# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0002071691-26-007401
**Filing Date:** 2026-3
**Character Count:** 308534
**Document Hash:** a2db07ad21f13a7d4f81534afdecaeef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-007401.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0002071691-26-007401

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**PERIOD START**: 20261031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 26805533

**BUSINESS ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 800-480-4111

**MAIL ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**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, 2026**

**(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., 2026. |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 86.6% (a)** | **Municipal Bonds — 86.6% (a)** | **Municipal Bonds — 86.6% (a)** |
| **Alabama — 2.6%** | **Alabama — 2.6%** | **Alabama — 2.6%** |
| &nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority, Novelis Corp., Project Series 2025A, Rev., AMT, 5.00%, 6/1/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1788 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C-1, Rev., 5.25%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 11/1/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5670 |
| &nbsp;&nbsp;&nbsp; County of Jefferson sewer, Rev., 5.25%, 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2177 |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District (The), Gas Project Series 2025A, Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2395 |
| &nbsp;&nbsp;&nbsp; Mobile County Industrial Development Authority, Calvert LLC Project Series 2024B, Rev., AMT, 4.75%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 927 |
| &nbsp;&nbsp;&nbsp; Selma Industrial Development Board, International Paper Co. Series 2020A, Rev., 4.20%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 3 Series 2022A-1, Rev., 5.50%, 12/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1069 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 16426 |
| **Alaska — 0.2%** | **Alaska — 0.2%** | **Alaska — 0.2%** |
| &nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-1, Rev., 4.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp;&nbsp; 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp; Total Alaska |  | &nbsp;&nbsp;&nbsp;&nbsp; 1194 |
| **Arizona — 3.0%** | **Arizona — 3.0%** | **Arizona — 3.0%** |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Academic of Math and Science Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 7/1/2043 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Series 2023A, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp; City of Glendale Water and Sewer, Senior Lien, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp; City of Mesa Utility System, Rev., A.G., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1775 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Senior Lien, Rev., AMT, 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1475 | &nbsp;&nbsp;&nbsp;&nbsp; 1552 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Subordinate Excise Tax Series 2025A, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2347 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Valley Christian School Project Series 2023A, Rev., 6.25%, 7/1/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1846 |
| &nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 60 Higley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, A.G., 5.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, A.G., 5.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp; Pinal County Electric District No. 3, Rev., 4.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement and Power District, Arizona Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 1/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 1/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1515 |
| &nbsp;&nbsp;&nbsp; Salt Verde Financial Corp. Series 2007-1, Rev., 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5670 | &nbsp;&nbsp;&nbsp;&nbsp; 6228 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 18890 |
| **California — 3.3%** | **California — 3.3%** | **California — 3.3%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-1, Rev., 4.00%, 8/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp;&nbsp;&nbsp; 4453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025E, Rev., 5.00%, 5/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3292 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency Series 2006A, Rev., Zero Coupon, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 462 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Adventist Health System Series 2024A, Rev., 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1418 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, PIH Health Series 2020A, Rev., 4.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2025B, Rev., AMT, <br> 12.00%, 11/2/2026 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3715 | &nbsp;&nbsp;&nbsp;&nbsp; 2786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project, Rev., AMT, 5.00%, <br> 7/1/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 548 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Loma Linda University Medical Center Series 2016A, Rev., 5.25%, <br> 12/1/2056 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp;&nbsp; 1441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Southern California Edison Co. Series 2006C, Rev., 4.50%, <br> 11/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1166 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 10500 | &nbsp;&nbsp;&nbsp;&nbsp; 1101 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy Authority Series 2025A, Rev., 5.50%, 7/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 21165 |
| **Colorado — 2.5%** | **Colorado — 2.5%** | **Colorado — 2.5%** |
| &nbsp;&nbsp;&nbsp; Boulder Valley School District No. Re-2 Boulder, GO, 4.13%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1660 | &nbsp;&nbsp;&nbsp;&nbsp; 1631 |
| &nbsp;&nbsp;&nbsp; City and County of Broomfield, COP, 5.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114 |
| &nbsp;&nbsp;&nbsp; City and County of Broomfield Water Activity Enterprise Rev., 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1487 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Rev., AMT, 5.50%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 4.00%, 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 953 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventist Health System Series 2024A-1, Rev., 5.00%, 11/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1090 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CommonSpirit Health Series 2025A, Rev., 5.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1698 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Covenant Living Communities and Services Series 2025A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064 |
| &nbsp;&nbsp;&nbsp; Denver Health and Hospital Authority Series 2025A, Rev., 5.13%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004 |
| &nbsp;&nbsp;&nbsp; Dominion Water and Sanitation District, Rev., 5.25%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado Series 2025A, GO, 5.00%, 4/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1936 |
| &nbsp;&nbsp;&nbsp; Third Creek Metropolitan District No. 1, Limited Tax Series 2022A-1, GO, 4.50%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp; 752 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 15862 |
| **Connecticut — 0.7%** | **Connecticut — 0.7%** | **Connecticut — 0.7%** |
| &nbsp;&nbsp;&nbsp; State of Connecticut, Special Tax Transportation Infrastructure Purposes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp;&nbsp;&nbsp; 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2838 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 4251 |
| **District of Columbia — 0.8%** | **District of Columbia — 0.8%** | **District of Columbia — 0.8%** |
| &nbsp;&nbsp;&nbsp; District of Columbia, Georgetown University Issue Series 2025A, Rev., 5.00%, 4/3/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 3141 |
| &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; 283 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated, Second Lien Series 2025A, Rev., 5.25%, 7/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1572 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 4996 |
| **Florida — 3.5%** | **Florida — 3.5%** | **Florida — 3.5%** |
| &nbsp;&nbsp;&nbsp; City of Melbourne Water and Sewer, Rev., 5.00%, 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2355 | &nbsp;&nbsp;&nbsp;&nbsp; 2640 |
| &nbsp;&nbsp;&nbsp; City of South Miami Health Facilities Authority, Inc., Baptist Health South Series 2025B, Rev., 5.00%, 8/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2153 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Water and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 4.00%, 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 4.50%, 10/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 992 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Rev., AMT, 5.50%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project Series 2024A, Rev., AMT, 4.38%, 10/1/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; Florida Local Government Finance Commission, Bridgeprep Academy Project Series 2025A, Rev., 6.00%, 6/15/2045 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Housing Finance Authority, Multi- Family Tampa 47th Street Apartments Series 2025A, Rev., FNMA COLL, <br> 5.00%, 12/1/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, Baycare Health System Series 2024E, Rev., VRDO, LIQ : Royal Bank of <br> Canada, 3.20%, 2/2/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; JEA Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-3, Rev., 4.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1264 |
| &nbsp;&nbsp;&nbsp; Palm Beach County School District Series 2023A, COP, 5.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1134 |
| &nbsp;&nbsp;&nbsp; Peace River Manasota Regional Water Supply Authority, Utility System Series 2025A, Rev., 5.25%, 10/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2144 |
| &nbsp;&nbsp;&nbsp; Seminole County Industrial Development Authority, Legacy Pointe at UCF Project Series 2019A, Rev., 5.25%, 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 22253 |
| **Georgia — 4.4%** | **Georgia — 4.4%** | **Georgia — 4.4%** |
| &nbsp;&nbsp;&nbsp; Brookhaven Development Authority, Children's Healthcare of Atlan Series 2019A, Rev., 4.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 915 |
| &nbsp;&nbsp;&nbsp; City of Atlanta Department of Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 4.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1850 | &nbsp;&nbsp;&nbsp;&nbsp; 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025BB-1, Rev., AMT, 5.25%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1108 |
| &nbsp;&nbsp;&nbsp; City of Gainesville Water and Sewerage, Rev., 5.00%, 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project Series 2013-1, Rev., 3.38%, <br> 3/12/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer Project Series 2009-2, Rev., 3.88%, <br> 3/6/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1251 |
| &nbsp;&nbsp;&nbsp; Douglas County School District, GO, 5.00%, 4/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp;&nbsp; 882 |
| &nbsp;&nbsp;&nbsp; Douglasville-Douglas County Water and Sewer Authority, Rev., 5.00%, 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2258 |
| &nbsp;&nbsp;&nbsp; Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project, Rev., RAN, 5.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1108 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 3/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 4/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023E, Subseries E-1, Rev., 5.00%, 6/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3445 | &nbsp;&nbsp;&nbsp;&nbsp; 3690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 12/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1074 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; Rome Building Authority, Rome City School Project, Rev., 5.00%, 3/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1548 |
| &nbsp;&nbsp;&nbsp; Roswell Development Authority, Wellsatar Healthcare, Inc. Series 2025A, Rev., VRDO, LOC : Truist Bank, 3.15%, 2/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 27773 |
| **Guam — 0.2%** | **Guam — 0.2%** | **Guam — 0.2%** |
| &nbsp;&nbsp;&nbsp; Territory of Guam Series 2025G, Rev., 5.25%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp; 974 |
| **Idaho — 0.3%** | **Idaho — 0.3%** | **Idaho — 0.3%** |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, St. Luke's Health System Project Series 2025C, Rev., 5.00%, 3/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1669 |
| **Illinois — 3.9%** | **Illinois — 3.9%** | **Illinois — 3.9%** |
| &nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Senior Lien Series 2023A, Rev., AMT, 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4309 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien Series 2023A, Rev., AMT, 5.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4310 | &nbsp;&nbsp;&nbsp;&nbsp; 4824 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund Series 2024A, Rev., 5.00%, 12/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1801 |
| &nbsp;&nbsp;&nbsp; City of Chicago Series 2025B, GO, 5.50%, 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp; City of Chicago, Waterworks, Second Lien Series 2001, Rev., AMBAC, 5.75%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1265 | &nbsp;&nbsp;&nbsp;&nbsp; 1362 |
| &nbsp;&nbsp;&nbsp; Cook County Community Consolidated School District No. 15 Palatine, GO, 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern Memorial Healthcare Series 2021B, Rev., VRDO, LIQ : Royal Bank of Canada, 3.15%, <br> 2/2/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp;&nbsp;&nbsp; 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp; 1122 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.25%, 5/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.25%, 5/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 24966 |
| **Indiana — 1.3%** | **Indiana — 1.3%** | **Indiana — 1.3%** |
| &nbsp;&nbsp;&nbsp; City of Valparaiso, Green Oaks of Valparaiso Project, Rev., 5.38%, 12/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp; Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; Greater Clark County School Building Corp., AD Valorem Tax First Mortgage Series 2024A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 708 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project Series 2023A, Rev., 5.00%, 6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 434 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indiana University Health Obligated Group Series 2023B1, Rev., 5.00%, 7/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2245 | &nbsp;&nbsp;&nbsp;&nbsp; 2363 |
| &nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Vita of New Whiteland Project, Rev., 6.75%, 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project Series 2025A, Rev., 5.00%, <br> 7/15/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp;&nbsp; 1817 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 8389 |
| **Iowa — 0.2%** | **Iowa — 0.2%** | **Iowa — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed Series 2021-B-2, Class 2, Rev., Zero <br> Coupon, 6/1/2065<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8910 | &nbsp;&nbsp;&nbsp;&nbsp; 1268 |
| **Kansas — 0.4%** | **Kansas — 0.4%** | **Kansas — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of Wichita Water and Sewer Utility Series 2016B, Rev., 4.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; State of Kansas Department of Transportation Series 2025A, Rev., 5.00%, 9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2270 | &nbsp;&nbsp;&nbsp;&nbsp; 2534 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 2660 |
| **Kentucky — 0.5%** | **Kentucky — 0.5%** | **Kentucky — 0.5%** |
| &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; 747 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply Series 2025B, Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1405 | &nbsp;&nbsp;&nbsp;&nbsp; 1473 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 132 Series A, Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1126 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 3346 |
| **Louisiana — 1.6%** | **Louisiana — 1.6%** | **Louisiana — 1.6%** |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053 |
| &nbsp;&nbsp;&nbsp; Parish of St. John the Baptist, Marathon Oil Corp., Project Series 2017A-1, Rev., 4.05%, 7/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5527 |
| &nbsp;&nbsp;&nbsp; State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2025A, Rev., 5.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1134 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 10383 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maine — 0.2%** | **Maine — 0.2%** | **Maine — 0.2%** |
| &nbsp;&nbsp;&nbsp; Maine Health and Higher Educational Facilities Authority Series 2023A, Rev., A.G., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp; Maine Municipal Bond Bank Series 2025A, Rev., 5.00%, 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1159 |
| &nbsp;&nbsp;&nbsp; Total Maine |  | &nbsp;&nbsp;&nbsp;&nbsp; 1361 |
| **Maryland — 0.8%** | **Maryland — 0.8%** | **Maryland — 0.8%** |
| &nbsp;&nbsp;&nbsp; County of Montgomery Series 2022A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp; Maryland Stadium Authority, Built to Learn, Rev., 5.00%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029 |
| &nbsp;&nbsp;&nbsp; Maryland State Transportation Authority, Transport Facilities Project Series 2024A, Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2322 |
| &nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation Series 2025A, Rev., 4.00%, 4/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 5409 |
| **Massachusetts — 3.6%** | **Massachusetts — 3.6%** | **Massachusetts — 3.6%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Series 2025A, GO, 5.00%, 4/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2018 Series 2018B, GO, 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1490 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2022 Series 2022E, GO, 5.00%, 11/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3030 | &nbsp;&nbsp;&nbsp;&nbsp; 3147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group Series 2024U-1, Rev., VRDO, LOC : TD <br> Bank NA, 3.20%, 2/2/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Lasell Village, Inc. Issue, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, PRG Medford Properties, Inc. Issue Tufts University Student Housing Program, Rev., <br> 5.25%, 6/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 |
| &nbsp;&nbsp;&nbsp; Massachusetts Municipal Wholesale Electric Co., Project 2015A Series 2021A, Rev., 4.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp; Massachusetts School Building Authority, Dedicated Sales Tax Series 2025A, Rev., 5.00%, 2/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1252 |
| &nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority, Green Bond Series 2016C, Rev., 4.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; Town of Brookline, Purpose Loan, GO, 4.00%, 5/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2004 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 23123 |
| **Michigan — 0.3%** | **Michigan — 0.3%** | **Michigan — 0.3%** |
| &nbsp;&nbsp;&nbsp; City of Detroit, Unlimited Tax Series 2021A, GO, 5.00%, 4/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 429 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Corewell Health Series 2025B-2, Rev., 5.00%, 6/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1146 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 1700 |
| **Minnesota — 0.6%** | **Minnesota — 0.6%** | **Minnesota — 0.6%** |
| &nbsp;&nbsp;&nbsp; County of Hennepin Series 2018A, GO, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Residential Housing Series 2024O, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
| &nbsp;&nbsp;&nbsp; Minnesota Municipal Gas Agency Series Subseries,2022A, Rev., LIQ : Royal Bank of Canada, 4.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1435 | &nbsp;&nbsp;&nbsp;&nbsp; 1465 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 3608 |
| **Mississippi — 0.1%** | **Mississippi — 0.1%** | **Mississippi — 0.1%** |
| &nbsp;&nbsp;&nbsp; Jackson State University Educational Building Corp. Series 2021A, Rev., 1.40%, 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 878 |
| **Missouri — 0.6%** | **Missouri — 0.6%** | **Missouri — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, St. Louis University Series 2008B, Rev., VRDO, LOC : Wells <br> Fargo Bank NA, 3.35%, 2/2/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan Series 2024A-1, Rev., 5.00%, <br> 6/1/2054 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp; 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program Series 2024A, Rev., GNMA <br> / FNMA / FHLMC, 5.75%, 5/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp; 966 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Missouri — continued** | **Missouri — continued** | **Missouri — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project Series 1998C, Rev., <br> 2.75%, 9/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series <br> 2015B, Rev., 5.00%, 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 3618 |
| **Nebraska — 0.2%** | **Nebraska — 0.2%** | **Nebraska — 0.2%** |
| &nbsp;&nbsp;&nbsp; Nebraska Public Power District Series C, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp;&nbsp; 1042 |
| **Nevada — 0.0% ^** | **Nevada — 0.0% ^** | **Nevada — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; County of Clark, Nevada Improvement District No. 158, 5.00%, 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| **New Hampshire — 0.5%** | **New Hampshire — 0.5%** | **New Hampshire — 0.5%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority Series 2025-1, Class A-1, Rev., 4.17%, 1/20/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1241 | &nbsp;&nbsp;&nbsp;&nbsp; 1240 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp; 3413 |
| **New Jersey — 2.7%** | **New Jersey — 2.7%** | **New Jersey — 2.7%** |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority (The), Camden Prep High School Project, Rev., 5.00%, 7/15/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp;&nbsp; 592 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction Series 2023RRR, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4510 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program Series 2023BB, Rev., 5.00%, 6/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1308 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation System Series 2024AA, Rev., 5.00%, 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1117 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp;&nbsp; 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 984 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 17141 |
| **New Mexico — 0.7%** | **New Mexico — 0.7%** | **New Mexico — 0.7%** |
| &nbsp;&nbsp;&nbsp; City of Farmington, San Juan Project Series 2010B, Rev., 3.88%, 6/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1279 |
| &nbsp;&nbsp;&nbsp; County of Santa Fe, Cresta Ranch Apartments Series 2024, Rev., 3.29%, 6/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2015 |
| &nbsp;&nbsp;&nbsp; Loving Municipal School District No. 10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp; 4326 |
| **New York — 8.9%** | **New York — 8.9%** | **New York — 8.9%** |
| &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; 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2014 Series 2014D-4, GO, VRDO, LOC : TD Bank NA, 3.20%, 2/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021F Subseries F-1, GO, 5.00%, 3/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021F, Subseries F-1, GO, 5.00%, 3/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2184 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., Second Indenture Series 2017A, Rev., 5.00%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1540 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 3.00%, 9/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 3.00%, 9/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5247 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Series 2020C-1, Rev., 5.25%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Climate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp. Series 2025A, Rev., FHLMC COLL, 5.20%, 2/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1439 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Class F, Rev., 5.25%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Series 2009BB-2, Rev., <br> VRDO, LIQ : UBS AG, 3.20%, 2/2/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023 Series <br> 2023, Subseries AA-3, Rev., 5.00%, 6/15/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3525 | &nbsp;&nbsp;&nbsp;&nbsp; 3683 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Series 2026, S-1, Rev., 5.00%, 7/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1119 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024 Series 2024C, Rev., 5.25%, 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured Series B, Rev., A.G. - CR, Zero Coupon, <br> 11/15/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8770 | &nbsp;&nbsp;&nbsp;&nbsp; 2720 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., Secured by Port Authority Series 1WTC-2021, Rev., 2.75%, 2/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 768 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., World Trade Centre Series 1WTC-2021, Rev., 2.25%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 395 |
| &nbsp;&nbsp;&nbsp; New York Power Authority Series 2020A, Rev., 4.00%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2156 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center Series 2025 2-B, Rev., 5.00%, 7/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1109 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Mount Sinai Obligated Group, Rev., 5.25%, 7/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1498 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, New York University Series 2025A, Rev., 5.00%, 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1313 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Personal Income Tax, General Purpose Series 2017A, Rev., 4.00%, 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 3/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2555 | &nbsp;&nbsp;&nbsp;&nbsp; 2814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 4.25%, 3/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1212 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program Series 2025A, Rev., A.G., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1172 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021E, Rev., 4.00%, 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 3/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1930 | &nbsp;&nbsp;&nbsp;&nbsp; 1773 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 9/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., AMT, 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, 6.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1106 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., JFK International Airport New Terminal One Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, A.G., 5.00%, 6/30/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., AMT, A.G., 5.25%, 12/31/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp., Syracuse University Project, Rev., 4.50%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 993 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated Series 248, Rev., 5.00%, 1/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox Series 2025A, Rev., 5.25%, <br> 12/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp; TSASC, Inc. Series A, Rev., 5.00%, 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project Series 2021A, Rev., 5.00%, <br> 7/1/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 57008 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Carolina — 1.8%** | **North Carolina — 1.8%** | **North Carolina — 1.8%** |
| &nbsp;&nbsp;&nbsp; County of Durham Series 2023A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1297 |
| &nbsp;&nbsp;&nbsp; County of Harnett, Limited Tax, Rev., 5.00%, 4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp; 374 |
| &nbsp;&nbsp;&nbsp; County of Wake |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1315 | &nbsp;&nbsp;&nbsp;&nbsp; 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Project Hero, Rev., AMT, <br> 3.13%, 12/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1455 | &nbsp;&nbsp;&nbsp;&nbsp; 1456 |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership-1998 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 53-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, 1/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 59-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1151 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Twin Lakes Community Series 2025A, Rev., 5.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp; State of North Carolina, Limited Obligation Series 2017B, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 11673 |
| **North Dakota — 0.0% ^** | **North Dakota — 0.0% ^** | **North Dakota — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; North Dakota Building Authority Series 2020A, Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 241 |
| **Ohio — 2.5%** | **Ohio — 2.5%** | **Ohio — 2.5%** |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., GreenUp Hydroelectric Project Series 2025A, Rev., 5.00%, 2/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066 |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., 5.00%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4320 | &nbsp;&nbsp;&nbsp;&nbsp; 3553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 8410 | &nbsp;&nbsp;&nbsp;&nbsp; 639 |
| &nbsp;&nbsp;&nbsp; County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc. Series 2025A, Rev., 5.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1117 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Ohio Health care Facilities Solvita Project, Rev., 5.25%, 9/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1276 |
| &nbsp;&nbsp;&nbsp; Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2140 | &nbsp;&nbsp;&nbsp;&nbsp; 2190 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, American Electric Power Co. Project Series 2005C, Rev., AMT, 3.70%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1259 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project Series 2026A, Rev., 3.88%, 1/1/2036 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1503 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., VRDO, LIQ : TD Bank NA, 3.20%, 2/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project Series 2024B, Rev., 5.00%, <br> 12/1/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp; 835 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 16026 |
| **Oklahoma — 1.2%** | **Oklahoma — 1.2%** | **Oklahoma — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project Series 2025A, Rev., 5.00%, <br> 7/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1164 |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority Health System, OU Medicine Project Series 2018B, Rev., 5.50%, 8/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., 5.50%, 8/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Housing Finance Agency, Home Ownership Loan Program Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 9/1/2056<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Industries Authority, Oklahoma County Independent School District No. 89 Oklahoma City Series 2024, Rev., 5.00%, <br> 4/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1538 |
| &nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, Clean Water Program Series 2025A, Rev., 5.00%, 4/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, State Loan Program Series 2023C, Rev., 5.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp; 919 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 7832 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oregon — 2.1%** | **Oregon — 2.1%** | **Oregon — 2.1%** |
| &nbsp;&nbsp;&nbsp; Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series B, GO, Zero Coupon, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 1680 |
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Peacehealth Series 2018A, Rev., VRDO, LOC : US Bank NA, 3.20%, 2/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; State of Oregon Department of Transportation, Subordinate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026A, Rev., 5.00%, 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026A, Rev., 5.00%, 11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp; 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026A, Rev., 5.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 677 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 13670 |
| **Other — 0.2%** | **Other — 0.2%** | **Other — 0.2%** |
| &nbsp;&nbsp;&nbsp; FHLMC Multifamily VRD Certificates, Rev., 4.71%, 1/25/2043 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 996 | &nbsp;&nbsp;&nbsp;&nbsp; 1007 |
| **Pennsylvania — 3.5%** | **Pennsylvania — 3.5%** | **Pennsylvania — 3.5%** |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp; 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 4.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp;&nbsp; 1717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, GO, 4.00%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1815 | &nbsp;&nbsp;&nbsp;&nbsp; 1823 |
| &nbsp;&nbsp;&nbsp; Delaware River Port Authority, Rev., 5.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1156 |
| &nbsp;&nbsp;&nbsp; Delaware Valley Regional Finance Authority Series C, Rev., (3-MONTH CME TERM SOFR + 0.75%), 3.47%, 3/1/2026 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Constellation Energy Generation Series 2023A, Rev., 4.10%, <br> 4/3/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp;&nbsp; 2970 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges, Rev., AMT, A.G., 5.00%, 12/31/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp;&nbsp; 1699 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University Series 2024B-2, Rev., 4.38%, 11/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2029 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Single Family Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 -147A, Rev., 6.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 988 | &nbsp;&nbsp;&nbsp;&nbsp; 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-146A, Rev., 6.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp;&nbsp; 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-150A, Rev., 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1723 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Series 2016A-3, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1476 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Subordinate Series 2024-1, Rev., 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1447 |
| &nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., 1998 General Ordinance Series 17B, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1518 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 22461 |
| **Puerto Rico — 1.3%** | **Puerto Rico — 1.3%** | **Puerto Rico — 1.3%** |
| &nbsp;&nbsp;&nbsp; Children's Trust Fund, Tobacco Settlement Asset-Backed Series 2005A, Rev., Zero Coupon, 5/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4505 | &nbsp;&nbsp;&nbsp;&nbsp; 922 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico Series 2022A-1, GO, 5.63%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1534 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax (Puerto Rico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., Zero Coupon, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 4975 | &nbsp;&nbsp;&nbsp;&nbsp; 4869 |
| &nbsp;&nbsp;&nbsp; Total Puerto Rico |  | &nbsp;&nbsp;&nbsp;&nbsp; 8219 |
| **Rhode Island — 0.4%** | **Rhode Island — 0.4%** | **Rhode Island — 0.4%** |
| &nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Lifespan Obligated Group, Rev., 5.00%, 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. Series B, Rev., 5.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1480 |
| &nbsp;&nbsp;&nbsp; Total Rhode Island |  | &nbsp;&nbsp;&nbsp;&nbsp; 2537 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **South Carolina — 0.6%** | **South Carolina — 0.6%** | **South Carolina — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical University Hospital Authority, An Agency of The State of south Carolina FHA Insured Hospital Mortgage, Indian Land <br> Project, Rev., FHA, 5.25%, 11/15/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Foothill Affordable Housing Series 2025, Rev., 4.00%, 3/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority Series 2025A, Rev., 5.00%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1561 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 4143 |
| **South Dakota — 0.2%** | **South Dakota — 0.2%** | **South Dakota — 0.2%** |
| &nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp;&nbsp;&nbsp; 1142 |
| **Tennessee — 4.5%** | **Tennessee — 4.5%** | **Tennessee — 4.5%** |
| &nbsp;&nbsp;&nbsp; City of Murfreesboro, GO, 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knox County Health Educational and Housing Facility Board, University of Tennessee Project Series 2024A-1, Rev., 5.50%, <br> 7/1/2059<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Blakeford at Green Hills Series <br> 2020A, Rev., 4.00%, 11/1/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1238 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County Series 2024C, GO, 5.00%, 1/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County, Electric System Series 2024A, Rev., 5.00%, 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1153 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 5.50%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 5.25%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rutherford County Health and Educational Facilities Board, Ascension Senior Credit Group Series 2025B1, Rev., 5.00%, <br> 11/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2195 |
| &nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 9/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2960 | &nbsp;&nbsp;&nbsp;&nbsp; 3345 |
| &nbsp;&nbsp;&nbsp; Tennergy Corp., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7265 | &nbsp;&nbsp;&nbsp;&nbsp; 7401 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Gas Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-1, Rev., 5.00%, 5/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4685 | &nbsp;&nbsp;&nbsp;&nbsp; 4855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026A, Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1630 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 28594 |
| **Texas — 12.0%** | **Texas — 12.0%** | **Texas — 12.0%** |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, First Tier Series 2024B, Rev., 5.00%, 5/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1462 |
| &nbsp;&nbsp;&nbsp; City of Austin, GO, 5.00%, 9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2462 |
| &nbsp;&nbsp;&nbsp; City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., AMT, 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.25%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., AMT, 5.25%, 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2166 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., A.G., 5.75%, 12/1/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5550 | &nbsp;&nbsp;&nbsp;&nbsp; 6686 |
| &nbsp;&nbsp;&nbsp; City of Killeen, Combination Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 8/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2455 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.13%, 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2555 | &nbsp;&nbsp;&nbsp;&nbsp; 2601 |
| &nbsp;&nbsp;&nbsp; City of Pflugerville, Combination Tax Series 2023A, GO, 4.13%, 8/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 925 |
| &nbsp;&nbsp;&nbsp; City of Round Rock, GO, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1292 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Electric and Gas Systems Series 2026A, Rev., 3.00%, 2/12/2026 (c) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2504 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; County of Fort Bend Toll Road, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 3/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 3/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1829 |
| &nbsp;&nbsp;&nbsp; County of Harris Toll Road, First Lien Series 2025A, Rev., 4.50%, 8/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1475 |
| &nbsp;&nbsp;&nbsp; County of Tarrant, GO, 5.00%, 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 562 |
| &nbsp;&nbsp;&nbsp; Crandall Independent School District, Unlimited Tax, GO, PSF-GTD, 4.25%, 2/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A-2, Rev., AMT, 5.00%, 11/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A-2, Rev., AMT, 5.00%, 11/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1105 |
| &nbsp;&nbsp;&nbsp; Dallas Independent School District, Unlimited Tax Series 2026A, GO, PSF-GTD, 4.25%, 2/15/2046 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1105 | &nbsp;&nbsp;&nbsp;&nbsp; 1098 |
| &nbsp;&nbsp;&nbsp; Hurst-Euless-Bedford Independent School District, Unlimited Tax, GO, PSF-GTD, 4.00%, 8/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 1947 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Unlimited Tax, GO, PSF-GTD, 4.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2559 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services Corp. Project Series 2019A, Rev., 5.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services Corp., Project Series 2021, Rev., 5.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp;&nbsp; 1238 |
| &nbsp;&nbsp;&nbsp; Mansfield Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 4.00%, 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 909 |
| &nbsp;&nbsp;&nbsp; McKinney Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 2959 |
| &nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Graphic Packaging International LLC Project, Rev., AMT, 5.00%, 6/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 |
| &nbsp;&nbsp;&nbsp; New Caney Independent School District, Unlimited Tax, GO, PSF-GTD, 4.00%, 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Brazos Presbyterian Homes, Inc., Project Series 2025, Rev., 5.25%, <br> 1/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1105 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System, Rev., 5.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1167 |
| &nbsp;&nbsp;&nbsp; Pearland Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District, Unlimited Tax, GO, PSF-GTD, 4.00%, 2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1505 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District Series 2025B, GO, PSF-GTD, 5.00%, 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1138 |
| &nbsp;&nbsp;&nbsp; State of Texas, Transportation Commission Mobility Fund Series 2024, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Ascension Senior Credit Series 2025C1, Rev., 5.00%, <br> 11/15/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Health Resources System Series 2025C, Rev., 5.00%, <br> 11/15/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2808 |
| &nbsp;&nbsp;&nbsp; Taylor Independent School District, GO, PSF-GTD, 5.00%, 2/15/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1151 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply Series 2024, Rev., 5.00%, 1/1/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2164 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, State Water Implementation Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 4.00%, 10/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 4.25%, 10/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 953 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority, Walker-Calloway System, Rev., 5.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 76621 |
| **Utah — 0.2%** | **Utah — 0.2%** | **Utah — 0.2%** |
| &nbsp;&nbsp;&nbsp; Utah Housing Corp., Single Family Mortgage Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp;&nbsp; 1102 |
| **Virginia — 2.0%** | **Virginia — 2.0%** | **Virginia — 2.0%** |
| &nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, Westminster-Canterbury Corp., Rev., 4.00%, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp; Virginia Port Authority, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1647 |
| &nbsp;&nbsp;&nbsp; Virginia Public Building Authority Series 2015A, Rev., 4.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1485 | &nbsp;&nbsp;&nbsp;&nbsp; 1487 |
| &nbsp;&nbsp;&nbsp; Virginia Public School Authority, 1997 Resolution Series 2025A, Rev., 5.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2318 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| &nbsp;&nbsp;&nbsp; Virginia Public School Authority, Prince William County, Rev., 4.25%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 5525 | &nbsp;&nbsp;&nbsp;&nbsp; 5879 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien, Transform 66 P3 Project, Rev., AMT, 5.00%, 12/31/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 944 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 12605 |
| **Washington — 3.2%** | **Washington — 3.2%** | **Washington — 3.2%** |
| &nbsp;&nbsp;&nbsp; King County School District No. 403 Renton, Unlimited Tax, GO, 4.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 4560 | &nbsp;&nbsp;&nbsp;&nbsp; 4662 |
| &nbsp;&nbsp;&nbsp; State of Washington Series 2026A, GO, 5.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2343 |
| &nbsp;&nbsp;&nbsp; State of Washington Motor Vehicle Fuel Tax Series 2024B, GO, 5.00%, 6/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2123 |
| &nbsp;&nbsp;&nbsp; State of Washington, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2022A, GO, 4.00%, 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4335 | &nbsp;&nbsp;&nbsp;&nbsp; 4550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C, GO, 5.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 8/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2652 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Blakeley and Laurel Villages Portfolio Series 2025A, Rev., 5.50%, 7/1/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 496 |
| &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 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1415 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 20396 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project, Rev., AMT, 4.63%, <br> 5/15/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023 |
| **Wisconsin — 2.1%** | **Wisconsin — 2.1%** | **Wisconsin — 2.1%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Rev., AMT, 5.75%, 12/31/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Ascend Leadership Academy Project Series 2021A, Rev., 5.00%, 6/15/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Astro Texas Land Projects, Rev., 5.00%, 12/15/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 547 | &nbsp;&nbsp;&nbsp;&nbsp; 547 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Georgia SR 400 Express Lanes Project, Rev., AMT, 5.75%, 6/30/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.75%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2087 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin Series 2021A, GO, 5.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp;&nbsp; 1541 |
| &nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals and Clinics Series 2024B, Rev., 5.00%, 10/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group, Rev., 5.25%, 8/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Medical College of Wisconsin, Inc., (The) Series 2008B, Rev., VRDO, LOC : <br> TD Bank NA, 3.20%, 2/2/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1985 | &nbsp;&nbsp;&nbsp;&nbsp; 1985 |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp;&nbsp; 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.00%, 3/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 990 | &nbsp;&nbsp;&nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 13689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $537,918)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 552083 |
|  | &nbsp;&nbsp;&nbsp; **NO. OF** <br> **CONTRACTS**<br>|  |
| **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** |
| **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury 30 Year Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4/24/2026 at USD 128.00, American Style |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional Amount: USD 202,500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty: Exchange-Traded \* (Cost $158) | &nbsp;&nbsp;&nbsp;&nbsp; 2025 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 11.5%** | **Short-Term Investments — 11.5%** | **Short-Term Investments — 11.5%** |
| **Investment Companies — 11.5%** | **Investment Companies — 11.5%** | **Investment Companies — 11.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.53% (g) (h) <br>(Cost $72,982)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72977 | &nbsp;&nbsp;&nbsp;&nbsp; 72984 |
| **Total Investments — 98.1%** <br>**(Cost $611,058)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **625273** |
| **Other Assets in Excess of Liabilities — 1.9%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **12351** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **637624** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| CME | Chicago Mercantile Exchange |
| COLL | Collateral |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| PSF-GTD | Permanent School Fund Guaranteed |
| RAN | Revenue Anticipation Note |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| 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. |
| \* | Non-income producing security.  |
| (a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (c) | 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, 2026. <br>|
| (d) | Security is prerefunded or escrowed to maturity. |
| (e) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (f) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of January 31, 2026. |
| (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, 2026. |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited) (continued)

**Futures contracts outstanding as of January 31, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3353 | &nbsp;&nbsp;&nbsp;&nbsp; (41)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12201 | &nbsp;&nbsp;&nbsp;&nbsp; (106)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 11705 | &nbsp;&nbsp;&nbsp;&nbsp; (201)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (348)<br>|
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (4565)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 116 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (232)<br>|

---

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

---

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

---

**Centrally Cleared Inflation-linked swap contracts outstanding as of January 31, 2026 (amounts in thousands):**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | &nbsp;&nbsp; **FIXED RATE %** <br>| &nbsp;&nbsp; **PAY/** <br>**RECEIVE** <br>**FLOATING** <br>**RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**$**<br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION) ($)**<br>| **VALUE ($)** |
| CPI-U at termination | 2.54% at termination | Receive | 3/6/2030 | USD5,170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| CPI-U at termination | 2.55% at termination | Receive | 3/3/2030 | USD164,315 | &nbsp;&nbsp; — | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
|  |  |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 154 |
| CPI-U at termination | 2.52% at termination | Receive | 5/12/2030 | USD156,660 | &nbsp;&nbsp; (43)<br>| &nbsp;&nbsp; (38)<br>| &nbsp;&nbsp; (81)<br>|
| CPI-U at termination | 2.53% at termination | Receive | 10/24/2030 | USD24,285 | &nbsp;&nbsp; — | &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; (17)<br>|
| CPI-U at termination | 2.55% at termination | Receive | 6/3/2030 | USD12,420 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; (4)<br>|
| CPI-U at termination | 2.68% at termination | Receive | 8/13/2030 | USD12,115 | &nbsp;&nbsp; — | &nbsp;&nbsp; (71)<br>| &nbsp;&nbsp; (71)<br>|
|  |  |  |  |  | &nbsp;&nbsp; (43)<br>| &nbsp;&nbsp; (130)<br>| &nbsp;&nbsp; (173)<br>|
|  |  |  |  |  | &nbsp;&nbsp; (43)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; (19)<br>|

---

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Value of floating rate index at January 31, 2026 was as follows:

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

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | **VALUE** |
| &nbsp;&nbsp;&nbsp; CPI-U | 3.25% |

---

**Written Call Options Contracts as of January 31, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| U.S. Treasury 30 Year Bond | Exchange-Traded | 2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 202,500<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 131.00<br>| 4/24/2026 | &nbsp;&nbsp; (127)<br>|
| Total Written Options Contracts (Premiums Received $(95)) | Total Written Options Contracts (Premiums Received $(95)) | Total Written Options Contracts (Premiums Received $(95)) | Total Written Options Contracts (Premiums Received $(95)) | Total Written Options Contracts (Premiums Received $(95)) | Total Written Options Contracts (Premiums Received $(95)) | &nbsp;&nbsp; (127)<br>|

---

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

---

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

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited) (continued)

(Dollar values in thousands)

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $552083 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $552083 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 206 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $72984 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $72984 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $73190 | &nbsp;&nbsp;&nbsp;&nbsp; $552083 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $625273 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $116 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $116 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(348)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(348)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (130)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (130)<br>|
| Options Written |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (127)<br>|
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(359)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(335)<br>|

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended January 31, 2026** | **For the period ended January 31, 2026** | **For the period ended January 31, 2026** | **For the period ended January 31, 2026** | **For the period ended January 31, 2026** | **For the period ended January 31, 2026** | **For the period ended January 31, 2026** | **For the period ended January 31, 2026** | **For the period ended January 31, 2026** | **For the period ended January 31, 2026** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**January 31,** <br>**2026**<br>| **Shares at** <br>**January 31,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 2.53% (a) (b)<br>| $37983 | $67102 | $32101 | $— | $— | $72984 | 72977 | $296 | $— |

---

&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, 2026.

**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

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF January 31, 2026 (Unaudited) (continued)

(Dollar values in thousands)

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.

Notes (1) — (2) below describe the various derivatives used by the Fund.

**(1). Futures Contracts**— The Fund used currency, index, interest rate, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio. The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund's exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.

The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**(2). 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.

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 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:** 390 Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **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:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**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:** $643890451.83

**Total Liabilities:** $5733540.77

**Net Assets:** $638156911.06

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -77133.42376000 | **1-Year:** 14896.01978000 | **5-Year:** 101435.15649000 | **10-Year:** 160196.26750000 | **30-Year:** 33623.53675000

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

- **3-Month:** -76396.17148000 | **1-Year:** 1908.17502000 | **5-Year:** 7591.25830000 | **10-Year:** 4812.02154000 | **30-Year:** 26366.29357000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007161 | -0.02%               | -0.12%               | 1.02%                |
| Class ID C000007162 | -0.05%               | -0.14%               | 1.00%                |
| Class ID C000130213 | -0.02%               | -0.11%               | 1.13%                |
| Class ID C000007163 | -0.09%               | -0.18%               | 0.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $198683.27               | $-146351.95                                |
| Month 2  | $-7466.92                | $-1801944.25                               |
| Month 3  | $131534.44               | $2731565.32                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New Jersey Economic Development Authority                                                      | New Jersey Economic Development Authority, School Facilities Construction, Series 2023RRR                                                         | CUSIP: 64577XEN2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4509785.25   | 0.71%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                           | Chicago Midway International Airport, Senior Lien, Series 2023A                                                                                   | CUSIP: 167562RU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4308512.00   | 0.68%             | 2030-01-01      | 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      | $330594.17    | 0.05%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                        | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project, Series 2019A                                                         | CUSIP: 62620HDH2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000952.70   | 0.16%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                                  | New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program, Series 2022B                                      | CUSIP: 64985HQ67<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    185000 | PA      | $209743.60    | 0.03%             | 2036-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                      | Metropolitan Government of Nashville and Davidson County, Series 2024C                                                                            | CUSIP: 592112XT8<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1125097.30   | 0.18%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                                         | Oklahoma Development Finance Authority, Health System, OU Medicine Project, Series 2018B                                                          | CUSIP: 67884XCN5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1489624.80   | 0.23%             | 2057-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                                   | Commonwealth of Pennsylvania, Series 2024B                                                                                                        | CUSIP: 70914P4F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1716983.98   | 0.27%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                                        | Trinity River Authority, Walker-Calloway System                                                                                                   | CUSIP: 89657PJD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $230438.65    | 0.04%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, Lasell Village, Inc. Issue                                                                              | CUSIP: 57585BJJ8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060638.40   | 0.17%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board | Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Blakeford at Green Hills, Series 2020A            | CUSIP: 592041YW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1238084.06   | 0.19%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2023B                                                                                           | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058833.40   | 0.17%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp.                                                              | Hudson Yards Infrastructure Corp., Second Indenture, Series 2017A                                                                                 | CUSIP: 44420RAS9<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539582.45   | 0.24%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                                 | Nebraska Public Power District, Series C                                                                                                          | CUSIP: 63968AP41<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1042130.02   | 0.16%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson State University Educational Building Corp.                                            | Jackson State University Educational Building Corp., Series 2021A                                                                                 | CUSIP: 468714FG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $877453.20    | 0.14%             | 2034-03-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                              | Indiana Housing and Community Development Authority, Vita of New Whiteland Project                                                                | CUSIP: 45506CBH9<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1881159.80   | 0.29%             | 2043-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Oklahoma Industries Authority                                                                  | Oklahoma Industries Authority, Oklahoma County Independent School District No. 89 Oklahoma City, Series 2024                                      | CUSIP: 67910FAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1537641.77   | 0.24%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority                | Cumberland County Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Project Hero                              | CUSIP: 230589AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1455000 | PA      | $1456186.84   | 0.23%             | 2027-12-01      | Variable      | 3.13%                 | No            |                  2 | On Loan: No      |
| Maryland State Transportation Authority                                                        | Maryland State Transportation Authority, Transport Facilities Project, Series 2024A                                                               | CUSIP: 574300PM5<br>LEI: 254900MKNK0MO0Z4X426 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2322452.40   | 0.36%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2023E, Subseries E-1                                                                            | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3690205.80   | 0.58%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                              | County of Wake                                                                                                                                    | CUSIP: 930864DR1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1393021.05   | 0.22%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Broomfield CO                                                                 | City and County of Broomfield                                                                                                                     | CUSIP: 114749FA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113653.30   | 0.17%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                        | Knox County Health Educational and Housing Facility Board, University of Tennessee Project, Series 2024A-1                                        | CUSIP: 499526AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046526.00   | 0.16%             | 2059-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023, Series 2023, Subseries AA-3 | CUSIP: 64972GC28<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3683226.68   | 0.58%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                                             | Mission Economic Development Corp., Graphic Packaging International LLC Project                                                                   | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037435.60   | 0.16%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                                  | Central Texas Turnpike System, Second Tier, Series 2024C                                                                                          | CUSIP: 88283KBZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1462161.50   | 0.23%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Fe NM                                                                          | County of Santa Fe, Cresta Ranch Apartments, Series 2024                                                                                          | CUSIP: 80189NAD6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2015031.60   | 0.32%             | 2049-12-10      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  12115000 | PA      | $-70898.47    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                              | Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project, Series 2024A                                                            | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1009678.90   | 0.16%             | 2054-10-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Round Rock Independent School District                                                         | Round Rock Independent School District, Series 2025B                                                                                              | CUSIP: 779240RJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1138213.80   | 0.18%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                             | Rhode Island Health and Educational Building Corp., Lifespan Obligated Group                                                                      | CUSIP: 762244MD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056564.60   | 0.17%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                     | Tarrant County Cultural Education Facilities Finance Corp., Ascension Senior Credit, Series 2025C1                                                | CUSIP: 87638TJW4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2260364.40   | 0.35%             | 2051-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                       | Arizona Industrial Development Authority, Academic of Math and Science Projects                                                                   | CUSIP: 04052BSX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253719.08    | 0.04%             | 2038-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2024D                                                                                           | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2678713.00   | 0.42%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                          | Metropolitan Transportation Authority, Climate Bond, Series 2025A                                                                                 | CUSIP: 59261A5C7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063201.60   | 0.17%             | 2045-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington, Various Purpose, Series 2022C                                                                                                | CUSIP: 93974EVK9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2154917.80   | 0.34%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                                  | Commonwealth of Massachusetts, Consolidated Loan of 2022, Series 2022E                                                                            | CUSIP: 57582R2C9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3030000 | PA      | $3146872.86   | 0.49%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                 | Black Belt Energy Gas District, Gas Project, Series 2024D                                                                                         | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5670005.78   | 0.89%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                              | Plano Independent School District, Unlimited Tax                                                                                                  | CUSIP: 727199F89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504698.00   | 0.24%             | 2043-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                                          | City of Farmington, San Juan Project, Series 2010B                                                                                                | CUSIP: 311450GD6<br>LEI: 5493000GWMTI2L4AZA61 | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1279222.13   | 0.20%             | 2040-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp./TN                                                                              | Tennergy Corp., Gas Supply, Series 2021A                                                                                                          | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   7265000 | PA      | $7400643.36   | 1.16%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ Water & Sewer Revenue                                                      | City of Glendale Water and Sewer, Senior Lien                                                                                                     | CUSIP: 378352SQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $391669.08    | 0.06%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2025-150A                                                                     | CUSIP: 70879QZ71<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1722483.90   | 0.27%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                                  | Texas Water Development Board, State Water Implementation Fund, Series 2024A                                                                      | CUSIP: 88285AFT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1087417.00   | 0.17%             | 2042-10-15      | Fixed         | 4.00%                 | 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      | $401494.85    | 0.06%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                       | Arizona Industrial Development Authority, Academic of Math and Science Projects                                                                   | CUSIP: 04052BSY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250554.10    | 0.04%             | 2043-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                              | Idaho Health Facilities Authority, St. Luke's Health System Project, Series 2025C                                                                 | CUSIP: 451295H69<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1669374.75   | 0.26%             | 2060-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                           | County of Harnett, Limited Tax                                                                                                                    | CUSIP: 41333TCW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $373942.78    | 0.06%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                        | South Carolina Public Service Authority, Series 2025A                                                                                             | CUSIP: 8371515R6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1561062.30   | 0.24%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                                       | County of Fort Bend Toll Road, Senior Lien                                                                                                        | CUSIP: 346817FR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1829127.83   | 0.29%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                              | County of Wake, Series 2025A                                                                                                                      | CUSIP: 930876JH1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1150959.60   | 0.18%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, New York University, Series 2025A                                                                             | CUSIP: 64985SGE7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1312541.63   | 0.21%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2023BB                                                             | CUSIP: 64613CEG9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1307939.75   | 0.20%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                         | Ohio Air Quality Development Authority, American Electric Power Co. Project, Series 2005C                                                         | CUSIP: 677525WX1<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1258959.88   | 0.20%             | 2028-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                                  | Central Texas Turnpike System, First Tier, Series 2024B                                                                                           | CUSIP: 88283KBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088481.50   | 0.17%             | 2042-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2024AA                                                              | CUSIP: 64613CEU8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1116886.80   | 0.18%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                                   | Salt River Project Agricultural Improvement and Power District, Arizona Electric System, Series 2025C                                             | CUSIP: 79574CHH9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1515312.64   | 0.24%             | 2051-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                          | Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges                                                                  | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1699381.07   | 0.27%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                                | Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project, Series 2025A                                   | CUSIP: 45527CDX7<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1816576.11   | 0.28%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                               | California Health Facilities Financing Authority, Adventist Health System, Series 2024A                                                           | CUSIP: 13032UT65<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1418490.38   | 0.22%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                   | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project                                       | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1022643.10   | 0.16%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2024B                                                                                                                   | CUSIP: 452153KF5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034314.90   | 0.16%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Brookhaven Development Authority                                                               | Brookhaven Development Authority, Children's Healthcare of Atlan, Series 2019A                                                                    | CUSIP: 113073AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $914631.40    | 0.14%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                                      | Maine Municipal Bond Bank, Series 2025A                                                                                                           | CUSIP: 56045SBJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1158854.60   | 0.18%             | 2032-11-01      | 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: 56756QBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $274561.15    | 0.04%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                                    | Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group, Series 2024B                              | CUSIP: 821691AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1179483.23   | 0.18%             | 2049-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                        | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                       | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $894275.00    | 0.14%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                      | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B-2                                                            | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $1101165.45   | 0.17%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                                   | State of Oregon Department of Transportation, Subordinate Lien, Series 2026A                                                                      | CUSIP: 68607DXS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $741689.07    | 0.12%             | 2040-11-15      | 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        |    205000 | PA      | $224832.56    | 0.04%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                                 | State of Texas, Transportation Commission Mobility Fund, Series 2024                                                                              | CUSIP: 8827242B2<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046349.50   | 0.16%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  12420000 | PA      | $-4176.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                               | Washington Metropolitan Area Transit Authority Dedicated, Second Lien, Series 2025A                                                               | CUSIP: 93878YEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1571693.85   | 0.25%             | 2055-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Douglas County School District/GA                                                              | Douglas County School District                                                                                                                    | CUSIP: 259030RK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $881606.70    | 0.14%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                              | Territory of Guam, Series 2025G                                                                                                                   | CUSIP: 40065NDD6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    875000 | PA      | $974306.29    | 0.15%             | 2037-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                                      | San Joaquin Valley Clean Energy Authority, Series 2025A                                                                                           | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1124117.10   | 0.18%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                                             | Montgomery County Industrial Development Authority, Constellation Energy Generation, Series 2023A                                                 | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2900000 | PA      | $2969642.05   | 0.47%             | 2053-04-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Delaware River Port Authority                                                                  | Delaware River Port Authority                                                                                                                     | CUSIP: 246352JG4<br>LEI: 549300OBM31KJO8JR048 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1156445.80   | 0.18%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                        | New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Class F                                                  | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1347045.05   | 0.21%             | 2031-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                                     | Delaware Valley Regional Finance Authority, Series C                                                                                              | CUSIP: 246579JK3<br>LEI: 549300HGYP3NW885TT18 | Long             | STIV             | MUN               | US        |    500000 | PA      | $490653.15    | 0.08%             | 2037-06-01      | Floating      | 3.47%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                               | Minnesota Housing Finance Agency, Residential Housing, Series 2024O                                                                               | CUSIP: 60416UGU3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    960000 | PA      | $1083047.42   | 0.17%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                          | Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series 2015B                 | CUSIP: 60636UDC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001253.30   | 0.16%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Series 2025-1, Class A-1                                                                                | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240944 | PA      | $1239523.99   | 0.19%             | 2041-01-20      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| County of Tarrant TX                                                                           | County of Tarrant                                                                                                                                 | CUSIP: 876315ZA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $561460.95    | 0.09%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Astro Texas Land Projects                                                                                               | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    547416 | PA      | $547346.22    | 0.09%             | 2036-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                                | California County Tobacco Securitization Agency, Series 2006A                                                                                     | CUSIP: 13016NCT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $461910.20    | 0.07%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Mount Sinai Obligated Group                                                                                   | CUSIP: 64985SMS9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498014.00   | 0.23%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  24285000 | PA      | $-16579.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                                   | Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project                                                    | CUSIP: 362762QZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108184.40   | 0.17%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 53-A                                                                      | CUSIP: 6582076L4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    940000 | PA      | $1026869.25   | 0.16%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                       | Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project                                                                  | CUSIP: 12008ETS5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    210000 | PA      | $227160.76    | 0.04%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, CommonSpirit Health, Series 2025A                                                                           | CUSIP: 19648FB60<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1698493.50   | 0.27%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                        | Los Angeles Department of Water and Power, Power System, Series 2025A                                                                             | CUSIP: 544532PW8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034547.10   | 0.16%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                           | New Hope Cultural Education Facilities Finance Corp., Brazos Presbyterian Homes, Inc., Project, Series 2025                                       | CUSIP: 64542UHW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105017.50   | 0.17%             | 2036-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing and Economic Development Authority, Home Ownership                           | Wisconsin Housing and Economic Development Authority, Home Ownership, Series 2024C                                                                | CUSIP: 97689QWD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $1088841.30   | 0.17%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                              | Southeast Energy Authority A Cooperative District, Project No. 3, Series 2022A-1                                                                  | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069220.60   | 0.17%             | 2053-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Personal Income Tax, General Purpose, Series 2017A                                                            | CUSIP: 64990FP99<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009336.60   | 0.16%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2025E                                                               | CUSIP: 13013JHG4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3291640.20   | 0.52%             | 2056-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                              | CUSIP: 64985SDH3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1171607.30   | 0.18%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Murfreesboro TN                                                                        | City of Murfreesboro                                                                                                                              | CUSIP: 626524V66<br>LEI: 5493004HW7N2IUAQK610 | Long             | DBT              | MUN               | US        |    275000 | PA      | $299318.55    | 0.05%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                             | Virginia Public Building Authority, Series 2015A                                                                                                  | CUSIP: 928172K38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1486857.88   | 0.23%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                             | CUSIP: 97712JMS9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037863.20   | 0.16%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                                         | Oklahoma Development Finance Authority Health System, OU Medicine Project, Series 2018B                                                           | CUSIP: 67884XCK1<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    525000 | PA      | $524514.90    | 0.08%             | 2052-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                                   | State of Kansas Department of Transportation, Series 2025A                                                                                        | CUSIP: 485424UC7<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2534108.83   | 0.40%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                             | State of Wisconsin, Series 2021A                                                                                                                  | CUSIP: 97705MVD4<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1540763.45   | 0.24%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series 2018A                                                                                                  | CUSIP: 888808HK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1385062.46   | 0.22%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                                 | CUSIP: 63607YCQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1131828.50   | 0.18%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023              | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106483.80   | 0.17%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TSASC, Inc.                                                                                    | TSASC, Inc., Series A                                                                                                                             | CUSIP: 898526FF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005611.90   | 0.16%             | 2041-06-01      | 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 248                                                                               | CUSIP: 73358XPY2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048710.90   | 0.16%             | 2050-01-15      | Fixed         | 5.00%                 | 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      | $592315.43    | 0.09%             | 2042-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of New York NY                                                                            | City of New York, Fiscal Year 2021, Series 2021F, Subseries F-1                                                                                   | CUSIP: 64966QVM9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2184178.00   | 0.34%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                    | Washington State Housing Finance Commission, Blakeley and Laurel Villages Portfolio, Series 2025A                                                 | CUSIP: 93978LJM9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $495953.15    | 0.08%             | 2050-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2024B                                                                                                                   | CUSIP: 452153KE8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038314.90   | 0.16%             | 2047-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                                | Baldwin County Industrial Development Authority, Novelis Corp., Project, Series 2025A                                                             | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1750000 | PA      | $1788358.60   | 0.28%             | 2055-06-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                                   | State of Oregon Department of Transportation, Subordinate Lien, Series 2026A                                                                      | CUSIP: 68607DXT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $676854.00    | 0.11%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Clark County School Building Corp.                                                     | Greater Clark County School Building Corp., AD Valorem Tax First Mortgage, Series 2024A                                                           | CUSIP: 39168AEF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $708421.35    | 0.11%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Housing Finance Agency                                                                | Oklahoma Housing Finance Agency, Home Ownership Loan Program, Series 2025A                                                                        | CUSIP: 67886MW88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1135993.50   | 0.18%             | 2056-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                      | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2024B                                                | CUSIP: 442349HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2165831.60   | 0.34%             | 2033-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City & County of Broomfield CO Sewer Revenue                                                   | City and County of Broomfield Water Activity Enterprise                                                                                           | CUSIP: 11475AAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $858568.35    | 0.13%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                          | City of Chicago, Waterworks, Second Lien, Series 2001                                                                                             | CUSIP: 167736SJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1362430.55   | 0.21%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                             | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2024C                                                                  | CUSIP: 67766WQ21<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    250000 | PA      | $250000.00    | 0.04%             | 2054-12-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                        | State of North Carolina, Limited Obligation, Series 2017B                                                                                         | CUSIP: 65829QCW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103397.75    | 0.02%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                                          | Children's Trust Fund, Tobacco Settlement Asset-Backed, Series 2005A                                                                              | CUSIP: 16876QBJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4505000 | PA      | $921991.95    | 0.14%             | 2050-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City & County of Broomfield CO Water Revenue                                                   | City and County of Broomfield Water Activity Enterprise                                                                                           | CUSIP: 11477KDS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $629119.21    | 0.10%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Series 2009BB-2                               | CUSIP: 64972FWL6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |    500000 | PA      | $500000.00    | 0.08%             | 2039-06-15      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                              | Chicago Transit Authority Sales Tax Receipts Fund, Series 2024A                                                                                   | CUSIP: 16772PEP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1801448.25   | 0.28%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Tobacco Settlement Authority                                                              | Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021-B-2, Class 2                                 | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8910000 | PA      | $1267585.61   | 0.20%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group, Series 2024U-1                                                | CUSIP: 57584Y8H5<br>LEI: 549300UZSVMFXJK08K70 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 1.57%             | 2048-03-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Third Creek Metropolitan District No. 1                                                        | Third Creek Metropolitan District No. 1, Limited Tax, Series 2022A-1                                                                              | CUSIP: 88423EAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $752094.75    | 0.12%             | 2037-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| McKinney Independent School District                                                           | McKinney Independent School District, Unlimited Tax                                                                                               | CUSIP: 581664LH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2959381.67   | 0.46%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                                             | Dallas Independent School District, Unlimited Tax, Series 2026A                                                                                   | CUSIP: 235308X24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1098230.22   | 0.17%             | 2046-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-146A                                                                     | CUSIP: 70879QXV0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    980000 | PA      | $1081400.89   | 0.17%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                                    | Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group, Series 2024A                              | CUSIP: 821691AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2960000 | PA      | $3345124.71   | 0.52%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                                          | City of Valparaiso, Green Oaks of Valparaiso Project                                                                                              | CUSIP: 920286AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $185894.90    | 0.03%             | 2041-12-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                      | City of Atlanta Department of Aviation, Series 2025BB-1                                                                                           | CUSIP: 04780M2X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107862.90   | 0.17%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                                  | Kentucky State Property and Building Commission, Project No. 132, Series A                                                                        | CUSIP: 49151F4S6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126109.70   | 0.18%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                              | Oregon State Facilities Authority, Peacehealth, Series 2018A                                                                                      | CUSIP: 68608JXD8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 1.57%             | 2034-08-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| City of Gainesville GA Water & Sewerage Revenue                                                | City of Gainesville Water and Sewerage                                                                                                            | CUSIP: 363010ZW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1450928.88   | 0.23%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                                 | Metropolitan Nashville Airport Authority (The), Series 2022B                                                                                      | CUSIP: 592190QT2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1675654.35   | 0.26%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        | 156660000 | PA      | $-38158.27    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                       | State of Connecticut Special Tax, Transportation Infrastructure Purpose, Series 2022A                                                             | CUSIP: 2077582J1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $1032207.38   | 0.16%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                        | County of Montgomery, Series 2022A                                                                                                                | CUSIP: 61334PEL3<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1034051.42   | 0.16%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        | 188160000 | PA      | $139805.06    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Roswell Development Authority                                                                  | Roswell Development Authority, Wellsatar Healthcare, Inc., Series 2025A                                                                           | CUSIP: 77853AAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.47%             | 2047-04-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                                        | City of Phoenix Civic Improvement Corp., Senior Lien                                                                                              | CUSIP: 71883MNK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1552012.11   | 0.24%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 59-A                                                                      | CUSIP: 65821FLA2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1151108.90   | 0.18%             | 2057-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                                   | Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer Project, Series 2009-2                                              | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1251236.38   | 0.20%             | 2048-10-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Town of Brookline MA                                                                           | Town of Brookline, Purpose Loan                                                                                                                   | CUSIP: 113746EK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004225.80   | 0.31%             | 2044-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Georgia SR 400 Express Lanes Project                                                                                    | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035607.40   | 0.16%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                             | South Carolina Jobs-Economic Development Authority, Foothill Affordable Housing, Series 2025                                                      | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1031959.30   | 0.16%             | 2062-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                               | Maricopa County Industrial Development Authority, Valley Christian School Project, Series 2023A                                                   | CUSIP: 56678RAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1846291.18   | 0.29%             | 2053-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                      | City of Atlanta Department of Aviation, Series 2021B                                                                                              | CUSIP: 04780MZC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1874993.32   | 0.29%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                               | Seminole County Industrial Development Authority, Legacy Pointe at UCF Project, Series 2019A                                                      | CUSIP: 81669TAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003715.20   | 0.16%             | 2039-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury 10 Year Note                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        30 | NC      | $-40361.10    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Missouri Housing Development Commission                                                        | Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program, Series 2024A                                      | CUSIP: 60637B8J2<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    875000 | PA      | $966320.16    | 0.15%             | 2055-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington, Various Purpose, Series 2025A                                                                                                | CUSIP: 93974E3B0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2652352.50   | 0.42%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury Long Bond                                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       102 | NC      | $-200984.88   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| State of Washington                                                                            | State of Washington, Series 2026A                                                                                                                 | CUSIP: 93974FBQ5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2342901.80   | 0.37%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                                             | Utah Housing Corp., Single Family Mortgage, Series 2025A                                                                                          | CUSIP: 917437RU1<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    980000 | PA      | $1102138.97   | 0.17%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018              | CUSIP: 650116CK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035317.40   | 0.16%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                                   | Los Angeles Department of Water and Power, Water System, Series 2017A                                                                             | CUSIP: 544525WL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $462372.50    | 0.07%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                                      | Michigan State Hospital Finance Authority, Corewell Health, Series 2025B-2                                                                        | CUSIP: 59465HXF8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1145959.70   | 0.18%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                         | California Statewide Communities Development Authority, Southern California Edison Co., Series 2006C                                              | CUSIP: 13078HBB7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1166260.37   | 0.18%             | 2033-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                      | Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project, Series 2023A                                                             | CUSIP: 45471FAE1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    425000 | PA      | $433946.34    | 0.07%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Caney Independent School District                                                          | New Caney Independent School District, Unlimited Tax                                                                                              | CUSIP: 643154LA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909167.70    | 0.14%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                                 | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2019A                                                            | CUSIP: 54811BTL5<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1135408.68   | 0.18%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                         | Illinois Housing Development Authority, Series 2024A                                                                                              | CUSIP: 45203MWL1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    890000 | PA      | $970174.14    | 0.15%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of South Miami Health Facilities Authority, Inc.                                          | City of South Miami Health Facilities Authority, Inc., Baptist Health South, Series 2025B                                                         | CUSIP: 838810EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2153062.40   | 0.34%             | 2065-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                               | Pennsylvania Turnpike Commission, Series 2016A-3                                                                                                  | CUSIP: 7092244G1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1476066.34   | 0.23%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury Ultra Bond                                                                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -39 | NC      | $115993.47    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Virginia Public School Authority                                                               | Virginia Public School Authority, Prince William County                                                                                           | CUSIP: 92817TNX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5525000 | PA      | $5879248.08   | 0.92%             | 2039-10-01      | Fixed         | 4.25%                 | 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      | $150547.86    | 0.02%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Medical College of Wisconsin, Inc., (The), Series 2008B                                    | CUSIP: 97710BDK5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | STIV             | MUN               | US        |   1985000 | PA      | $1985000.00   | 0.31%             | 2033-12-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Hurst-Euless-Bedford Independent School District                                               | Hurst-Euless-Bedford Independent School District, Unlimited Tax                                                                                   | CUSIP: 447819KL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1946954.52   | 0.31%             | 2050-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                               | Onondaga Civic Development Corp., Syracuse University Project                                                                                     | CUSIP: 682832LK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992729.50    | 0.16%             | 2050-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                                                          | County of Hennepin, Series 2018A                                                                                                                  | CUSIP: 425507GM6<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1060004.60   | 0.17%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                                  | Commonwealth of Massachusetts, Series 2025A                                                                                                       | CUSIP: 57582TCP5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069799.90   | 0.17%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                                        | Dallas Fort Worth International Airport, Series 2025A-2                                                                                           | CUSIP: 23503CFK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5861020.00   | 0.92%             | 2050-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   5170000 | PA      | $3724.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado                          | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025A                                                               | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1935601.85   | 0.30%             | 2035-04-01      | Fixed         | 5.00%                 | Yes           |                  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      | $518021.35    | 0.08%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2020A                                                      | CUSIP: 64990FYQ1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1773205.26   | 0.28%             | 2047-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                           | Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series 2024B-2                                                 | CUSIP: 70917TRY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2028527.33   | 0.32%             | 2054-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Senior Lien                                                                                                             | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040422.80   | 0.16%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                            | CUSIP: 546399UP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053327.80   | 0.17%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                    | Virginia Small Business Financing Authority, Senior Lien, Transform 66 P3 Project                                                                 | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943780.40    | 0.15%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                          | City of San Antonio Electric and Gas Systems, Series 2026A                                                                                        | CUSIP: 79625GNT6<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2504232.00   | 0.39%             | 2055-02-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series B                                                                                                      | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1480561.05   | 0.23%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pearland Independent School District                                                           | Pearland Independent School District, Unlimited Tax                                                                                               | CUSIP: 7048798J7<br>LEI: 549300UU8ZB6DL6OXQ09 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001978.80   | 0.31%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                            | CUSIP: 546399UN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033244.60   | 0.16%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                        | Los Angeles Department of Water and Power System, Series 2024C                                                                                    | CUSIP: 544532LY8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010889.40   | 0.16%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. V                                               | Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply, Series 2024                                                                       | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2163917.00   | 0.34%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                                 | Minnesota Municipal Gas Agency, Series Subseries,2022A                                                                                            | CUSIP: 60406UAL1<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1464814.42   | 0.23%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                         | Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series 2026A                                                          | CUSIP: 677525XC6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502923.50   | 0.24%             | 2036-01-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                             | Tennessee Energy Acquisition Corp., Gas Project, Series 2026A                                                                                     | CUSIP: 880443JQ0<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1630438.65   | 0.26%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series 2018A                                                                                                  | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984124.10    | 0.15%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                              | City of Austin                                                                                                                                    | CUSIP: 0523973T1<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2462162.78   | 0.39%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 58-A                                                                      | CUSIP: 65820BCH7<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2310581.80   | 0.36%             | 2056-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Mansfield Independent School District                                                          | Mansfield Independent School District, Unlimited Tax, Series 2024                                                                                 | CUSIP: 564386UE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909167.70    | 0.14%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury 30 Year Bond                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |     -2025 | NC      | $-126562.50   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Dallas Fort Worth International Airport                                                        | Dallas Fort Worth International Airport, Series 2025A-2                                                                                           | CUSIP: 23503CFL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104519.40   | 0.17%             | 2050-11-01      | Variable      | 5.00%                 | 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      | $383306.68    | 0.06%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                                         | City of Mesa Utility System                                                                                                                       | CUSIP: 5905453B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1775405.25   | 0.28%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                                 | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2021                                                            | CUSIP: 54811BWH0<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1238136.13   | 0.19%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                         | North Carolina Medical Care Commission, Twin Lakes Community, Series 2025A                                                                        | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251142.90    | 0.04%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Melbourne FL Water & Sewer Revenue                                                     | City of Melbourne Water and Sewer                                                                                                                 | CUSIP: 5853953B0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2639760.01   | 0.41%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Killeen TX                                                                             | City of Killeen, Combination Tax                                                                                                                  | CUSIP: 494135DP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2455000 | PA      | $2499525.60   | 0.39%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                                  | New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program, Series 2022B                                      | CUSIP: 64985HP76<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    100000 | PA      | $116857.86    | 0.02%             | 2032-09-15      | Fixed         | 5.00%                 | 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      | $2838014.25   | 0.44%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                            | County of Durham, Series 2023A                                                                                                                    | CUSIP: 266713AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1296542.00   | 0.20%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Senior Lien                                                                                                             | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2087600.00   | 0.33%             | 2049-07-01      | Fixed         | 5.75%                 | 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      | $354028.33    | 0.06%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                            | City of New York, Fiscal Year 2021, Series 2021F Subseries F-1                                                                                    | CUSIP: 64966QVL1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098238.80   | 0.17%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita Water and Sewer Utility Revenue                                                | City of Wichita Water and Sewer Utility, Series 2016B                                                                                             | CUSIP: 967338A38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126343.20    | 0.02%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                          | Metropolitan Transportation Authority, Climate Bond, Series 2025B                                                                                 | CUSIP: 59261A6A0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1178035.00   | 0.18%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue                      | Wisconsin Housing and Economic Development Authority, Home Ownership, Series 2024A                                                                | CUSIP: 97689QTU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $1066255.68   | 0.17%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2022A                                                                                                                   | CUSIP: 452153CU1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6702188.40   | 1.05%             | 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      | $124915.41    | 0.02%             | 2061-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                             | New York Liberty Development Corp., World Trade Centre, Series 1WTC-2021                                                                          | CUSIP: 649519EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $394711.55    | 0.06%             | 2041-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                               | Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series 2024B                                             | CUSIP: 734195DX5<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    760000 | PA      | $835534.20    | 0.13%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority                                                                                                                          | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034107.30   | 0.16%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                 | Buckeye Tobacco Settlement Financing Authority, Series 2020B-2, Class 2                                                                           | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4320000 | PA      | $3552879.89   | 0.56%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                                         | Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project, Series 2025A                                               | CUSIP: 678514EB2<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1164408.30   | 0.18%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024 -147A                                                                    | CUSIP: 70879QC50<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    988361 | PA      | $1096268.59   | 0.17%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                              | Florida Development Finance Corp., Brightline Florida Passenger Rail Project                                                                      | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $375000.00    | 0.06%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                       | Arizona Industrial Development Authority, National Charter School Revolving Loan Fund, Series 2023A                                               | CUSIP: 04052FDU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049092.80   | 0.16%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                                  | Commonwealth of Massachusetts, Consolidated Loan of 2018, Series 2018B                                                                            | CUSIP: 57582RSA5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1490208.10   | 0.23%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., JFK International Airport New Terminal One Project, Series 2024A                                       | CUSIP: 650116HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015954.10   | 0.16%             | 2054-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                              | City and County of Denver, Airport System, Series 2022D                                                                                           | CUSIP: 249182TA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2615264.55   | 0.41%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Boulder Valley School District No. Re-2 Boulder                                                | Boulder Valley School District No. Re-2 Boulder                                                                                                   | CUSIP: 101547ZE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1631179.58   | 0.26%             | 2046-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2021B                                                                        | CUSIP: 45204FME2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |    500000 | PA      | $500000.00    | 0.08%             | 2055-07-15      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                                       | New York Power Authority, Series 2020A                                                                                                            | CUSIP: 64989KLD6<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2155678.20   | 0.34%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                                 | County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc., Series 2025A                                                                | CUSIP: 01757LHG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1117165.30   | 0.18%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington, Various Purpose, Series R-2022A                                                                                              | CUSIP: 93974ETS5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4335000 | PA      | $4549646.22   | 0.71%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2021B-1                                                             | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4453346.48   | 0.70%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                                             | Selma Industrial Development Board, International Paper Co., Series 2020A                                                                         | CUSIP: 81647PAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054966.70   | 0.17%             | 2034-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                     | Tarrant County Cultural Education Facilities Finance Corp., Health Resources System, Series 2025C                                                 | CUSIP: 87638TJU8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2807486.00   | 0.44%             | 2064-11-15      | Variable      | 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      | $931514.23    | 0.15%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                                   | Salt River Project Agricultural Improvement and Power District, Arizona Electric System, Series 2025C                                             | CUSIP: 79574CHF3<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067588.30   | 0.17%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                       | State of Connecticut Special Tax, Transportation Infrastructure Purpose, Series 2022A                                                             | CUSIP: 2077582Q5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $380293.91    | 0.06%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                                 | Mobile County Industrial Development Authority, Calvert LLC Project, Series 2024B                                                                 | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $926847.60    | 0.15%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                              | New York City Transitional Finance Authority Building Aid, Series 2026, S-1                                                                       | CUSIP: 64972LAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118776.60   | 0.18%             | 2041-07-15      | 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      | $187684.23    | 0.03%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                              | Palm Beach County School District, Series 2023A                                                                                                   | CUSIP: 696550L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1133955.60   | 0.18%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                                 | Metropolitan Nashville Airport Authority (The), Series 2022B                                                                                      | CUSIP: 592190QY1<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1450181.88   | 0.23%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                 | Black Belt Energy Gas District, Gas Project, Series 2022C-1                                                                                       | CUSIP: 09182TCE5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1344965.12   | 0.21%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                             | City of Chicago, Series 2025B                                                                                                                     | CUSIP: 167486V71<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078626.80   | 0.17%             | 2041-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                             | New York Liberty Development Corp., Secured by Port Authority, Series 1WTC-2021                                                                   | CUSIP: 649519ER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $768274.80    | 0.12%             | 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      | $312207.51    | 0.05%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, PRG Medford Properties, Inc. Issue Tufts University Student Housing Program                             | CUSIP: 57585BMS4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076110.90   | 0.17%             | 2044-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Sales Tax, Series 2025A                                                                                       | CUSIP: 64990AXU4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2814407.36   | 0.44%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                           | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2025A                                               | CUSIP: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052403.30   | 0.16%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                                    | University of Wisconsin Hospitals and Clinics, Series 2024B                                                                                       | CUSIP: 915260FU2<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106785.10   | 0.17%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                               | Pennsylvania Turnpike Commission, Subordinate, Series 2024-1                                                                                      | CUSIP: 709225LY0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1447035.80   | 0.23%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Housing Finance Authority                                                  | Hillsborough County Housing Finance Authority, Multi- Family Tampa 47th Street Apartments, Series 2025A                                           | CUSIP: 43232EDE6<br>LEI: 5493003JJ1KK4FWWU787 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073410.40   | 0.17%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily VRD Certificates                                                             | FHLMC Multifamily VRD Certificates                                                                                                                | CUSIP: 31350ADW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995501 | PA      | $1006463.38   | 0.16%             | 2043-01-25      | Variable      | 4.71%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                                   | Commonwealth of Pennsylvania, Series 2024-1                                                                                                       | CUSIP: 70914P4G4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1823360.98   | 0.29%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                 | State of Maryland Department of Transportation, Series 2025A                                                                                      | CUSIP: 574204W66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024082.10   | 0.16%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                        | New York City Housing Development Corp., Series 2025A                                                                                             | CUSIP: 64966WKK2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1438662.34   | 0.23%             | 2055-02-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                     | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021A                                       | CUSIP: 95737TES1<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016121.80   | 0.16%             | 2041-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series 2018A                                                                                                  | CUSIP: 888808HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2053257.00   | 0.32%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                                  | Central Texas Turnpike System, Second Tier, Series 2024C                                                                                          | CUSIP: 88283KBY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2321568.60   | 0.36%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                        | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project, Series 2019A                                                         | CUSIP: 626207X25<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991107.20    | 0.16%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Ascend Leadership Academy Project, Series 2021A                                                                         | CUSIP: 744396GS5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    130000 | PA      | $118735.88    | 0.02%             | 2041-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Rutherford County Health & Educational Facilities Board                                        | Rutherford County Health and Educational Facilities Board, Ascension Senior Credit Group, Series 2025B1                                           | CUSIP: 78324PAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2195474.40   | 0.34%             | 2048-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                    | Commonwealth of Puerto Rico, Series 2022A-1                                                                                                       | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1500000 | PA      | $1533770.10   | 0.24%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| King County School District No. 403 Renton                                                     | King County School District No. 403 Renton, Unlimited Tax                                                                                         | CUSIP: 495080WM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4560000 | PA      | $4661572.63   | 0.73%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                                    | JEA Electric System, Series 2017B                                                                                                                 | CUSIP: 46613SGK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4159223.20   | 0.65%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                               | Kentucky Public Energy Authority, Gas Supply, Series 2025B                                                                                        | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1472551.14   | 0.23%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                                    | Florida Local Government Finance Commission, Bridgeprep Academy Project, Series 2025A                                                             | CUSIP: 34077EAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1799388.68   | 0.28%             | 2045-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Texas Water Development Board                                                                  | Texas Water Development Board, State Water Implementation Fund, Series 2019A                                                                      | CUSIP: 882854X23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019539.60   | 0.16%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                         | Maine Health and Higher Educational Facilities Authority, Series 2023A                                                                            | CUSIP: 56042SBC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202032.32    | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                                             | Denver Health and Hospital Authority, Series 2025A                                                                                                | CUSIP: 24918EEN6<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003851.40   | 0.16%             | 2050-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                      | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2023B1                                                               | CUSIP: 45470YFL0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2363046.59   | 0.37%             | 2062-10-01      | Variable      | 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: 549300UURKD5II8M6J91 | Long             | STIV             | RF                | US        |  72976794 | NS      | $72984091.87  | 11.44%            |  |  |  | No            |                  1 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                                       | County of Fort Bend Toll Road, Senior Lien                                                                                                        | CUSIP: 346817EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113903.70   | 0.17%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                                        | Massachusetts School Building Authority, Dedicated Sales Tax, Series 2025A                                                                        | CUSIP: 576000E41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1252336.44   | 0.20%             | 2050-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                             | Tennessee Energy Acquisition Corp., Gas Project, Series 2023A-1                                                                                   | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   4685000 | PA      | $4855379.86   | 0.76%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Sales Tax, Series 2025A                                                                                       | CUSIP: 64990AXZ3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1211839.25   | 0.19%             | 2048-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                             | Health and Educational Facilities Authority of the State of Missouri, St. Louis University, Series 2008B                                          | CUSIP: 6069014P8<br>LEI: 549300IWTBCMX5JB3277 | Long             | STIV             | MUN               | US        |    150000 | PA      | $150000.00    | 0.02%             | 2035-10-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                                    | Long Island Power Authority, Electric System, Series 2024B                                                                                        | CUSIP: 542691KA7<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5247165.53   | 0.82%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                           | Chicago O'Hare International Airport, Senior Lien, Series 2023A                                                                                   | CUSIP: 167562RX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4310000 | PA      | $4823758.47   | 0.76%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                                          | County of Harris Toll Road, First Lien, Series 2025A                                                                                              | CUSIP: 41423PFC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1475021.85   | 0.23%             | 2055-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                                     | South Dakota Housing Development Authority, Series 2025A                                                                                          | CUSIP: 83756LBS3<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1141948.96   | 0.18%             | 2055-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Round Rock TX                                                                          | City of Round Rock                                                                                                                                | CUSIP: 779223JK3<br>LEI: 549300VJM2Z2IGVYF523 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1292029.04   | 0.20%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglasville-Douglas County Water & Sewer Authority                                            | Douglasville-Douglas County Water and Sewer Authority                                                                                             | CUSIP: 259852HN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2258154.60   | 0.35%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025B                                                            | CUSIP: 546399UQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1636154.40   | 0.26%             | 2030-05-15      | 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, Fiscal Year 2024, Series 2024C                                                  | CUSIP: 64972JCE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1567267.50   | 0.25%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                      | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2025B                                                | CUSIP: 442349KC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2670470.00   | 0.42%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2023A                                                                                           | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1380114.71   | 0.22%             | 2053-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                        | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                       | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4975000 | PA      | $4869299.66   | 0.76%             | 2058-07-01      | 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      | $365556.35    | 0.06%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                                        | City of Phoenix Civic Improvement Corp., Subordinate Excise Tax, Series 2025A                                                                     | CUSIP: 71884AQ93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2347273.60   | 0.37%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Electric Revenue                     | Metropolitan Government of Nashville and Davidson County, Electric System, Series 2024A                                                           | CUSIP: 592030R44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1152906.27   | 0.18%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Building Authority                                                                | North Dakota Building Authority, Series 2020A                                                                                                     | CUSIP: 658905EV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $240710.40    | 0.04%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                                                     | Salt Verde Financial Corp., Series 2007-1                                                                                                         | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   5670000 | PA      | $6228000.58   | 0.98%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                     | Maryland Stadium Authority, Built to Learn                                                                                                        | CUSIP: 574294CV4<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028835.90   | 0.16%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                                      | CUSIP: 19648FZA5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063885.90   | 0.17%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rome Building Authority                                                                        | Rome Building Authority, Rome City School Project                                                                                                 | CUSIP: 776000AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1548100.81   | 0.24%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 2025 2-B                                                       | CUSIP: 64985SBY8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1109458.90   | 0.17%             | 2049-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                      | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2020B-2                                              | CUSIP: 442349DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017622.50   | 0.16%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                                 | Oklahoma Water Resources Board, State Loan Program, Series 2023C                                                                                  | CUSIP: 67920Q3A4<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |    810000 | PA      | $918958.77    | 0.14%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2025B                                                                                           | CUSIP: 56035DKH4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074393.10   | 0.17%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                              | County of Wake, Series 2025A                                                                                                                      | CUSIP: 930876JG3<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1158947.10   | 0.18%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                           | District of Columbia, Georgetown University Issue, Series 2025A                                                                                   | CUSIP: 25484JDJ6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $3141053.85   | 0.49%             | 2060-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow                         | Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow, Series B                                                                | CUSIP: 625482GF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1679961.50   | 0.26%             | 2035-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                                 | CUSIP: 63607YCW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041131.60   | 0.16%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                                   | State of Oregon Department of Transportation, Subordinate Lien, Series 2026A                                                                      | CUSIP: 68607DXR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $571359.75    | 0.09%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Taylor Independent School District/TX                                                          | Taylor Independent School District                                                                                                                | CUSIP: 877299NV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1151159.09   | 0.18%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                                   | Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan, Series 2024A-1                                               | CUSIP: 48502MAB9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    575000 | PA      | $552874.69    | 0.09%             | 2054-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                                           | County of Miami-Dade Water and Sewer System, Series 2025A                                                                                         | CUSIP: 59334DQN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992414.90    | 0.16%             | 2051-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                                    | Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project, Series 2013-1                                                | CUSIP: 121342QL6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    500000 | PA      | $503311.90    | 0.08%             | 2053-11-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., JFK International Airport New Terminal One Project, Series 2023                                        | CUSIP: 650116GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200858.00   | 0.19%             | 2049-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                             | City of Detroit, Unlimited Tax, Series 2021A                                                                                                      | CUSIP: 2510934Y3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    400000 | PA      | $429158.20    | 0.07%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                               | Virginia Public School Authority, 1997 Resolution, Series 2025A                                                                                   | CUSIP: 92818HH61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2317675.60   | 0.36%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                         | Illinois Housing Development Authority, Series 2025A                                                                                              | CUSIP: 45203MK34<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1121564.64   | 0.18%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                                 | American Municipal Power, Inc., GreenUp Hydroelectric Project, Series 2025A                                                                       | CUSIP: 02765UVH4<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066029.00   | 0.17%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                                           | County of Miami-Dade Water and Sewer System, Series 2025B                                                                                         | CUSIP: 59334DRG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505503.35   | 0.24%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                               | California Health Facilities Financing Authority, PIH Health, Series 2020A                                                                        | CUSIP: 13032UWP9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $865755.70    | 0.14%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                                  | Texas Water Development Board, State Water Implementation Fund, Series 2024A                                                                      | CUSIP: 88285AFZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $953135.40    | 0.15%             | 2051-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury 10 Year Ultra Note                                                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       107 | NC      | $-106226.67   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                                          | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021B-2, Class 2                       | CUSIP: 66585VCB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $560576.00    | 0.09%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                                    | Long Island Power Authority, Electric System, Series 2025B                                                                                        | CUSIP: 542691LD0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1006195.40   | 0.16%             | 2055-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington Motor Vehicle Fuel Tax, Series 2024B                                                                                          | CUSIP: 93974EM29<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2123437.80   | 0.33%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series 2018A                                                                                                  | CUSIP: 888808HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5192023.00   | 0.81%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                                      | North Texas Municipal Water District Water System                                                                                                 | CUSIP: 662903H97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1166657.30   | 0.18%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medical University Hospital Authority                                                          | Medical University Hospital Authority, An Agency of The State of south Carolina FHA Insured Hospital Mortgage, Indian Land Project                | CUSIP: 58463YBP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1550294.70   | 0.24%             | 2050-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                               | California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project                                          | CUSIP: 13054WBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $547741.05    | 0.09%             | 2036-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                         | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series 2016A                                        | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1440597.74   | 0.23%             | 2056-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                                | State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2025A                                                                              | CUSIP: 546475WX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1133759.70   | 0.18%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                                   | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured, Series B                                                  | CUSIP: 649451GX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8770000 | PA      | $2720287.37   | 0.43%             | 2049-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                             | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2023B                                                                  | CUSIP: 67766WJ52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2338186.60   | 0.37%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                                           | Hillsborough County Industrial Development Authority, Baycare Health System, Series 2024E                                                         | CUSIP: 43233KAX2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.16%             | 2054-11-15      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury 30 Year Bond                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      2025 | NC      | $205663.05    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                                           | County of Jefferson sewer                                                                                                                         | CUSIP: 472682ZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2176831.60   | 0.34%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Peace River Manasota Regional Water Supply Authority                                           | Peace River Manasota Regional Water Supply Authority, Utility System, Series 2025A                                                                | CUSIP: 704612GM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2143479.00   | 0.34%             | 2046-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                              | City and County of Denver, Airport System, Series 2018A                                                                                           | CUSIP: 249182LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $952730.80    | 0.15%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                          | Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project, Series 1998C                              | CUSIP: 606907BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947593.10    | 0.15%             | 2033-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                                        | Virginia Port Authority                                                                                                                           | CUSIP: 928077KW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1647278.25   | 0.26%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Boone KY                                                                             | County of Boone, Duke Energy Kentucky, Inc., Series 2008A                                                                                         | CUSIP: 098792AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $746909.08    | 0.12%             | 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        |   1000000 | PA      | $1000000.00   | 0.16%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                                            | Crandall Independent School District, Unlimited Tax                                                                                               | CUSIP: 228130KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $476985.80    | 0.07%             | 2053-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Municipal Wholesale Electric Co.                                                 | Massachusetts Municipal Wholesale Electric Co., Project 2015A, Series 2021A                                                                       | CUSIP: 575766AR1<br>LEI: 549300CFLHW0OYBX9C89 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021856.00   | 0.16%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                                        | Massachusetts Water Resources Authority, Green Bond, Series 2016C                                                                                 | CUSIP: 576051PN0<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001350.70   | 0.16%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                                        | County of Montgomery, Ohio Health care Facilities Solvita Project                                                                                 | CUSIP: 613518DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1276308.00   | 0.20%             | 2049-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                                          | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021B-1, Class 2                       | CUSIP: 66585VCA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $633087.37    | 0.10%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                          | Metropolitan Transportation Authority, Series 2020C-1                                                                                             | CUSIP: 59261AG50<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020501.10   | 0.16%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                                         | Lewisville Independent School District, Unlimited Tax                                                                                             | CUSIP: 52882PHS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2558769.25   | 0.40%             | 2041-08-15      | 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      | $517518.40    | 0.08%             | 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      | $1415184.80   | 0.22%             | 2041-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Lower Alabama Gas District (The)                                                               | Lower Alabama Gas District (The), Gas Project, Series 2025A                                                                                       | CUSIP: 547804AQ7<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2394493.88   | 0.38%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                       | Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project                                                                  | CUSIP: 12008ETN6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    510000 | PA      | $546786.76    | 0.09%             | 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      | $10346.98     | 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, Series 2019A                                                                         | CUSIP: 592643CR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $283589.83    | 0.04%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Killeen TX                                                                             | City of Killeen, Combination Tax                                                                                                                  | CUSIP: 494135DQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2601393.43   | 0.41%             | 2042-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                                  | Texas Water Development Board, State Water Implementation Fund, Series 2018B                                                                      | CUSIP: 882854N65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072583.90   | 0.17%             | 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      | $6686386.92   | 1.05%             | 2032-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                                    | JEA Electric System, Series 2020A-3                                                                                                               | CUSIP: 46613SQK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1264272.50   | 0.20%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                          | California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2025B                                     | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | STIV             | MUN               | US        |   3715000 | PA      | $2786250.00   | 0.44%             | 2065-01-01      | Variable      | 12.00%                | Yes           |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                                     | Philadelphia Gas Works Co., 1998 General Ordinance, Series 17B                                                                                    | CUSIP: 71783MDG7<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518423.00   | 0.24%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2021E                                                      | CUSIP: 64990FL44<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002013.20   | 0.31%             | 2042-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Parish of St. John the Baptist LA                                                              | Parish of St. John the Baptist, Marathon Oil Corp., Project, Series 2017A-1                                                                       | CUSIP: 79020FAW6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5500000 | PA      | $5526686.55   | 0.87%             | 2037-06-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Adventist Health System, Series 2024A-1                                                                     | CUSIP: 19648FYN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089641.80   | 0.17%             | 2059-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pflugerville TX                                                                        | City of Pflugerville, Combination Tax, Series 2023A                                                                                               | CUSIP: 717088AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925194.80    | 0.14%             | 2053-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                            | City of New York, Fiscal Year 2014, Series 2014D-4                                                                                                | CUSIP: 64966LCP4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.39%             | 2040-08-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                                 | Oklahoma Water Resources Board, Clean Water Program, Series 2025A                                                                                 | CUSIP: 67919PWW9<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061201.10   | 0.17%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Port Authority                                                                | Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023                                                                   | CUSIP: 473318AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2140000 | PA      | $2189567.54   | 0.34%             | 2053-12-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                 | Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Class 2                                                                           | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8410000 | PA      | $638535.14    | 0.10%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-02

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer