TES1<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $844031.00    | 0.15%             | 2041-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                                       | USCPI                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   9852000 | PA      | $-216377.31   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Ascend Leadership Academy Project, Series 2021A                                                    | CUSIP: 744396GS5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    130000 | PA      | $113025.59    | 0.02%             | 2041-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Lakeview School District/MI                                                               | Lakeview School District, School Building and Site                                                                           | CUSIP: 512282EF7<br>LEI: 549300REOJEH621BRL65 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10840.54     | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water & Power, Series D                                                                            | CUSIP: 544495H31<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3422025.75   | 0.61%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                                                  | CUSIP: 67756DJ31<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    275000 | PA      | $291308.82    | 0.05%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project                                           | CUSIP: 19645UGC2<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     35000 | PA      | $34757.88     | 0.01%             | 2030-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                         | Salem Hospital Facility Authority, Capital Manor Project                                                                     | CUSIP: 794458GD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155846.08    | 0.03%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Springdale Public Facilities Board                                                        | City of Springdale Public Facilities Board Hospital, Arkansas Children's Northwest Project                                   | CUSIP: 85025WAN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10723.24     | 0.00%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arapahoe County Water & Wastewater Authority                                              | Arapahoe County Water & Wastewater Authority                                                                                 | CUSIP: 038716GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1175725.16   | 0.21%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                         | State of Colorado                                                                                                            | CUSIP: 196711SE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26632.71     | 0.00%             | 2034-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development, Holy Family University                                                    | CUSIP: 71780TBG7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    675000 | PA      | $740262.24    | 0.13%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Issue, Series 2021A                        | CUSIP: 57421CCE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $782247.97    | 0.14%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                       | Maryland Economic Development Corp.                                                                                          | CUSIP: 57420VSG9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    670000 | PA      | $756693.31    | 0.14%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Gas Project No. 8, Series 2022A                                                              | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1591093.32   | 0.28%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                         | Plano Independent School District                                                                                            | CUSIP: 727199C82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $685341.24    | 0.12%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                             | Berks County Industrial Development Authority, Tower Health Project                                                          | CUSIP: 08451PAJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $128390.22    | 0.02%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westminster School District                                                               | Westminster School District, Series 2016                                                                                     | CUSIP: 960621FL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5484.41      | 0.00%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                           | Minnesota Higher Education Facilities Authority, University of St. Thomas                                                    | CUSIP: 60416JEX4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    350000 | PA      | $400730.40    | 0.07%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsboro School District No. 1J                                                          | Hillsboro School District No. 1J                                                                                             | CUSIP: 939307KF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105986.80    | 0.02%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Electric System Revenue                                                | City of Memphis, Electric System                                                                                             | CUSIP: 586158PV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $380859.75    | 0.07%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Airport System, United Airlines, Inc., Terminal Improvements Projects                                       | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $359144.28    | 0.06%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project                                           | CUSIP: 19645UFY5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30009.59     | 0.01%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | USCPI                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  20132000 | PA      | $54170.92     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Salem Community Corp.                                                              | CUSIP: 57584Y2V0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    245000 | PA      | $238744.39    | 0.04%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp, Jubilee Academic Center, Inc.                                           | CUSIP: 64542QCE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $469297.79    | 0.08%             | 2031-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Savannah Economic Development Authority                                                   | Savannah Economic Development Authority, University System of Georgia                                                        | CUSIP: 80483CQQ7<br>LEI: 549300Q7LO1N6BCXOD30 | Long             | DBT              | MUN               | US        |    340000 | PA      | $396599.70    | 0.07%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2022, Series 2022F                 | CUSIP: 64971XT65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1179467.10   | 0.21%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Jupiter Medical Center                                                        | CUSIP: 69651ABN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $163835.72    | 0.03%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District                                                                                               | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5362552.50   | 0.96%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Scotland Health Care System, Series 2021A                                                          | CUSIP: 74444KCD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    730000 | PA      | $778170.95    | 0.14%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York                                                                                                             | CUSIP: 64966QMJ6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    150000 | PA      | $157959.93    | 0.03%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Loving Municipal School District No. 10                                                   | Loving Municipal School District No. 10                                                                                      | CUSIP: 547413DT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $446823.32    | 0.08%             | 2024-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                     | CUSIP: 01728RPQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105637.21    | 0.02%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Forest at Duke, Inc.                                                                 | CUSIP: 65820YSJ6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    190000 | PA      | $178706.25    | 0.03%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                        | Tobacco Settlement Financing Corp., Series 2018A                                                                             | CUSIP: 888808HC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2988945.12   | 0.53%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Southcoast Health System, Series 2021G                                             | CUSIP: 57584YG52<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    200000 | PA      | $218329.86    | 0.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Atlantic University Finance Corp.                                                 | Florida Atlantic University Finance Corp., Student Housing Project, Series 2019B                                             | CUSIP: 31200CCT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $286057.78    | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                                                     | CUSIP: 74442EKK5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    360000 | PA      | $385821.72    | 0.07%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                       | State of California                                                                                                          | CUSIP: 13063DG85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $445329.21    | 0.08%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                     | County of Cabarrus                                                                                                           | CUSIP: 12677RDC8<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1141982.40   | 0.20%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Commission San Francisco International Airport        | San Francisco City and County Airport Commission, San Francisco International Airport, Series 2019A                          | CUSIP: 79766DLU1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27456.69     | 0.00%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                                         | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                  | CUSIP: 46645V725<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  33905336 | NS      | $33922288.42  | 6.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Military Installation Development Authority                                               | Military Installation Development Authority, Tax Allocation, Series 2021A-2                                                  | CUSIP: 599772AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $87035.33     | 0.02%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                             | Berks County Industrial Development Authority, Tower Health Project                                                          | CUSIP: 08451PAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $312228.98    | 0.06%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach, John Knox Village Project                                                                             | CUSIP: 732203BB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1914903.23   | 0.34%             | 2035-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                                    | City of Grand Forks                                                                                                          | CUSIP: 38546WDK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1171530.72   | 0.21%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois, Series 2021B                                                                                              | CUSIP: 452153BX6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094728.00   | 0.20%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York and New Jersey, Consolidated, Series 194                                                          | CUSIP: 73358WZH0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6819541.30   | 1.22%             | 2041-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2022B                                                                      | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1373986.77   | 0.25%             | 2052-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Livingston Parish School Board Sales & Use Tax Revenue                                    | Livingston Parish School Board Sales & Use Tax                                                                               | CUSIP: 538799BR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26653.05     | 0.00%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                               | Oklahoma Turnpike Authority, Second Senior                                                                                   | CUSIP: 679111XB5<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2119240.40   | 0.38%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Smith AR Water & Sewer Revenue                                               | City of Fort Smith, Water & Sewer                                                                                            | CUSIP: 348815PD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1440087.08   | 0.26%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority                                                                                           | CUSIP: 64990AJX4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16919.43     | 0.00%             | 2033-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                             | North Texas Tollway Authority, North Texas Tollway System                                                                    | CUSIP: 66285WVX1<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    600000 | PA      | $646552.02    | 0.12%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Salem Community Corp.                                                              | CUSIP: 57584Y2R9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    300000 | PA      | $298934.25    | 0.05%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Round Rock Independent School District                                                    | Round Rock Independent School District                                                                                       | CUSIP: 779240MK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $128718.43    | 0.02%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loving Municipal School District No. 10                                                   | Loving Municipal School District No. 10                                                                                      | CUSIP: 547413DV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $392892.59    | 0.07%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Carmelite System, Inc. (The)                                                                       | CUSIP: 74442PQS7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    860000 | PA      | $807259.12    | 0.14%             | 2029-01-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                           | Minnesota Higher Education Facilities Authority, University of St. Thomas                                                    | CUSIP: 60416JEU0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    290000 | PA      | $325334.79    | 0.06%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                           | Indianapolis Local Public Improvement Bond Bank, Stormwater Project                                                          | CUSIP: 45528UJW2<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   4050000 | PA      | $4059321.48   | 0.73%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Washington Union Free School District                                                | Port Washington Union Free School District                                                                                   | CUSIP: 735581NY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5045000 | PA      | $5364492.28   | 0.96%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Reunion Metropolitan District                                                             | Reunion Metropolitan District, Series 2021A                                                                                  | CUSIP: 76133UAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490602 | PA      | $366631.10    | 0.07%             | 2044-12-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Sales Tax Asset Receivable Corp.                                                          | Sales Tax Asset Receivable Corp., Fiscal Year 2015, Series A                                                                 | CUSIP: 794665FT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1890000 | PA      | $1974538.94   | 0.35%             | 2024-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Building Authority                                                           | North Dakota Building Authority                                                                                              | CUSIP: 658905EV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $253565.86    | 0.05%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne-Westland Community Schools                                                          | Wayne-Westland Community Schools, Series 2019                                                                                | CUSIP: 946498HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10835.18     | 0.00%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Salem Community Corp.                                                              | CUSIP: 57584Y2Q1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    290000 | PA      | $289909.52    | 0.05%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria LA Utilities Revenue                                                   | City of Alexandria, Series 2013A                                                                                             | CUSIP: 015086MP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1257825.88   | 0.23%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                          | Kentucky Public Energy Authority, Gas Supply, Series 2022A-1                                                                 | CUSIP: 74440DDS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7265000 | PA      | $7250460.56   | 1.30%             | 2052-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, The Franklin School of Innovation                                                                  | CUSIP: 74442EHZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    105000 | PA      | $99105.90     | 0.02%             | 2042-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System, Series B                                                            | CUSIP: 544495D68<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1971117.61   | 0.35%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                              | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured, Series 2016B                         | CUSIP: 649451GW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $2462143.00   | 0.44%             | 2052-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Wastewater Utility                                                                                | CUSIP: 45505MJL1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    380000 | PA      | $451634.18    | 0.08%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority     | Louisiana Local Government Environmental Facilities and Community Development Authority, Bossier City Project                | CUSIP: 54628CBL5<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27913.74     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                                 | Tri-County Metropolitan Transportation District of Oregon, Series 2017A                                                      | CUSIP: 89546RPA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50815.74     | 0.01%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Enso Village Project, Series 2021A                                                      | CUSIP: 13057GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $89619.84     | 0.02%             | 2046-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Mida Golf and Equestrian Center Public Infrastructure District                            | Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax                                                  | CUSIP: 59561BAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $757457.38    | 0.14%             | 2036-06-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| State of California                                                                       | State of California, Various Purpose                                                                                         | CUSIP: 13063CSW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5370000 | PA      | $5673943.61   | 1.02%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                            | CUSIP: 4521522N0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2151563.00   | 0.38%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Project No. 4                                                             | CUSIP: 84136FBB2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   4685000 | PA      | $4909595.15   | 0.88%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Community Facilities District                                               | Orange County Community Facilities District                                                                                  | CUSIP: 68423PZG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107309.48    | 0.02%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority Future Tax Secured                                                              | CUSIP: 64971X4E5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11169381.00  | 2.00%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                 | Camden County Improvement Authority (The), Camden Prep High School Project                                                   | CUSIP: 13281UAA4<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    215000 | PA      | $216093.40    | 0.04%             | 2027-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Triad Math & Science Academy Co.                                                                   | CUSIP: 74442EHK9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400653.64    | 0.07%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                  | State of Connecticut, Special Tax Transportation Infrastructure Purposes, Series 2022A                                       | CUSIP: 207758J87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1509696.88   | 0.27%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Triad Math & Science Academy Co.                                                                   | CUSIP: 74442EHF0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    340000 | PA      | $340714.34    | 0.06%             | 2024-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of Bergenfield NJ                                                                 | Borough of Bergenfield                                                                                                       | CUSIP: 083869HF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1480372.15   | 0.26%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                               | Long Island Power Authority, Series 2019-A                                                                                   | CUSIP: 542691CM0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9614.44      | 0.00%             | 2036-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Coral Academy of Science Las Vegas                                                                 | CUSIP: 74442EGR5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    305000 | PA      | $300542.46    | 0.05%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arapahoe County School District No. 5 Cherry Creek                                        | Arapahoe County School District No. 5 Cherry Creek                                                                           | CUSIP: 164555DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $487750.06    | 0.09%             | 2037-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, Department of the Treasury, Series PP                                             | CUSIP: 6459186B4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5178653.00   | 0.93%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Public School and College Authority                                               | Alabama Public School and College Authority, Series 2016-A                                                                   | CUSIP: 010609DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36757.12     | 0.01%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, John Carroll University                                                         | CUSIP: 67756DZL3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    370000 | PA      | $401496.18    | 0.07%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                         | Regional Transportation Authority, Series 2002A                                                                              | CUSIP: 759911TL4<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |    750000 | PA      | $786172.65    | 0.14%             | 2024-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, State Revolving Fund                                                                                 | CUSIP: 46246K3E0<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21718.01     | 0.00%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                        | City of Detroit, Unlimited Tax                                                                                               | CUSIP: 2510934Y3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    400000 | PA      | $409295.56    | 0.07%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Lutheran University                                                                  | CUSIP: 13048VDM7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    225000 | PA      | $241322.85    | 0.04%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Viticus Group Project, Series 2022A                                                                | CUSIP: 74442PWL5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $91716.26     | 0.02%             | 2031-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Onekama Consolidated Schools                                                              | Onekama Consolidated Schools                                                                                                 | CUSIP: 682675DH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15519.81     | 0.00%             | 2025-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                     | CUSIP: 01728RPU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104835.31    | 0.02%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                                  | City of Austin, Airport System                                                                                               | CUSIP: 052398HK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1706108.55   | 0.31%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp, Outlook at Windhaven Forefront Living                                   | CUSIP: 64542UGL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $324874.78    | 0.06%             | 2026-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of San Luis AZ                                                                       | City of San Luis, Series A                                                                                                   | CUSIP: 79854WCC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53048.96     | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, San Antonio Gardens Project, Series 2022B1                                           | CUSIP: 13049RBT2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $90801.84     | 0.02%             | 2027-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Lafayette Public Power Authority                                                          | Lafayette Public Power Authority                                                                                             | CUSIP: 506479JZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16053.89     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach, John Knox Village Project                                                                             | CUSIP: 732203BF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $101982.85    | 0.02%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                                | Middleton Community Development District A                                                                                   | CUSIP: 596681AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $227680.76    | 0.04%             | 2027-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                         | Northeast Ohio Medical University, Series 2021A                                                                              | CUSIP: 66433RBB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $77980.76     | 0.01%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Gallaudet University Project, Series 2021A                                                             | CUSIP: 25483VYN8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    165000 | PA      | $172633.38    | 0.03%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Series Subseries C-1                                                                  | CUSIP: 59259Y6C8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5194240.00   | 0.93%             | 2028-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project                                           | CUSIP: 19645UGA6<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     35000 | PA      | $34958.49     | 0.01%             | 2028-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, DePauw University Project                                                                         | CUSIP: 45470ECL7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    230000 | PA      | $253119.51    | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Community Facilities District                                               | Orange County Community Facilities District                                                                                  | CUSIP: 68423PZH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $209989.32    | 0.04%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                                   | Trinity River Authority, Walker-Calloway System                                                                              | CUSIP: 89657PJA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $343167.58    | 0.06%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Military Installation Development Authority                                               | Military Installation Development Authority, Tax Allocation and Hotel Tax, Series 2021A-1                                    | CUSIP: 599772AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $87043.98     | 0.02%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                                  | City of Portland, Second Lien Sewer System, Series B                                                                         | CUSIP: 736742WB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2209144.64   | 0.40%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                          | Ohio Water Development Authority                                                                                             | CUSIP: 67765QKQ8<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1182577.15   | 0.21%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority Aviation                                                                          | CUSIP: 592647JX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3335513.70   | 0.60%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp.                                                                                | CUSIP: 64985HP50<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    300000 | PA      | $367797.24    | 0.07%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                           | Minnesota Higher Education Facilities Authority, University of St. Thomas                                                    | CUSIP: 60416JEW6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    225000 | PA      | $259552.62    | 0.05%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                              | Northern Illinois University, Auxiliary Facilities System                                                                    | CUSIP: 665245YX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $357951.49    | 0.06%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Wayne Community School Building Corp.                                                | Fort Wayne Community School Building Corp., Fort Wayne Community Schools                                                     | CUSIP: 349242MH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $747847.17    | 0.13%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Playmouth Place Inc.                                                                             | CUSIP: 45204FSR7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100584.11    | 0.02%             | 2027-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Sutter Health                                                              | CUSIP: 13032UDV7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   3740000 | PA      | $3758581.44   | 0.67%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Carroll KY                                                                      | County of Carroll, Kentucky Environmental Facilities, Series 2008A                                                           | CUSIP: 14483RAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1042195.58   | 0.19%             | 2032-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Village of Stewart Manor NY                                                               | Village of Stewart Manor, Public Improvement                                                                                 | CUSIP: 860384DD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21886.85     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                                         | Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project                | CUSIP: 67868UFW8<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531293.80    | 0.10%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System, Series B                                                            | CUSIP: 544495D50<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2150887.83   | 0.38%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                                   | Washington Suburban Sanitary Commission                                                                                      | CUSIP: 940157P79<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |    395000 | PA      | $442627.95    | 0.08%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                              | Salt River Project Agricultural Improvement & Power District, Electric System, Series A                                      | CUSIP: 79574CCM3<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |    185000 | PA      | $209889.33    | 0.04%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                         | Salem Hospital Facility Authority, Capital Manor, Inc.                                                                       | CUSIP: 794458GF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $177621.46    | 0.03%             | 2030-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                     | CUSIP: 01728RPS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $111227.00    | 0.02%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Coral Academy of Science, Series 2021A                                                             | CUSIP: 74442EGT1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $440948.75    | 0.08%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Rose-Hulman Institute of Technology Project                                                       | CUSIP: 45506EBE2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    125000 | PA      | $140722.04    | 0.03%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Culver City CA Wastewater Revenue                                                 | City of Culver City, Wastewater Facilities, Series A                                                                         | CUSIP: 230351DB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26472.87     | 0.00%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water & Power, Series 2019-C                                                                       | CUSIP: 5444957X6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5819.80      | 0.00%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Stewart Manor NY                                                               | Village of Stewart Manor, Public Improvement                                                                                 | CUSIP: 860384DF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21517.37     | 0.00%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northvale School District                                                                 | Northvale School District                                                                                                    | CUSIP: 667179DU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35587.11     | 0.01%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Loving Municipal School District No. 10                                                   | Loving Municipal School District No. 10                                                                                      | CUSIP: 547413DS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $710316.11    | 0.13%             | 2023-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Series 2015F                                                                          | CUSIP: 59261AAJ6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15769.89     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                           | Minnesota Higher Education Facilities Authority, University of St. Thomas                                                    | CUSIP: 60416JES5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108331.00    | 0.02%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Boone KY                                                                        | County of Boone, Duke Energy Kentucky, Inc.                                                                                  | CUSIP: 098792AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $745717.61    | 0.13%             | 2027-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Fort Wayne Redevelopment Authority                                                        | Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project                                                     | CUSIP: 349288EW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1136505.80   | 0.20%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                       | State of California                                                                                                          | CUSIP: 13063DM88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $8555232.70   | 1.53%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | USCPI                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  12429000 | PA      | $-46669.86    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., New World Preparatory Charter School Project, Series 2021A                                         | CUSIP: 12008ERT5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    225000 | PA      | $170333.51    | 0.03%             | 2056-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mayflower Retirement Community, Series 2021B2                                             | CUSIP: 34061WBQ6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $90626.02     | 0.02%             | 2026-06-01      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                                | City of Los Angeles Department of Airports                                                                                   | CUSIP: 544445PB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $159343.17    | 0.03%             | 2025-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                                         | Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project                | CUSIP: 67868UFX6<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |    500000 | PA      | $542201.85    | 0.10%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                 | Camden County Improvement Authority (The)                                                                                    | CUSIP: 13281NF23<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    300000 | PA      | $346052.76    | 0.06%             | 2037-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp.                                                     | Newark Higher Education Finance Corp., The Hughen Center, Inc.                                                               | CUSIP: 650346FP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $374833.00    | 0.07%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Providence St. Joseph Health                                                    | CUSIP: 93978HUR4<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1626058.50   | 0.29%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                         | State of Maryland                                                                                                            | CUSIP: 574193UU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $634499.28    | 0.11%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Pima AZ                                                                         | County of Pima                                                                                                               | CUSIP: 721882EP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5013.06      | 0.00%             | 2023-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Clarksville TN Water Sewer & Gas Revenue                                          | City of Clarksville                                                                                                          | CUSIP: 182618PR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1982244.20   | 0.35%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                          | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                          | CUSIP: 20282EAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $547103.20    | 0.10%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                               | Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series 2020A                           | CUSIP: 939783C95<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1147112.48   | 0.21%             | 2041-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Sales Tax                                                                      | CUSIP: 64985TCT6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983890.70    | 0.18%             | 2046-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lompoc Valley Medical Center                                                              | Lompoc Valley Medical Center                                                                                                 | CUSIP: 54178MBJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15541.45     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clayton County Development Authority                                                      | Clayton County Development Authority, Clayton State University                                                               | CUSIP: 184150FZ8<br>LEI: 549300MRIVF01QB6RF86 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54056.73     | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Summit OH                                                                       | County of Summit                                                                                                             | CUSIP: 86606WBL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $234552.06    | 0.04%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp.                                                                                                     | CUSIP: 12008ETN6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    510000 | PA      | $575125.47    | 0.10%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                        | County of Clark, Nevada Improvement District No. 158                                                                         | CUSIP: 181003PE8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10986.37     | 0.00%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                       | Metropolitan Washington Airports Authority Dulles Toll Road                                                                  | CUSIP: 592643CR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $294496.16    | 0.05%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects, Series 2022B                 | CUSIP: 34061UJR0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    165000 | PA      | $175403.65    | 0.03%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Playmouth Place Inc.                                                                             | CUSIP: 45204FST3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200677.90    | 0.04%             | 2027-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                     | City of Chicago, Second Lien Waterworks Project                                                                              | CUSIP: 167736B89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030740.70   | 0.18%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South San Francisco Public Facilities Financing Authority                                 | South San Francisco Public Facilities Financing Authority                                                                    | CUSIP: 840035CF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $212618.22    | 0.04%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency Tax-Exempt Telecommunications                                                                     | CUSIP: 917467BW1<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $481113.50    | 0.09%             | 2031-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                     | CSCDA Community Improvement Authority, Essential Housing, Senior Lien, Series 2021A-1                                        | CUSIP: 126292AV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1101004.67   | 0.20%             | 2047-02-01      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| Texas Water Development Board                                                             | Texas Water Development Board                                                                                                | CUSIP: 882854N65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1144439.10   | 0.20%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                        | City of Houston, Combined Utility System, Junior Lien, Series 2002A                                                          | CUSIP: 4424362G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5550000 | PA      | $7272032.91   | 1.30%             | 2032-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| South San Francisco Public Facilities Financing Authority                                 | South San Francisco Public Facilities Financing Authority                                                                    | CUSIP: 840035CG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $244867.76    | 0.04%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Turnpike & Bridge Authority                                                  | Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax, Series 2016A                                                     | CUSIP: 762322AP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10759.03     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | CDI                                                                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |  19900000 | PA      | $-1428408.42  | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Salem Community Corp.                                                              | CUSIP: 57584Y2U2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    230000 | PA      | $225647.57    | 0.04%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Gallaudet University Project, Series 2021A                                                             | CUSIP: 25483VYQ1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    200000 | PA      | $202798.34    | 0.04%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Greensboro                                                | University of North Carolina at Greensboro                                                                                   | CUSIP: 914719VA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10421.89     | 0.00%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                 | Camden County Improvement Authority (The), Camden Prep High School Project                                                   | CUSIP: 13281UAB2<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    285000 | PA      | $307509.04    | 0.06%             | 2032-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Phoenix AZ                                                                        | City of Phoenix                                                                                                              | CUSIP: 718814W85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1818030.75   | 0.33%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                       | County of Howard, Series 2019-B                                                                                              | CUSIP: 44256PUN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16887.91     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Issue, Series 2021A                        | CUSIP: 57421CBW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $439180.55    | 0.08%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                                   | Trinity River Authority, Walker-Calloway System                                                                              | CUSIP: 89657PJC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $382599.11    | 0.07%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                          | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                          | CUSIP: 20282EAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514900.80    | 0.09%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer