# EDGAR Filing Document

**Accession Number:** 0001659326
**File Stem:** 0002071691-26-001796
**Filing Date:** 2026-1
**Character Count:** 831466
**Document Hash:** 36515924503ec22bfef98342925813a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001796.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002071691-26-001796

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN TRUST IV
- **CENTRAL INDEX KEY:** 0001659326

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23117
- **FILM NUMBER:** 26571314

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**JPMorgan Ultra-Short Municipal Fund**

**Schedule of Portfolio Investments as of November 30, 2025**

**(Unaudited)** 

---

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

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 91.4% (a)** | **Municipal Bonds — 91.4% (a)** | **Municipal Bonds — 91.4% (a)** |
| **Alabama — 1.8%** | **Alabama — 1.8%** | **Alabama — 1.8%** |
| &nbsp;&nbsp;&nbsp; Alabama Federal Aid Highway Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp;&nbsp; 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2705 | &nbsp;&nbsp;&nbsp;&nbsp; 2817 |
| &nbsp;&nbsp;&nbsp; Birmingham Airport Authority, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project Series 2025E, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1775 | &nbsp;&nbsp;&nbsp;&nbsp; 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Supply Series 2022D-2, Rev., LIQ : Royal Bank of Canada, (SOFR + 1.40%), 4.09%, <br> 12/5/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25450 | &nbsp;&nbsp;&nbsp;&nbsp; 25599 |
| &nbsp;&nbsp;&nbsp; County of Jefferson sewer Series 2024, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1296 |
| &nbsp;&nbsp;&nbsp; Foley Utilities Board, Rev., 5.00%, 5/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 4 Series 2022B-2, Rev., (SOFR + 1.79%), 4.44%, <br> 12/5/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10145 |
| &nbsp;&nbsp;&nbsp; State of Alabama Series 2016C, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 43736 |
| **Alaska — 0.3%** | **Alaska — 0.3%** | **Alaska — 0.3%** |
| &nbsp;&nbsp;&nbsp; Alaska Municipal Bond Bank Authority Series 3, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Borough of Matanuska-Susitna, Alaska School General Obligation Series 2025B, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp; Borough of Matanuska-Susitna, Goose Creek Correctional Center Project Series 2025 A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1655 | &nbsp;&nbsp;&nbsp;&nbsp; 1721 |
| &nbsp;&nbsp;&nbsp; Borough of North Slope, GO, 5.00%, 6/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2875 | &nbsp;&nbsp;&nbsp;&nbsp; 2978 |
| &nbsp;&nbsp;&nbsp; State of Alaska Series 2024B, GO, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063 |
| &nbsp;&nbsp;&nbsp; Total Alaska |  | &nbsp;&nbsp;&nbsp;&nbsp; 6810 |
| **Arizona — 1.0%** | **Arizona — 1.0%** | **Arizona — 1.0%** |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Series 2024A, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1378 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Phoenix Children's Hospital Series 2020A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp; Arizona Sports and Tourism Authority, Senior Lien Multipurpose Stadium Facility Project, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 778 |
| &nbsp;&nbsp;&nbsp; Arizona Water Infrastructure Finance Authority Series 2024, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4177 |
| &nbsp;&nbsp;&nbsp; City of Chandler Series 2016, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038 |
| &nbsp;&nbsp;&nbsp; City of Mesa Utility System Series 2017, Rev., 4.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Rev., 5.00%, 7/1/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1245 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Junior Lien, Airport System Series 2017D, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Junior Lien, Water System Series 2014B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp; City of Tucson Series 2018A, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp; County of Pima, COP, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; County of Pima Sewer System Series 2020B, COP, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Maricopa County High School District No. 214 Tolleson Union High School, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp; 320 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Banner Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, Rev., 5.00%, 5/15/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-1, Rev., 5.00%, 5/15/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7530 | &nbsp;&nbsp;&nbsp;&nbsp; 7587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-2, Rev., 5.00%, 5/15/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No. 210-Phoenix, Project 2023 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1558 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement and Power District, Arizona Electric System Series 2019A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 395 |
| &nbsp;&nbsp;&nbsp; Scottsdale Municipal Property Corp. Series 2017, Rev., 5.00%, 7/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; Town of Queen Creek Excise Tax, Rev., 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1257 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 24490 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; University of Arkansas, Various Facility UAMS Campus Series 2019A, Rev., 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; University of Central Arkansas, Student Fee |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp; Total Arkansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 458 |
| **California — 0.9%** | **California — 0.9%** | **California — 0.9%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Green Bond Series 2022A-2, Rev., (SOFR + 1.70%), 4.35%, 12/5/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Bay Area Toll Bridge First Lien Series 2003A, Rev., AMBAC, 5.00%, <br> 1/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Waste Management, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., AMT, VRDO, 3.80%, 3/2/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1825 | &nbsp;&nbsp;&nbsp;&nbsp; 1825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., AMT, 3.45%, 12/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-1, Rev., AMT, 3.45%, 1/15/2026 (e) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.80%, 2/17/2026 (e) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2499 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Enloe Medical Center, Rev., 5.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; City of Vernon, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; Desert Community College District, GO, 5.00%, 2/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp. Series 2017A-1, Rev., 5.00%, 6/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022E, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 439 |
| &nbsp;&nbsp;&nbsp; San Diego Community College District, GO, 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority Series 2023-1, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 812 |
| &nbsp;&nbsp;&nbsp; State of California, Various Purpose, GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2205 | &nbsp;&nbsp;&nbsp;&nbsp; 2319 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 20608 |
| **Colorado — 1.6%** | **Colorado — 1.6%** | **Colorado — 1.6%** |
| &nbsp;&nbsp;&nbsp; Adams and Arapahoe Counties Joint School District 28J Aurora, GO, 5.50%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2060 |
| &nbsp;&nbsp;&nbsp; Boulder Larimer and Weld Countes St. Vrain Valley School District Re-1J Series 2016C, GO, 5.00%, 12/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; City and County of Denver |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 610 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., AMT, 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., AMT, 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5281 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Wellington E. Webb Municipal Office Building, COP, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Colorado Bridge Enterprise Series 2019A, Rev., 4.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventhealth Obligated Group Series 2019B, Rev., 5.00%, 11/19/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1286 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventist Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 11/15/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3260 | &nbsp;&nbsp;&nbsp;&nbsp; 3327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 11/15/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2178 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B-2, Rev., 5.00%, 8/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Intermountain Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 8/17/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C, Rev., 5.00%, 8/15/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1370 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Series 2020A, Rev., 4.00%, 9/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project Series 2017, Rev., 5.00%, <br> 6/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp; Denver City and County School District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025D, GO, 5.00%, 12/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025D, GO, 5.00%, 12/1/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1678 |
| &nbsp;&nbsp;&nbsp; Denver Urban Renewal Authority Series 2010B-1, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; Regional Transportation District Sales Tax Series 2023A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Regional Transportation District, Denver Transit Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 3.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp; State of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017K, COP, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018L, COP, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, COP, 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018L, COP, 4.00%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; State of Colorado, Building Excellent Schools Today Series 2025T, COP, 5.00%, 3/15/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 |
| &nbsp;&nbsp;&nbsp; University of Colorado, Enterprise System Series 2017A-2, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; University of Colorado, Hospital Authority Series 2018C, Rev., VRDO, LIQ : TD Bank NA, 2.85%, 12/1/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 37622 |
| **Connecticut — 2.1%** | **Connecticut — 2.1%** | **Connecticut — 2.1%** |
| &nbsp;&nbsp;&nbsp; City of Bristol, GO, BAN, 4.00%, 11/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp;&nbsp; 17640 |
| &nbsp;&nbsp;&nbsp; City of Milford, GO, BAN, 4.00%, 10/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5070 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Stamford Hospital Series L-1, Rev., 4.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 351 |
| &nbsp;&nbsp;&nbsp; State of Connecticut |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9200 | &nbsp;&nbsp;&nbsp;&nbsp; 9424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4225 | &nbsp;&nbsp;&nbsp;&nbsp; 4431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018F, GO, 5.00%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 755 | &nbsp;&nbsp;&nbsp;&nbsp; 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 D, GO, 5.00%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6655 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Clean Water Fund, State Revolving Fund Series 2015A, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021D, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Special Tax, Transportation Infrastructure Purpose Series B, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Town of Groton, GO, BAN, 4.25%, 4/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp;&nbsp; 4321 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 50042 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Delaware — 0.1%** | **Delaware — 0.1%** | **Delaware — 0.1%** |
| &nbsp;&nbsp;&nbsp; University of Delaware Series 2025A, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2939 |
| **District of Columbia — 0.7%** | **District of Columbia — 0.7%** | **District of Columbia — 0.7%** |
| &nbsp;&nbsp;&nbsp; District of Columbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, GO, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, Multi Family Housing Edgewood Apartments Project Series 2023, Rev., FHA, <br> 5.00%, 6/1/2026 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5100 | &nbsp;&nbsp;&nbsp;&nbsp; 5104 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Children's Hospital Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Gallaudet University Project Series 2021A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; District of Columbia, National Public Radio, Inc., Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Series 2024A, Rev., AMT, 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2182 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 17792 |
| **Florida — 2.7%** | **Florida — 2.7%** | **Florida — 2.7%** |
| &nbsp;&nbsp;&nbsp; Alachua County School Board Series 2020, COP, A.G., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; Central Florida Expressway Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp; 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp; City of Gainesville, Utilities System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp;&nbsp; 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp; City of Jacksonville |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; City of Lakeland, Department of Electric Utilities Series 2010A, Rev., A.G., 5.25%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp; City of South Miami Health Facilities Authority, Inc., Baptist Health South Florida Obligated Group, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; County of Broward, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013C, Rev., 5.25%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; County of Lee, Airport Series 2021A, Rev., AMT, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1578 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Aviation System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 178 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp;&nbsp; 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Building Better Communities Program Series 2016A, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Water and Sewer System Series 2021, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp;&nbsp; 766 |
| &nbsp;&nbsp;&nbsp; County of St. Lucie, Power and Light Co., Project, Rev., VRDO, 2.85%, 12/1/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; Duval County Public Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, A.G., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, A.G., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; Escambia County School Board Series 2020A, COP, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp; Florida Department of Environmental Protection |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Florida Department of Management Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp;&nbsp; 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1805 | &nbsp;&nbsp;&nbsp;&nbsp; 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, COP, 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1474 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Waste Management, Inc. Project Series 2025A, Rev., AMT, 3.40%, 9/1/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2614 |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Culmer Apartments Series 2023C, Rev., VRDO, 3.08%, 6/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3725 | &nbsp;&nbsp;&nbsp;&nbsp; 3725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Local Government Finance Commission, Fleet Landing at Nocatee Project Series 2025B-3, Rev., 4.20%, <br> 11/15/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3519 |
| &nbsp;&nbsp;&nbsp; Florida Municipal Power Agency, All-Requirements Power Supply Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1345 | &nbsp;&nbsp;&nbsp;&nbsp; 1398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2820 | &nbsp;&nbsp;&nbsp;&nbsp; 2860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 916 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority Series 2017A, Rev., AMT, 5.00%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 776 |
| &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, 2.85%, 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; JEA Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Lee County School Board (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, COP, 5.00%, 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, COP, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp; Manatee County School District Series 2017, Rev., A.G., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Expressway Authority, Toll System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; Orange County Convention Center Series 2017, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp; 519 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Orlando Health Obligated Group Series 2019B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Orange County School Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, COP, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, COP, 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4225 | &nbsp;&nbsp;&nbsp;&nbsp; 4292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2190 | &nbsp;&nbsp;&nbsp;&nbsp; 2271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, COP, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; Orlando Utilities Commission Series 2020A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Palm Beach County School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp;&nbsp; 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, COP, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, COP, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Solid Waste Authority Series 2015, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; Pasco County School Board Series 2022A, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; Polk County School District Series 2019B, COP, 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp; School Board of Miami-Dade County (The), Florida Certificates of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, COP, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1325 | &nbsp;&nbsp;&nbsp;&nbsp; 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, COP, 4.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp; School District of Broward County, Florida Certificates of Participation Series A, COP, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; South Broward Hospital District, Memorial Healthcare System, Rev., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; State of Florida Board of Education, Public Education Capital Outlay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Education Series 2018A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System Series 2025A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 2059 |
| &nbsp;&nbsp;&nbsp; State of Florida Lottery Series 2017A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; State of Florida, Public Education Capital Outlay Series 2020A, GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; State of Florida, State Board of Education, Lottery Series 2016A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp; Tampa Bay Water, Regional Water Supply Authority, Utility System Series 2016C, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 235 |
| &nbsp;&nbsp;&nbsp; Tampa Sports Authority Series 2015, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 64210 |
| **Georgia — 0.4%** | **Georgia — 0.4%** | **Georgia — 0.4%** |
| &nbsp;&nbsp;&nbsp; Albany-Dougherty Payroll Development Authority, Procter & Gamble Paper Products Series 1999, Rev., 5.20%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Development Authority, Georgia State University Research Foundation Science Park LLC Project Series 2016, Rev., <br> 4.00%, 7/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1555 | &nbsp;&nbsp;&nbsp;&nbsp; 1566 |
| &nbsp;&nbsp;&nbsp; Bartow County Development Authority, Georgia Power Co. Plant Series 2009-1, Rev., 3.95%, 3/8/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp; Cedartown Polk County Hospital Authority, Polk Medical Center Project, Rev., 5.00%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; City of Atlanta Water and Wastewater Series 2004, Rev., A.G., 5.75%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp; Clarke County Hospital Authority, Pidemont Healthcare Series 2016A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project Series 2012-2, Rev., 3.30%, <br> 8/21/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2254 |
| &nbsp;&nbsp;&nbsp; Henry County Hospital Authority, Piedmont Henry Hospital Project Series 2014A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 | &nbsp;&nbsp;&nbsp;&nbsp; 1392 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority, Sales Tax Series 2017D, Rev., 4.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project Series 2019A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp; State of Georgia Series 2014A, GO, 4.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 8803 |
| **Guam — 0.0% ^** | **Guam — 0.0% ^** | **Guam — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Territory of Guam (Guam) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025G, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025G, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp; 501 |
| &nbsp;&nbsp;&nbsp; Total Guam |  | &nbsp;&nbsp;&nbsp;&nbsp; 786 |
| **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City and County Honolulu |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; City and County of Honolulu Series 2022A, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp; County of Hawaii Series A, GO, 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; State of Hawaii |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FK, GO, 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FH, GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; Total Hawaii |  | &nbsp;&nbsp;&nbsp;&nbsp; 413 |
| **Illinois — 2.3%** | **Illinois — 2.3%** | **Illinois — 2.3%** |
| &nbsp;&nbsp;&nbsp; Board of Trustees of the University of Illinois (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; Carol Stream Park District Series 2020C, GO, 4.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, General Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp; 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp; 596 |
| &nbsp;&nbsp;&nbsp; City of Springfield Electric, Senior Lien, Rev., 5.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1870 | &nbsp;&nbsp;&nbsp;&nbsp; 2025 |
| &nbsp;&nbsp;&nbsp; County of Cook |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 4.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; DuPage County Community High School District No. 94 West Chicago, GO, 4.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Clean Water Initiative Revolving Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Edward Elmhurst Healthcare Series 2018A, Rev., 5.00%, 1/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern Memorial Healthcare Series 2017A, Rev., 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2021B, Rev., (SIFMA Municipal Swap Index Yield + <br> 0.70%), 3.49%, 12/11/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1121 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presence Health Network Series 2016C, Rev., 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, State Clean Water Initiative |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Swedish Covenant Hospital Series 2016A, Rev., 5.00%, 8/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp;&nbsp; 1166 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, The Carle Foundation Series 2021A, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Uchicago Medicine Series 2022B-2, Rev., 5.00%, 8/15/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2065 | &nbsp;&nbsp;&nbsp;&nbsp; 2123 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Unitypoint Health Series 2016D, Rev., 4.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5015 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp;&nbsp; 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 428 |
| &nbsp;&nbsp;&nbsp; Kane McHenry Cook and De Kalb Counties Unit School District No. 300 Series 2015, GO, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier and Exposition Authority, Dedicated state Tax Mccormick Place Expansion Series 2025A, Rev., NATL - RE, <br> Zero Coupon, 12/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6493 |
| &nbsp;&nbsp;&nbsp; Northern Illinois Municipal Power Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1206 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1752 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp; 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1345 | &nbsp;&nbsp;&nbsp;&nbsp; 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2965 | &nbsp;&nbsp;&nbsp;&nbsp; 3076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, GO, 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp; State of Illinois, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Village of Oswego Series 2016, GO, 5.00%, 12/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1380 | &nbsp;&nbsp;&nbsp;&nbsp; 1381 |
| &nbsp;&nbsp;&nbsp; Will Grundy Etc Counties Community College District No. 525, Joliet Junior College, GO, 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 56473 |
| **Indiana — 1.5%** | **Indiana — 1.5%** | **Indiana — 1.5%** |
| &nbsp;&nbsp;&nbsp; City of Indianapolis, Department of Public Utilities Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; City of Indianapolis, Department of Public Utilities Water System, First Lien Series 2018A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority Series 2017A, Rev., 5.00%, 12/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Community Foundation of Northern Indiana Obligated Group, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2065 | &nbsp;&nbsp;&nbsp;&nbsp; 2098 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, CWA Authority Project Series 2021-2, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indiana University Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B1, Rev., 5.00%, 7/1/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025D-1, Rev., 5.00%, 10/1/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1602 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Stadium Project Series 2022A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, State Revolving Fund Program Series 2017C, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Single Family Series 2017B-3, Rev., VRDO, LIQ : TD Bank NA, 2.85%, <br> 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Indiana Municipal Power Agency, Power Supply System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Unlimited AD Valorem Property Tax Supported Project Series 2025C, Rev., <br> 5.00%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2305 | &nbsp;&nbsp;&nbsp;&nbsp; 2415 |
| &nbsp;&nbsp;&nbsp; Purdue University Series EE, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Tippecanoe School Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2830 | &nbsp;&nbsp;&nbsp;&nbsp; 2837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2830 | &nbsp;&nbsp;&nbsp;&nbsp; 2837 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 35396 |
| **Iowa — 1.2%** | **Iowa — 1.2%** | **Iowa — 1.2%** |
| &nbsp;&nbsp;&nbsp; City of Shenandoah, Iowa Sewer Capital Loan Project, Rev., 4.00%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11900 | &nbsp;&nbsp;&nbsp;&nbsp; 11972 |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co., Project, Rev., VRDO, 2.80%, 12/10/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 15200 | &nbsp;&nbsp;&nbsp;&nbsp; 15200 |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, State Revolving Fund Series 2016, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp; State of Iowa, Ijobs Program Series 2016A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2022 |
| &nbsp;&nbsp;&nbsp; Total Iowa |  | &nbsp;&nbsp;&nbsp;&nbsp; 29290 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Kansas — 0.6%** | **Kansas — 0.6%** | **Kansas — 0.6%** |
| &nbsp;&nbsp;&nbsp; City of Derby Series 2024-1, GO, 4.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, AdventHealth Series 2021B, Rev., 5.00%, 11/15/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5600 | &nbsp;&nbsp;&nbsp;&nbsp; 5916 |
| &nbsp;&nbsp;&nbsp; Riley County Unified School District No. 383, Manhattan-Ogden Series 2018A, GO, 5.00%, 9/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; State of Kansas Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3197 |
| &nbsp;&nbsp;&nbsp; University of Kansas Hospital Authority, Health System Series 2017A, Rev., 4.00%, 3/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp; Wyandotte County-Kansas City Unified Government Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 15493 |
| **Kentucky — 0.7%** | **Kentucky — 0.7%** | **Kentucky — 0.7%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Kentucky, State Office Building Project Series 2018A, COP, 4.00%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1269 |
| &nbsp;&nbsp;&nbsp; County of Trimble Series 2023A, Rev., AMT, 4.70%, 6/1/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp; Kentucky Asset Liability Commission Series 2021A, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 112 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 113 Series 2024B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 115, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 516 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 122 Series A, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 130 Series 2024B, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 131 Series A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 133 Series B, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2343 |
| &nbsp;&nbsp;&nbsp; Kentucky Turnpike Authority, Revitalization Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project Series 2001A, Rev., 0.90%, <br> 9/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4894 |
| &nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020D, Rev., 5.00%, 10/1/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2134 |
| &nbsp;&nbsp;&nbsp; University of Kentucky, General Receipts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 16551 |
| **Louisiana — 0.4%** | **Louisiana — 0.4%** | **Louisiana — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of New Orleans, Water System Series 2015, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; City of Shreveport, Water and Sewer, Junior Lien Series 2018C, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Series 2002B, Rev., 5.50%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp; 537 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Tulane University of Louisiana Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Willis Knighton Medical Center Project Series 1997, Rev., 5.00%, 9/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1770 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Louisiana — continued** | **Louisiana — continued** | **Louisiana — continued** |
| &nbsp;&nbsp;&nbsp; State of Louisiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp; 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, GO, 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, GO, 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp; State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, 2.85%, 12/1/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 10003 |
| **Maine — 0.4%** | **Maine — 0.4%** | **Maine — 0.4%** |
| &nbsp;&nbsp;&nbsp; Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp; Maine Municipal Bond Bank Series 2020A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Maine School Administrative District No. 51 Series 2025A, GO, BAN, 4.50%, 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6400 | &nbsp;&nbsp;&nbsp;&nbsp; 6409 |
| &nbsp;&nbsp;&nbsp; Maine Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1105 |
| &nbsp;&nbsp;&nbsp; State of Maine Series 2022B, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Total Maine |  | &nbsp;&nbsp;&nbsp;&nbsp; 8937 |
| **Maryland — 0.7%** | **Maryland — 0.7%** | **Maryland — 0.7%** |
| &nbsp;&nbsp;&nbsp; County of Baltimore Series 2017, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; County of Baltimore, Equipment Acquisition Program, COP, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; County of Howard Series 2017A, GO, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; County of Montgomery Series 2018A, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; County of Prince George's Series 2025A, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2240 | &nbsp;&nbsp;&nbsp;&nbsp; 2331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, The Johns Hopkins Health System Series 2024A, Rev., VRDO, LOC <br> : TD Bank NA, 2.80%, 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| &nbsp;&nbsp;&nbsp; State of Maryland Series 2021A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1430 | &nbsp;&nbsp;&nbsp;&nbsp; 1454 |
| &nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation Series 2017, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation, Second Issue Series 2018, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; State of Maryland, State and Local Facilities Loan of 2021 Series 2021A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7043 |
| &nbsp;&nbsp;&nbsp; University System of Maryland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 16544 |
| **Massachusetts — 3.5%** | **Massachusetts — 3.5%** | **Massachusetts — 3.5%** |
| &nbsp;&nbsp;&nbsp; City of Boston Series 2015B, GO, 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; City of Brockton, GO, BAN, 5.00%, 10/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2075 | &nbsp;&nbsp;&nbsp;&nbsp; 2115 |
| &nbsp;&nbsp;&nbsp; City of Pittsfield, GO, BAN, 4.50%, 2/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3100 | &nbsp;&nbsp;&nbsp;&nbsp; 3111 |
| &nbsp;&nbsp;&nbsp; City of Somerville Series 2025B, GO, BAN, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11500 | &nbsp;&nbsp;&nbsp;&nbsp; 11660 |
| &nbsp;&nbsp;&nbsp; City of Springfield, GO, BAN, 4.25%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6036 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Series C, GO, A.G., 5.25%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2023 Series 2023B, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Cotuit Fire District, GO, BAN, 4.00%, 12/4/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group Series 2024U-2, Rev., VRDO, LOC : TD <br> Bank NA, 2.80%, 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Partners Healthcare System Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series O-2, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016Q, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 223 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| &nbsp;&nbsp;&nbsp; Massachusetts School Building Authority, Dedicated Sales Tax Series 2016B, Rev., 5.00%, 11/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp; Merrimack Valley Regional Transit Authority, Rev., RAN, 4.25%, 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5035 |
| &nbsp;&nbsp;&nbsp; North Middlesex Regional School District, GO, BAN, 4.00%, 10/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5700 | &nbsp;&nbsp;&nbsp;&nbsp; 5775 |
| &nbsp;&nbsp;&nbsp; Town of Abington, GO, BAN, 4.50%, 4/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010 |
| &nbsp;&nbsp;&nbsp; Town of Charlton, GO, BAN, 4.25%, 4/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5533 |
| &nbsp;&nbsp;&nbsp; Town of Hatfield, GO, BAN, 4.00%, 7/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4036 |
| &nbsp;&nbsp;&nbsp; Town of Nahant, GO, BAN, 4.25%, 7/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2018 |
| &nbsp;&nbsp;&nbsp; Town of Oxford, GO, BAN, 4.00%, 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3010 |
| &nbsp;&nbsp;&nbsp; Town of Seekonk, GO, BAN, 4.25%, 4/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp; 3420 |
| &nbsp;&nbsp;&nbsp; Town of Westford, GO, BAN, 4.25%, 4/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11071 |
| &nbsp;&nbsp;&nbsp; University of Massachusetts Building Authority Series 2015-1, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2004 |
| &nbsp;&nbsp;&nbsp; Worcester Regional Transit Authority, Rev., RAN, 4.25%, 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4028 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 84457 |
| **Michigan — 3.2%** | **Michigan — 3.2%** | **Michigan — 3.2%** |
| &nbsp;&nbsp;&nbsp; Fulton School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, A.G., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, A.G., 4.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority, Water Supply System, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Henry Ford Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp; 774 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Hospital Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-MI, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015MI, Rev., 5.50%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1148 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013MI-1, Rev., VRDO, 2.90%, 3/2/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-MI, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-MI, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority Series 2016I, Rev., 5.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority, Facilities Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-I, Rev., VRDO, 2.89%, 12/10/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016I, Rev., 5.00%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Ascension Senior Credit Group Series 2010F-7, Rev., 5.00%, 11/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2349 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Trinity Health Credit Group Series 2008C, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Rental Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 3.63%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7750 | &nbsp;&nbsp;&nbsp;&nbsp; 7733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 3.70%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9007 |
| &nbsp;&nbsp;&nbsp; Michigan State University Series 2020A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Consumers Co. Project Series 2019, Rev., AMT, 3.35%, 10/1/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1297 |
| &nbsp;&nbsp;&nbsp; RIB Floater Trust Various States Series 2022-046, Rev., VRDO, LOC : Barclays Bank plc, 2.88%, 12/1/2025 (e) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 31410 | &nbsp;&nbsp;&nbsp;&nbsp; 31410 |
| &nbsp;&nbsp;&nbsp; State of Michigan Series 2016, Rev., GAN, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; University of Michigan, Rev., 5.00%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 77415 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Minnesota — 0.3%** | **Minnesota — 0.3%** | **Minnesota — 0.3%** |
| &nbsp;&nbsp;&nbsp; City of St. Cloud, Centracare Health System Series 2016A, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp; Duluth Independent School District No. 709 Series 2019B, COP, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp; Minneapolis-St Paul Metropolitan Airports Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Metropolitan Airports Commission Series A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; Minnesota Health and Education Facilities Authority, Carleton College Series 2017, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; State of Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; State of Minnesota, Various Purpose Series 2025D, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5206 |
| &nbsp;&nbsp;&nbsp; Western Minnesota Municipal Power Agency, Red Rock Hydroelectric Project Series 2018A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 7260 |
| **Mississippi — 0.7%** | **Mississippi — 0.7%** | **Mississippi — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project Series 2010H, <br> Rev., VRDO, 2.90%, 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Desoto County Mississippi Highway Project Series 2024A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1606 |
| &nbsp;&nbsp;&nbsp; State of Mississippi Series 2016B, GO, 5.00%, 12/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp; Total Mississippi |  | &nbsp;&nbsp;&nbsp;&nbsp; 17119 |
| **Missouri — 1.8%** | **Missouri — 1.8%** | **Missouri — 1.8%** |
| &nbsp;&nbsp;&nbsp; City of Kansas City |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp; City of St Louis Airport, Lambert St. Louis International Airport Series 2005, Rev., NATL - RE, 5.50%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; City of St. Louis Airport Series 2005, Rev., NATL - RE, 5.50%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp; County of Jackson, Harry S. Truman Sports Complex Project Series 2014, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Curators of the University of Missouri (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2730 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri Series 2021C, Rev., 5.00%, 5/1/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series 2021B, Rev., 4.00%, <br> 5/1/2026 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5527 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Mercy Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group Series 2018F, Rev., <br> VRDO, 2.85%, 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14700 | &nbsp;&nbsp;&nbsp;&nbsp; 14700 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, St. Louis University, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; Missouri Development Finance Board, Procter & Gamble Co. Project Series 1999, Rev., 5.20%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri Highway and Transportation Commission, State Appropriations Mega Projects State Road Series 2025A, Rev., 5.00%, <br> 5/1/2028 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9100 | &nbsp;&nbsp;&nbsp;&nbsp; 9615 |
| &nbsp;&nbsp;&nbsp; Missouri Public Utilities Commission, Rev., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7250 | &nbsp;&nbsp;&nbsp;&nbsp; 7256 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 43354 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nebraska — 0.1%** | **Nebraska — 0.1%** | **Nebraska — 0.1%** |
| &nbsp;&nbsp;&nbsp; Nebraska Public Power District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp; Omaha School District Series 2016, GO, 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1944 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp;&nbsp;&nbsp; 2304 |
| **Nevada — 0.6%** | **Nevada — 0.6%** | **Nevada — 0.6%** |
| &nbsp;&nbsp;&nbsp; Carson City Nevada Hospital, Carson Tahoe Regional Healthcare Project, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp; Clark County School District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, GO, 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7680 | &nbsp;&nbsp;&nbsp;&nbsp; 7949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, GO, 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp; County of Clark |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; County of Clark, Motor Vehicle Fuel Tax Series 2020C, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp; Las Vegas Valley Water District Series 2016B, GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; State of Nevada Series 2025A, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Nevada Department of Business and Industry, Republic Services, Inc. Project Series 2001, Rev., AMT, 3.95%, <br> 6/1/2026 (e) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; State of Nevada, Capital Improvement and Cultural Affairs Series 2019A, GO, 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; State of Nevada, Water Pollution Control Series 2019E, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Total Nevada |  | &nbsp;&nbsp;&nbsp;&nbsp; 13452 |
| **New Hampshire — 0.1%** | **New Hampshire — 0.1%** | **New Hampshire — 0.1%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act Series 2015B, Rev., 3.30%, 8/3/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2508 |
| &nbsp;&nbsp;&nbsp; New Hampshire Municipal Bond Bank Series 2022C, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp; 2539 |
| **New Jersey — 14.4%** | **New Jersey — 14.4%** | **New Jersey — 14.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project Series 2021A, Rev., A.G., 5.00%, <br> 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; Bergen County Improvement Authority (The), Guaranteed Government Pooled Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GTD, 4.00%, 5/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 4.00%, 10/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7083 |
| &nbsp;&nbsp;&nbsp; Borough of Avalon, GO, BAN, 4.50%, 2/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9350 | &nbsp;&nbsp;&nbsp;&nbsp; 9377 |
| &nbsp;&nbsp;&nbsp; Borough of Bloomingdale, GO, BAN, 4.50%, 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1505 |
| &nbsp;&nbsp;&nbsp; Borough of Carlstadt, GO, BAN, 4.50%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp;&nbsp; 8555 |
| &nbsp;&nbsp;&nbsp; Borough of East Rutherford, GO, BAN, 4.00%, 4/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp;&nbsp; 8536 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp; Borough of Fanwood Series 2025A, GO, BAN, 4.00%, 2/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4011 |
| &nbsp;&nbsp;&nbsp; Borough of Flemington Series 2025A, GO, BAN, 4.50%, 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4010 |
| &nbsp;&nbsp;&nbsp; Borough of Palisades Park, Swimming Pool Utility, GO, BAN, 4.25%, 3/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2006 |
| &nbsp;&nbsp;&nbsp; Borough of Point Pleasant Beach, GO, BAN, 4.00%, 11/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4050 |
| &nbsp;&nbsp;&nbsp; Borough of South River, Water Utility Series 2025A, GO, BAN, 4.00%, 12/8/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp;&nbsp;&nbsp; 3950 |
| &nbsp;&nbsp;&nbsp; Burlington County Bridge Commission, Government Leasing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., RAN, 4.25%, 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp;&nbsp; 4301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025D, Rev., 4.00%, 12/9/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 9885 | &nbsp;&nbsp;&nbsp;&nbsp; 10019 |
| &nbsp;&nbsp;&nbsp; City of East Orange, GO, BAN, 4.00%, 10/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp;&nbsp; 8503 |
| &nbsp;&nbsp;&nbsp; City of Jersey City |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, BAN, 4.00%, 7/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, GO, BAN, 4.00%, 10/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13400 | &nbsp;&nbsp;&nbsp;&nbsp; 13568 |
| &nbsp;&nbsp;&nbsp; City of Sea Isle City, GO, BAN, 4.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5065 |
| &nbsp;&nbsp;&nbsp; City of Wildwood Series 2025A, GO, BAN, 4.00%, 10/2/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp;&nbsp; 4852 |
| &nbsp;&nbsp;&nbsp; Essex County Improvement Authority, Family Court Building Project, Rev., GTD, 5.00%, 3/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5538 |
| &nbsp;&nbsp;&nbsp; Hudson County Improvement Authority, Local Unit Loan Program Series B-1, Rev., GTD, 4.00%, 6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10075 |
| &nbsp;&nbsp;&nbsp; Jersey City Municipal Utilities Authority, Water Project Series 2025A, Rev., GTD, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4544 |
| &nbsp;&nbsp;&nbsp; Jersey City Redevelopment Agency, Bayfront Redevelopment Project Series 2025A, Rev., GTD, 5.00%, 12/9/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2040 |
| &nbsp;&nbsp;&nbsp; Monmouth County Improvement Authority (The), Rev., GTD, 4.00%, 3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15525 | &nbsp;&nbsp;&nbsp;&nbsp; 15584 |
| &nbsp;&nbsp;&nbsp; New Jersey Building Authority Series 2016A, Rev., 5.00%, 6/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 912 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017DDD, Rev., 5.00%, 6/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024SSS, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2450 | &nbsp;&nbsp;&nbsp;&nbsp; 2481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019GGG, Rev., 5.25%, 9/1/2026 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024SSS, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series WW, Rev., 5.25%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group Series 2019B-3, Rev., 5.00%, <br> 7/1/2026 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4535 | &nbsp;&nbsp;&nbsp;&nbsp; 4595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Senior Student Loan Immediate Delivery Series 2025-2, Rev., AMT, <br> 5.00%, 6/2/2026 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9070 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Capital Appreciation Series 2010A, Rev., Zero Coupon, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2485 | &nbsp;&nbsp;&nbsp;&nbsp; 2268 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series 2016A-1, Rev., 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp; 465 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program Series 2023AA, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation System Series 2006C, Rev., NATL - RE, Zero Coupon, <br> 12/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3002 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005D-2, Rev., A.G., 5.25%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16890 | &nbsp;&nbsp;&nbsp;&nbsp; 16927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005D-3, Rev., A.G., 5.25%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017E, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026 |
| &nbsp;&nbsp;&nbsp; Passaic County Improvement Authority (The), City of Paterson Project, Rev., GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 356 |
| &nbsp;&nbsp;&nbsp; State of New Jersey, COVID-19 Emergency Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp; 338 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 | &nbsp;&nbsp;&nbsp;&nbsp; 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp; Town of Dover, General Improvement Water Utility, GO, BAN, 4.50%, 1/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11700 | &nbsp;&nbsp;&nbsp;&nbsp; 11728 |
| &nbsp;&nbsp;&nbsp; Township of Boonton, GO, BAN, 4.00%, 8/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp;&nbsp; 4335 |
| &nbsp;&nbsp;&nbsp; Township of Edison, GO, BAN, 4.00%, 11/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10135 |
| &nbsp;&nbsp;&nbsp; Township of Hamilton, GO, BAN, 4.00%, 10/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18219 |
| &nbsp;&nbsp;&nbsp; Township of Howell, GO, TAN, 4.25%, 2/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1503 |
| &nbsp;&nbsp;&nbsp; Township of Little Egg Harbor Series 2025A, GO, BAN, 4.25%, 1/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2425 | &nbsp;&nbsp;&nbsp;&nbsp; 2429 |
| &nbsp;&nbsp;&nbsp; Township of Livingston, GO, BAN, 4.00%, 12/3/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5076 |
| &nbsp;&nbsp;&nbsp; Township of Logan, GO, BAN, 4.00%, 10/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7900 | &nbsp;&nbsp;&nbsp;&nbsp; 7990 |
| &nbsp;&nbsp;&nbsp; Township of Manchester Series 2025A, GO, BAN, 4.50%, 5/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6040 |
| &nbsp;&nbsp;&nbsp; Township of Maple Shade Series 2025A, GO, BAN, 4.00%, 11/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4048 |
| &nbsp;&nbsp;&nbsp; Township of Montville, GO, BAN, 4.00%, 11/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6082 |
| &nbsp;&nbsp;&nbsp; Township of Parsippany-Troy Hills, GO, BAN, 4.00%, 10/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12163 |
| &nbsp;&nbsp;&nbsp; Township of Piscataway, GO, BAN, 4.00%, 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10138 |
| &nbsp;&nbsp;&nbsp; Township of Washington, GO, BAN, 4.25%, 7/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2521 |
| &nbsp;&nbsp;&nbsp; Township of Wayne, GO, 4.00%, 10/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2534 |
| &nbsp;&nbsp;&nbsp; Township of West Windsor, GO, BAN, 4.00%, 10/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10137 |
| &nbsp;&nbsp;&nbsp; Township of Woodbridge, GO, BAN, 4.00%, 10/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22269 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 347476 |
| **New Mexico — 0.1%** | **New Mexico — 0.1%** | **New Mexico — 0.1%** |
| &nbsp;&nbsp;&nbsp; Albuquerque Bernalillo County Water Utility Authority Series 2018, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albuquerque Bernalillo County Water Utility Authority, Senior Lien Joint Water and Sewer System Series 2015, Rev., 5.00%, <br> 1/12/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; New Mexico Finance Authority, State Transportation, Subordinate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Santee Apartments and Sangre De Cristo Project, Rev., VRDO, 3.73%, <br> 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; State of New Mexico Severance Tax Permanent Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp; State of New Mexico, Capital Projects, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp; 2348 |
| **New York — 13.7%** | **New York — 13.7%** | **New York — 13.7%** |
| &nbsp;&nbsp;&nbsp; Altmar-Parish-Williamstown Central School District Series 2025B, GO, BAN, 4.25%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10076 |
| &nbsp;&nbsp;&nbsp; Ausable Valley Central School District, GO, BAN, 4.25%, 7/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3023 |
| &nbsp;&nbsp;&nbsp; Brasher Falls Central School District, GO, BAN, 4.25%, 7/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3525 |
| &nbsp;&nbsp;&nbsp; Brocton Central School District, GO, BAN, 4.25%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6045 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project Series 2024, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5211 |
| &nbsp;&nbsp;&nbsp; Canisteo-Greenwood Central School District, GO, BAN, 4.25%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3020 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2008 Series 2018 J-11, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2014 Series 2014I, Subseries I-3, GO, VRDO, LIQ : US Bank NA, 2.90%, 12/1/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2017 Series 2014I, Subseries I-3, GO, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp;&nbsp; 765 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019E, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2023 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Subseries F-1, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Subseries A-1, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2024 Series 2024E, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 864 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 | &nbsp;&nbsp;&nbsp;&nbsp; 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2026 Series 2026B, Subseries B-1, GO, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3849 |
| &nbsp;&nbsp;&nbsp; City of Troy, GO, BAN, 4.50%, 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005 |
| &nbsp;&nbsp;&nbsp; City of Utica, GO, BAN, 4.50%, 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5010 |
| &nbsp;&nbsp;&nbsp; Clinton Central School District, GO, BAN, 4.25%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5038 |
| &nbsp;&nbsp;&nbsp; Croton-Harmon Union Free School District Series 2025A, GO, BAN, 4.00%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20158 |
| &nbsp;&nbsp;&nbsp; Delaware Academy Central School District at Delhi, GO, BAN, 4.25%, 7/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6040 |
| &nbsp;&nbsp;&nbsp; Depew Union Free School District, GO, BAN, 4.00%, 10/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9124 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., State Personal Income Tax Series 2022A, Rev., 5.00%, 9/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., State Personal Income Tax, General Purpose Series 2016A, Rev., 5.00%, 3/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Geneseo Central School District, GO, BAN, 4.25%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3020 |
| &nbsp;&nbsp;&nbsp; Gouverneur Central School District, GO, BAN, 4.25%, 7/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10800 | &nbsp;&nbsp;&nbsp;&nbsp; 10873 |
| &nbsp;&nbsp;&nbsp; Hornell City School District, GO, BAN, 4.25%, 6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5035 |
| &nbsp;&nbsp;&nbsp; Hudson Falls Central School District, GO, BAN, 4.25%, 6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4029 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., Second Indenture Series 2022A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Johnstown City School District, GO, BAN, 4.25%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3020 |
| &nbsp;&nbsp;&nbsp; Lansingburgh Central School District at Troy, GO, BAN, 4.25%, 7/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5030 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023F, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 3.00%, 9/1/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 991 |
| &nbsp;&nbsp;&nbsp; Lyons Central School District, GO, BAN, 4.25%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3021 |
| &nbsp;&nbsp;&nbsp; Madrid-Waddington Central School District, GO, BAN, 4.00%, 7/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Series 2002G-1F, Rev., (SOFR + 0.43%), 3.12%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp; Milford Central School District, GO, BAN, 4.25%, 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 <br> Series 2015BB-4, Rev., VRDO, LIQ : Barclays Bank plc, 2.85%, 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023 <br> Series 2023, Subseries B-1, Rev., VRDO, LIQ : Mizuho Bank Ltd., 2.85%, 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016S-1, Rev., 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019S-2A, Rev., 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Subseries A-1, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5030 | &nbsp;&nbsp;&nbsp;&nbsp; 5046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-1, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2022 Series 2020B-1, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured, Fiscal Year 2018 Series 2018B-1, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 Series S-1, Rev., 5.00%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series B-5, Rev., VRDO, LIQ : US Bank NA, <br> 2.90%, 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 Subseries A-1, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Subseries C-1, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Subseries C-1, Rev., 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3265 | &nbsp;&nbsp;&nbsp;&nbsp; 3454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Subseries C-1, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2158 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-J, Subseries J-1, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, Subseries F-1, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025H, Sub H-1, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, Subseries F-1, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Water and Sewer System, Second General Resolution Series BB 1B, Rev., VRDO, LIQ : State Street Bank & Trust <br> Co., 2.90%, 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Rev., 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, New York University Series 2017A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales Tax Series 2024A, Rev., A.G., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, Rev., 5.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, Rev., 5.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017BGRP 1, Rev., 5.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 3/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021E, Rev., 5.00%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 3/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3100 | &nbsp;&nbsp;&nbsp;&nbsp; 3481 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 9/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Touro College and University System, Rev., 5.00%, 1/3/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp;&nbsp; 645 |
| &nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, State Personal Income Tax Series 2024A-2, Rev., 3.35%, 6/15/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003 |
| &nbsp;&nbsp;&nbsp; Owego Apalachin Central School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, BAN, 4.25%, 7/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, BAN, 4.25%, 7/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2520 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 183, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 246, Rev., AMT, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8250 | &nbsp;&nbsp;&nbsp;&nbsp; 8368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 177TH, Rev., AMT, 4.00%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp; Randolph Central School District, GO, BAN, 4.25%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5036 |
| &nbsp;&nbsp;&nbsp; Ridge Road Fire District, GO, BAN, 4.00%, 10/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2325 |
| &nbsp;&nbsp;&nbsp; Sherman Central School District, GO, BAN, 4.25%, 6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp;&nbsp; 5438 |
| &nbsp;&nbsp;&nbsp; Town of Amherst, GO, BAN, 4.00%, 10/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6100 | &nbsp;&nbsp;&nbsp;&nbsp; 6183 |
| &nbsp;&nbsp;&nbsp; Town of Irondequoit Series 2025B, GO, BAN, 4.00%, 12/11/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3800 | &nbsp;&nbsp;&nbsp;&nbsp; 3847 |
| &nbsp;&nbsp;&nbsp; Town of Milton, GO, BAN, 4.00%, 7/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3515 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; Town of Newburgh, GO, BAN, 4.50%, 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2507 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., BAN, 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21900 | &nbsp;&nbsp;&nbsp;&nbsp; 22143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., BAN, 5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Webb Union Free School District, GO, BAN, 4.25%, 7/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3017 |
| &nbsp;&nbsp;&nbsp; West Seneca Central School District, GO, BAN, 4.00%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10074 |
| &nbsp;&nbsp;&nbsp; Wheatland Chili Central School District Series 2025A, GO, BAN, 4.25%, 7/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1512 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 329851 |
| **North Carolina — 1.1%** | **North Carolina — 1.1%** | **North Carolina — 1.1%** |
| &nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Care System Series 2021C, Rev., 5.00%, 12/1/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp; County of Durham Series 2023A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; County of Guilford Series 2017, GO, 4.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; County of Harnett Series 2020, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp; County of Mecklenburg Series 2013A, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; County of New Hanover, New Hanover Regional Medical Center Series 2017, Rev., 5.00%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1648 |
| &nbsp;&nbsp;&nbsp; County of Union Enterprise System Series 2021, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; North Carolina Eastern Municipal Power Agency Series 1993B, Rev., 6.00%, 1/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership-1998 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 52-C, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 2.85%, 12/1/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 9500 | &nbsp;&nbsp;&nbsp;&nbsp; 9500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, 1/15/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3998 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1294 |
| &nbsp;&nbsp;&nbsp; North Carolina Municipal Power Agency No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp; Orange County Public Facilities Co., Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp; Raleigh Durham Airport Authority Series 2020B, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp; Raleigh Housing Authority, Toulun Place, Rev., VRDO, FHA, 5.00%, 12/1/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4150 | &nbsp;&nbsp;&nbsp;&nbsp; 4150 |
| &nbsp;&nbsp;&nbsp; State of North Carolina |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014C, Rev., 5.00%, 12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; State of North Carolina, Limited Obligation Series 2017B, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 25243 |
| **Ohio — 7.1%** | **Ohio — 7.1%** | **Ohio — 7.1%** |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., AMP Fremont Energy Center Project Series 2017A, Rev., 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Combined Hydroelectric Projects Series 2020A, Rev., 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp; Central Ohio Solid Waste Authority, GO, BAN, 4.00%, 10/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3037 |
| &nbsp;&nbsp;&nbsp; City of Cleveland, various Purpose, GO, BAN, 4.00%, 12/9/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3043 |
| &nbsp;&nbsp;&nbsp; City of Columbus, Various Purpose, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3450 | &nbsp;&nbsp;&nbsp;&nbsp; 3522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1745 | &nbsp;&nbsp;&nbsp;&nbsp; 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, GO, 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4167 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp; City of Hamilton, Limited Tax Various Purpose, GO, BAN, 4.00%, 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1801 |
| &nbsp;&nbsp;&nbsp; City of Huber Heights, Various Purpose, GO, BAN, 5.00%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6072 |
| &nbsp;&nbsp;&nbsp; City of Hudson, Limited Tax, GO, BAN, 4.00%, 12/11/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 15300 | &nbsp;&nbsp;&nbsp;&nbsp; 15527 |
| &nbsp;&nbsp;&nbsp; City of Strongsville, First Station Construction, GO, 4.00%, 12/9/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1521 |
| &nbsp;&nbsp;&nbsp; Cleveland Department of Public Utilities Division of Water, Second Lien Series 2017B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; County of Allen Hospital Facilities Series 2017A, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp; County of Cuyahoga |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020D, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020D, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; County of Cuyahoga, Convention Hotel Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4220 | &nbsp;&nbsp;&nbsp;&nbsp; 4309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp; 599 |
| &nbsp;&nbsp;&nbsp; County of Hamilton Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAN, 5.00%, 12/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 18200 | &nbsp;&nbsp;&nbsp;&nbsp; 18603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp; County of Hamilton Sewer System Series 2020A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; County of Hamilton, Trihealth, Inc. Group Project Series 2020A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp; County of Mahoning, Limited Tax Various Tax, GO, 4.00%, 10/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3222 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Dayton Children's Hospital Series 2021, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp; County of Muskingum, Limited Tax, GO, 4.00%, 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8004 |
| &nbsp;&nbsp;&nbsp; County of Wayne, Limited Tax, GO, 3.50%, 12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12003 |
| &nbsp;&nbsp;&nbsp; Cuyahoga Metropolitan Housing Authority, Wade Park Apartments, Rev., VRDO, FHA, 4.75%, 12/1/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Kings Local School District, Unlimited Tax, GO, BAN, 5.00%, 7/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2027 |
| &nbsp;&nbsp;&nbsp; Monroe Local School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAN, 3.88%, 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAN, 4.00%, 12/2/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3240 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, American Electric Power Co. Project Series 2014D, Rev., 3.20%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1997 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Case Western Reserve University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Ohio State University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010D, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-1, Rev., VRDO, 2.70%, 12/10/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp; Ohio Turnpike and Infrastructure Commission Series 1998A, Rev., NATL - RE, 5.50%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1810 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp;&nbsp; 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp; State of Ohio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017V, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Capital Facilities Lease Appropriation, Park and Recreation Improvement Fund Project Series 2016C, Rev., <br> 5.00%, 12/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Cleveland Clinic Health System Series 2019F, Rev., VRDO, LIQ : US Bank NA, 2.90%, 12/1/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp; State of Ohio, Common School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, 5.00%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8130 | &nbsp;&nbsp;&nbsp;&nbsp; 8824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 8313 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Higher Education |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, GO, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7560 | &nbsp;&nbsp;&nbsp;&nbsp; 7912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1485 | &nbsp;&nbsp;&nbsp;&nbsp; 1659 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Infrastructure Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4406 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Major New State Infrastructure Project Series 2024-1, Rev., 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1295 |
| &nbsp;&nbsp;&nbsp; State of Ohio, State Infrastructure Improvement Series 2016-1, Rev., 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp; State of Ohio, State Infrastructure Project Series 2016-1, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Voting System Acquisition Project, COP, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; University of Cincinnati |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 171514 |
| **Oklahoma — 0.7%** | **Oklahoma — 0.7%** | **Oklahoma — 0.7%** |
| &nbsp;&nbsp;&nbsp; Canadian County Independent School District No. 69 Mustang Series 2024A, GO, 4.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1555 | &nbsp;&nbsp;&nbsp;&nbsp; 1584 |
| &nbsp;&nbsp;&nbsp; City of Oklahoma City |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp;&nbsp; 1551 |
| &nbsp;&nbsp;&nbsp; Cleveland County Educational Facilities Authority, Norman Public Schools Project Series 2023A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1366 |
| &nbsp;&nbsp;&nbsp; Grand River Dam Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Oklahoma Municipal Power Authority, Power Supply System Series 2021A, Rev., A.G., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Pittsburg County Educational Facilities Authority, McAlester Public Schools Project, Rev., 4.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp; Tulsa County Independent School District No. 1 Tulsa Series 2025A, GO, 4.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2873 |
| &nbsp;&nbsp;&nbsp; Tulsa County Independent School District No. 4 Bixby, GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp;&nbsp; 5575 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 17536 |
| **Oregon — 0.2%** | **Oregon — 0.2%** | **Oregon — 0.2%** |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No. 46 Oregon Trail Series 2017, GO, 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1556 |
| &nbsp;&nbsp;&nbsp; State of Oregon Department of Transportation Series A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-G Project Series 2025G, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp; 3535 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-M Seismic Project & Article XI-Q State Project Series F, GO, 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Tri-County Metropolitan Transportation District of Oregon Series 2018A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 5456 |
| **Pennsylvania — 4.9%** | **Pennsylvania — 4.9%** | **Pennsylvania — 4.9%** |
| &nbsp;&nbsp;&nbsp; Allegheny County Higher Education Building Authority, Robert Morris University, Rev., 5.00%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp; 594 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Higher Education Building Authority, University Refunding Duquesne University Series 2016, Rev., 5.00%, <br> 3/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 5.00%, <br> 4/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2516 |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, Pittsburgh Medical Center Series 2019A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, UPMC Health Center Series 1997B, Rev., NATL - RE, 6.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; Allegheny County Sanitary Authority, Sewer Series 2020A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
| &nbsp;&nbsp;&nbsp; Altoona Area School District, GO, 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Water and Wastewater |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, A.G., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1997A, Rev., AMBAC, 5.13%, 8/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1825 | &nbsp;&nbsp;&nbsp;&nbsp; 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3550 | &nbsp;&nbsp;&nbsp;&nbsp; 3733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2313 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1ST, GO, 5.00%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp; 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp;&nbsp; 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3987 |
| &nbsp;&nbsp;&nbsp; County of Dauphin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 11/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 11/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; County of Indiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp; 435 |
| &nbsp;&nbsp;&nbsp; County of Luzerne |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, A.G., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, A.G., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, A.G., 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 2006 |
| &nbsp;&nbsp;&nbsp; Delaware County Authority, Cabrini University, Rev., 5.00%, 7/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1640 | &nbsp;&nbsp;&nbsp;&nbsp; 1694 |
| &nbsp;&nbsp;&nbsp; Delaware Valley Regional Finance Authority, Local Government Series 1998A, Rev., AMBAC, 5.50%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1319 |
| &nbsp;&nbsp;&nbsp; Geisinger Authority, Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 2/15/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp;&nbsp; 8827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-2, Rev., 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp; 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 4/1/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1069 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp; General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group Series 2025A, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1716 |
| &nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority, University of Pennsylvania Health System Series 2016A, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Series 2021A, Rev., AMT, 4.00%, <br> 7/1/2026 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7007 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.40%, 2/2/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., AMT, 3.88%, 8/3/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp;&nbsp; 2907 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority Series 2017AU-2, Rev., 5.00%, 6/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, State System Higher Education Series 2017AU-2, Rev., 5.00%, <br> 6/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Pennsylvania State University (The) Series B, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1675 | &nbsp;&nbsp;&nbsp;&nbsp; 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, LOC : TD Bank NA, 2.81%, 12/10/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A-1, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A-3, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1355 | &nbsp;&nbsp;&nbsp;&nbsp; 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Subordinate Series A-2, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2022 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., 1998 General Ordinance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14TH, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14TH, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14TH, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5068 |
| &nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 310 |
| &nbsp;&nbsp;&nbsp; Township of East Coventry |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp; 345 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp; Wyalusing Area School District, GO, 3.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 117548 |
| **Rhode Island — 0.7%** | **Rhode Island — 0.7%** | **Rhode Island — 0.7%** |
| &nbsp;&nbsp;&nbsp; Rhode Island Commerce Corp., Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp; 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp; 445 |
| &nbsp;&nbsp;&nbsp; Town of South Kingstown Series 2025-1, GO, BAN, 4.00%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15114 |
| &nbsp;&nbsp;&nbsp; Total Rhode Island |  | &nbsp;&nbsp;&nbsp;&nbsp; 16314 |
| **South Carolina — 1.9%** | **South Carolina — 1.9%** | **South Carolina — 1.9%** |
| &nbsp;&nbsp;&nbsp; County Square Redevelopment Corp., Greenville South Carolina Project, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5900 | &nbsp;&nbsp;&nbsp;&nbsp; 6506 |
| &nbsp;&nbsp;&nbsp; Fort Mill School District No. 4 Series 2025A, GO, SCSDE, 4.25%, 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6200 | &nbsp;&nbsp;&nbsp;&nbsp; 6221 |
| &nbsp;&nbsp;&nbsp; Horry County School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, SCSDE, 5.00%, 12/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, SCSDE, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3522 |
| &nbsp;&nbsp;&nbsp; Piedmont Municipal Power Agency Series 2015A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1302 |
| &nbsp;&nbsp;&nbsp; SCAGO Educational Facilities Corp. for Pickens School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCAGO Educational Facilities Corp. for Pickens School District, Installment Purchase Project Series 2015, Rev., 5.00%, <br> 12/17/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3420 | &nbsp;&nbsp;&nbsp;&nbsp; 3424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Inc. Series 2025B-1, Rev., 5.00%, <br> 11/1/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2185 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Custodial Receipts CR 086, Rev., 5.00%, 8/15/2026 (b) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Enerra South Carolina Project Series 2024, Rev., AMT, 3.70%, <br> 12/1/2026 (e) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2499 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Santee Cooper Series 2022B, Rev., A.G. - CR, 4.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2604 |
| &nbsp;&nbsp;&nbsp; Spartanburg County School District No. 7, GO, BAN, SCSDE, 4.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16198 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 46140 |
| **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City of Sioux Falls Sales Tax Series 2017A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| **Tennessee — 0.6%** | **Tennessee — 0.6%** | **Tennessee — 0.6%** |
| &nbsp;&nbsp;&nbsp; City of Chattanooga Electric, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Educational and Housing Facility Board of the City of Memphis (The), Arbors Hickory Ridge Project Series 2012, Rev., <br> 6.25%, 1/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3562 | &nbsp;&nbsp;&nbsp;&nbsp; 3956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Northview Project Series <br> 2023B, Rev., 3.60%, 2/1/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University <br> Medical Center Series 2023A, Rev., 5.00%, 7/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County Series 2016, GO, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group Series 2025B, Rev., <br> 5.00%, 9/1/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2152 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Commodity Project Series 2021A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp; Tennessee State School Bond Authority, Higher Educational Facilities Second Program Series A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 14265 |
| **Texas — 8.6%** | **Texas — 8.6%** | **Texas — 8.6%** |
| &nbsp;&nbsp;&nbsp; Alamo Community College District, Limited Tax Series 2017, GO, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Alamo Community College District, Maintenance Tax, GO, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Arlington Housing Finance Corp., Multi Family Housing 6900 Matlock Road Series 2023, Rev., 4.50%, 4/1/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1587 |
| &nbsp;&nbsp;&nbsp; Austin Independent School District, Unlimited Tax Series 2019, GO, PSF-GTD, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Birdville Independent School District, Unlimited Tax Series 2021, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
| &nbsp;&nbsp;&nbsp; Board of Regents of the University of Texas System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016J, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; Celina Independent School District, Unlimited Tax Series 2016, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1306 |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Senior Lien, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp;&nbsp;&nbsp; 1062 |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Subordinate Lien Series 2021C, Rev., BAN, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3355 | &nbsp;&nbsp;&nbsp;&nbsp; 3362 |
| &nbsp;&nbsp;&nbsp; City of Austin Water and Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068 |
| &nbsp;&nbsp;&nbsp; City of Austin, Airport System Series 2017A, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; City of Austin, Water and Wastewater System Series 2017, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 293 |
| &nbsp;&nbsp;&nbsp; City of Dallas Series 2017, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
| &nbsp;&nbsp;&nbsp; City of Dallas, Equipment Acquisition Contractual Obligation, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp; City of Denton, Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; City of Fort Worth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3212 |
| &nbsp;&nbsp;&nbsp; City of Fort Worth Water and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; City of Fort Worth, General Obligation, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; City of Garland Series 2018, GO, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; City of Garland, Electric Utility System Series 2019A, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1659 |
| &nbsp;&nbsp;&nbsp; City of Georgetown, Utilities System Series 2022, Rev., A.G., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; City of Houston |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., TRAN, 5.00%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11700 | &nbsp;&nbsp;&nbsp;&nbsp; 11867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp; City of Houston Airport System, Subordinate Lien Series 2018D, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.25%, 7/15/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.25%, 7/15/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp; City of Houston Combined Utility System, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; City of Houston, Airport System, Subordinate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., A.G., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014D, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014D, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp; City of Houston, Public Improvement Series 2019A, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; City of Lubbock Series 2018, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; City of Lubbock, Electric Light and Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp; 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 5.00%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2120 | &nbsp;&nbsp;&nbsp;&nbsp; 2181 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Electric and Gas Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp; 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1355 | &nbsp;&nbsp;&nbsp;&nbsp; 1374 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, Combination Tax, GO, 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1208 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, Electric and Gas Systems Series 2018, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, General Improvement, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp; Colorado River Municipal Water District, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Comal Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, PSF-GTD, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2055 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, Unlimited Tax Series 2019, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; County of Bastrop, Combination Tax, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp; 1064 |
| &nbsp;&nbsp;&nbsp; County of Bexar, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2024 |
| &nbsp;&nbsp;&nbsp; County of Dallas, GO, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; County of Fort Bend, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp; County of Harris Toll Road Series 2023A, Rev., 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp;&nbsp;&nbsp; 937 |
| &nbsp;&nbsp;&nbsp; County of Harris Toll Road, First Lien Series 2022A, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp; 275 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; County of Harris, First Lien Series 2022A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp; County of Harris, Senior Lien Series 2016A, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; County of Harris, Toll Road, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp;&nbsp; 1163 |
| &nbsp;&nbsp;&nbsp; County of Hays Series 2017, GO, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; County of Montgomery Series 2025A, GO, 5.00%, 3/1/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3781 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3350 | &nbsp;&nbsp;&nbsp;&nbsp; 3521 |
| &nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, Sales Tax, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Dallas County Utility and Reclamation District, Unlimited Tax Series 2016, GO, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A-1, Rev., AMT, 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3221 |
| &nbsp;&nbsp;&nbsp; Dallas Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Florence Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 3.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 3.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; Frisco Independent School District, Unlimited Tax Series 2017, GO, PSF-GTD, 4.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3495 | &nbsp;&nbsp;&nbsp;&nbsp; 3542 |
| &nbsp;&nbsp;&nbsp; Grady Independent School District, Unlimited Tax Series 2018B, GO, PSF-GTD, 5.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C-3, Rev., 5.00%, 12/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2345 | &nbsp;&nbsp;&nbsp;&nbsp; 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 7/1/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5581 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Limited Tax Series 2025B, GO, PSF-GTD, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4376 |
| &nbsp;&nbsp;&nbsp; Humble Independent School District Series 2016C, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Irving Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Katy Independent School District Series D, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp; Keller Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, GO, PSF-GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp; Lake Travis Independent School District, GO, PSF-GTD, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2101 |
| &nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District, Unlimited Tax Series 2018, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, PSF-GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp; 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1902 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services Corp., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp;&nbsp;&nbsp; 899 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., A.G., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., A.G., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Lytle Independent School District, Unlimited Tax, GO, PSF-GTD, 4.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transit Authority of Harris County Sales and Use Tax, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067 |
| &nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Republic Services, Inc., Project Series 2020A, Rev., AMT, 3.45%, 2/2/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Children's Health System of Texas Project Series 2017A, Rev., 5.00%, <br> 8/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1813 |
| &nbsp;&nbsp;&nbsp; North Harris County Regional Water Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority Series 2016A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier Series A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - Texas A&M University System Series 2017A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District Series 2016A, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1928 |
| &nbsp;&nbsp;&nbsp; Rankin Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1256 |
| &nbsp;&nbsp;&nbsp; San Antonio Public Facilities Corp., Convention Center Facility Project Series 2022, Rev., 5.00%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Southwest Higher Education Authority, Inc., Southern Methodist University Project Series 2016A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp; Spring Independent School District, Unlimited Tax Series 2024B, GO, 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 540 |
| &nbsp;&nbsp;&nbsp; State of Texas, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 765 |
| &nbsp;&nbsp;&nbsp; State of Texas, College Student Loan Series 2013B, GO, AMT, 4.13%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1501 |
| &nbsp;&nbsp;&nbsp; State of Texas, Public Finance Authority Series 2017A, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1567 |
| &nbsp;&nbsp;&nbsp; State of Texas, Transportation Commission Mobility Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2585 | &nbsp;&nbsp;&nbsp;&nbsp; 2701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1334 |
| &nbsp;&nbsp;&nbsp; State of Texas, Veterans Series 2011A, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.80%, 12/10/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 9020 | &nbsp;&nbsp;&nbsp;&nbsp; 9020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Texas, Veterans Housing Assistance Program Series 2008B, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.80%, <br> 12/10/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4155 | &nbsp;&nbsp;&nbsp;&nbsp; 4155 |
| &nbsp;&nbsp;&nbsp; State of Texas, Water Financial Assistance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B-3, GO, 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 4.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp; 410 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; Tarrant County College District Series 2020, GO, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project Series 2022F, Rev., 5.00%, <br> 11/15/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project Series 2024B, Rev., VRDO, <br> LOC : Barclays Bank plc, 2.15%, 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Health Resources System Series 2025B, Rev., 5.00%, <br> 11/15/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7680 | &nbsp;&nbsp;&nbsp;&nbsp; 8248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project Series 2008-A, Rev., VRDO, <br> LOC : TD Bank NA, 2.80%, 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 |
| &nbsp;&nbsp;&nbsp; Tarrant Regional Water District Water Supply System Series 2015, Rev., 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Texas Department of Transportation State Highway Fund Series 2016-A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; Texas Department of Transportation State Highway Fund, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Texas Home Collaborative, 1518 Apartments Series 2023, Rev., 5.00%, 10/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3325 | &nbsp;&nbsp;&nbsp;&nbsp; 3352 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply Series 2023A, Rev., 5.50%, 1/1/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 12260 | &nbsp;&nbsp;&nbsp;&nbsp; 13130 |
| &nbsp;&nbsp;&nbsp; Texas Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Texas State Technical College Series 2022A, Rev., A.G., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 407 |
| &nbsp;&nbsp;&nbsp; Texas State University System Series 2017A, Rev., 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp; Texas Tech University System Series 2017A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, State Revolving Fund Series 2020, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; Tomball Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travis County Water Control and Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax, GO, 4.00%, <br> 5/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority, Central Regional Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority, Water Project, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp; University of Houston |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; University of North Texas System Series 2017A, Rev., 5.00%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 206752 |
| **Utah — 0.1%** | **Utah — 0.1%** | **Utah — 0.1%** |
| &nbsp;&nbsp;&nbsp; Alpine School District, Utah School Bond Guaranty Program Series 2017, GO, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Series 2021A, Rev., AMT, 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1710 | &nbsp;&nbsp;&nbsp;&nbsp; 1882 |
| &nbsp;&nbsp;&nbsp; Provo City School District Municipal Building Authority Series 2022, Rev., 5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; University of Utah (The) Series 2017A, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 2184 |
| **Virginia — 2.6%** | **Virginia — 2.6%** | **Virginia — 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexandria Redevelopment and Housing Authority, Multi-Family Housing 431 S Columbus State Block 4 Series 2024, Rev., <br> VRDO, 3.40%, 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| &nbsp;&nbsp;&nbsp; City of Portsmouth Series 2017A, GO, 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp; City of Richmond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; County of Fairfax Series 2016A, GO, 5.00%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; County of Henrico Water and Sewer, Rev., 5.00%, 5/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project Series 2018C, Rev., VRDO, <br> 2.82%, 12/10/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22000 |
| &nbsp;&nbsp;&nbsp; Hampton Roads Sanitation District Series 2016A, Rev., 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien Series 2021A, Rev., BAN, 5.00%, <br> 7/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9128 |
| &nbsp;&nbsp;&nbsp; Louisa Industrial Development Authority, Electric and Power Co. Project Series 2008A, Rev., 3.13%, 10/1/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lynchburg Economic Development Authority, Centra Health Obligated Group Series 2017B, Rev., VRDO, LOC : Truist Bank, <br> 2.85%, 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 |
| &nbsp;&nbsp;&nbsp; Virginia College Building Authority Series 2023A, Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Rev., GAN, 5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Capital Projects Series 2017A, Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Federal Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GAN, 5.00%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GAN, 5.00%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 782 |
| &nbsp;&nbsp;&nbsp; Virginia Port Authority Series 2016B, Rev., AMT, 5.00%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4700 | &nbsp;&nbsp;&nbsp;&nbsp; 4751 |
| &nbsp;&nbsp;&nbsp; Virginia Public Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winchester Economic Development Authority, Valley Health System Obligated Group Series 2024B-2, Rev., VRDO, LOC : Truist <br> Bank, 2.88%, 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 62057 |
| **Washington — 1.8%** | **Washington — 1.8%** | **Washington — 1.8%** |
| &nbsp;&nbsp;&nbsp; Auburn School District No. 408 of King and Pierce Counties, Unlimited Tax Series 2020, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; City of Seattle Municipal Light and Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Clark County Public Utility District No. 1 Electric Series 2024, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1641 |
| &nbsp;&nbsp;&nbsp; County of King Sewer Series 2025A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1662 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Columbia Generating Station Series 2025A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2605 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Project 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2420 | &nbsp;&nbsp;&nbsp;&nbsp; 2455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1810 | &nbsp;&nbsp;&nbsp;&nbsp; 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2655 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Project 3 Electric Series 2024B, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp; Franklin County School District No. 1 Pasco, Unlimited Tax Series 2015, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3600 |
| &nbsp;&nbsp;&nbsp; FYI Properties, State of Washington District Project Series 2019, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma Series 2015, GO, 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, GO, 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4290 | &nbsp;&nbsp;&nbsp;&nbsp; 4290 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 3 Puyallup, Unlimited Tax Series 2022B, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 320 Sumner Series 2016, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Port of Seattle, Intermediate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp; 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp; State of Washington |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2022B, GO, 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2745 | &nbsp;&nbsp;&nbsp;&nbsp; 2955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 |
| &nbsp;&nbsp;&nbsp; State of Washington Motor Vehicle Fuel Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2021A, GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2026B, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4156 |
| &nbsp;&nbsp;&nbsp; State of Washington, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4375 | &nbsp;&nbsp;&nbsp;&nbsp; 4383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2017A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2018C, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2017A, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2018 D, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Commonspirit Health Series 2019B-3, Rev., 5.00%, 8/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Yakima Valley Memorial Hospital Association Rev., 5.00%, 12/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1705 | &nbsp;&nbsp;&nbsp;&nbsp; 1741 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 43487 |
| **West Virginia — 0.4%** | **West Virginia — 0.4%** | **West Virginia — 0.4%** |
| &nbsp;&nbsp;&nbsp; West Virginia Commissioner of Highways |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 390 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **West Virginia — continued** | **West Virginia — continued** | **West Virginia — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Nucor Steel Project Series 2025B-1, Rev., AMT, <br> VRDO, 3.10%, 12/10/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9100 | &nbsp;&nbsp;&nbsp;&nbsp; 9100 |
| &nbsp;&nbsp;&nbsp; West Virginia Parkways Authority, Senior Lien, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Total West Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 9666 |
| **Wisconsin — 2.8%** | **Wisconsin — 2.8%** | **Wisconsin — 2.8%** |
| &nbsp;&nbsp;&nbsp; County of Dane Series 2023A, GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp; 420 |
| &nbsp;&nbsp;&nbsp; PMA Levy and Aid Anticipation Notes Program Series 2025B, Rev., 5.00%, 9/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3053 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority Series 2021C, Rev., 4.00%, 10/1/2030 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1970 | &nbsp;&nbsp;&nbsp;&nbsp; 2097 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Duke Energy Progress Project Series 2022B, Rev., AMT, 4.00%, 10/1/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, KU Campus Development Corp., Center District Development Project Series 2016, Rev., 5.00%, <br> 3/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp;&nbsp; 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, GO, 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, GO, 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1106 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin, Annual Appropriation Series 2019A, Rev., 5.00%, 5/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Wisconsin Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 1, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018C-4, Rev., 5.00%, <br> 6/22/2029 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2134 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Ascension Health Credit Group Series 2016A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp; 519 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4605 | &nbsp;&nbsp;&nbsp;&nbsp; 4636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp; 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Obligated Group Series 2021B, Rev., VRDO, LIQ : <br> US Bank NA, 2.90%, 12/1/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Froedtert Thedacare Health Series 2025D, Rev., VRDO, 2.75%, <br> 12/10/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health, Inc. Series B-2, Rev., 5.00%, 8/15/2026 (b) <br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2848 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Unity Point Health Series 2014A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 67234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $2,195,479)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 2200444 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 11.6%** | **Short-Term Investments — 11.6%** | **Short-Term Investments — 11.6%** |
| **Investment Companies — 11.6%** | **Investment Companies — 11.6%** | **Investment Companies — 11.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.71% (g) (h) <br>(Cost $279,679)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 279658 | &nbsp;&nbsp;&nbsp;&nbsp; 279686 |
| **Total Investments — 103.0%** <br>**(Cost $2,475,158)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **2480130** |
| **Liabilities in Excess of Other Assets — (3.0)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(72930)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **2407200** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GAN | Grant Anticipation Notes |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| RAN | Revenue Anticipation Note |
| RE | Reinsured |
| Rev. | Revenue |
| SCSDE | South Carolina School District Enhancement |
| SIFMA | The Securities Industry and Financial Markets Association |
| SOFR | Secured Overnight Financing Rate |
| TAN | Tax Anticipation Note |
| TRAN | Tax & Revenue Anticipation Note |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | Security is prerefunded or escrowed to maturity. |
| (c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2025. |
| (d) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (e) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2025. <br>|
| (f) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (h) | The rate shown is the current yield as of November 30, 2025. |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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

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

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

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

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

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

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; $2200444 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2200444 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 279686 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 279686 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $279686 | &nbsp;&nbsp;&nbsp;&nbsp; $2200444 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2480130 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2025**<br>| **Shares at** <br>**November 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money <br> Market Fund Class IM Shares, 2.71% <br> (a) (b)<br>| $217364 | $1305068 | $1242746 | $— | $— | $279686 | 279658 | $5044 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of November 30, 2025.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 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 Ultra-Short Municipal Fund

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

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

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

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

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2506902704.53

**Total Liabilities:** $100068402.71

**Net Assets:** $2406834301.82

**Cash Not Reported:** $1158.52

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 8474.85394000 | **1-Year:** 112705.41059000 | **5-Year:** 55742.20830000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 2822.56696000 | **1-Year:** 22811.09749000 | **5-Year:** 932.58404000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000166084 | 0.13%                | 0.11%                | 0.22%                |
| Class ID C000166085 | 0.15%                | 0.13%                | 0.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-37560.32               | $-1040492.39                               |
| Month 2  | $56484.23                | $-2912373.08                               |
| Month 3  | $-136943.77              | $636513.30                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                                                                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Town of Abington MA                                                              | Town of Abington                                                                                                                                   | CUSIP: 003518QK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010421.80   | 0.08%             | 2026-04-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Adams and Arapahoe Counties Joint School District 28J Aurora                     | Adams and Arapahoe Counties Joint School District 28J Aurora                                                                                       | CUSIP: 0054824G6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2059871.80   | 0.09%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series 2016A                                                                                        | CUSIP: 010268AX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20353.70     | 0.00%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series 2016A                                                                                        | CUSIP: 010268AZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017685.20   | 0.04%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series 2016A                                                                                        | CUSIP: 010268BA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $686937.51    | 0.03%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series A                                                                                            | CUSIP: 010268BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2705000 | PA      | $2816609.38   | 0.12%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alabama                                                                 | State of Alabama, Series 2016C                                                                                                                     | CUSIP: 010411BQ8<br>LEI: 549300TKZX0YNENZC895 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25404.60     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alachua County School Board                                                      | Alachua County School Board, Series 2020                                                                                                           | CUSIP: 01069SGM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67275.58     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alamo Community College District                                                 | Alamo Community College District, Limited Tax, Series 2017                                                                                         | CUSIP: 011415RF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26030.16     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alamo Community College District                                                 | Alamo Community College District, Maintenance Tax                                                                                                  | CUSIP: 011415TK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77186.56     | 0.00%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska                                                                  | State of Alaska, Series 2024B                                                                                                                      | CUSIP: 0117705T7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063529.00   | 0.04%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                             | Alaska Municipal Bond Bank Authority, Series 3                                                                                                     | CUSIP: 01179RSX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25554.28     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albany-Dougherty Payroll Development Authority                                   | Albany-Dougherty Payroll Development Authority, Procter & Gamble Paper Products, Series 1999                                                       | CUSIP: 012192AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26197.78     | 0.00%             | 2028-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Albuquerque Bernalillo County Water Utility Authority                            | Albuquerque Bernalillo County Water Utility Authority, Senior Lien Joint Water and Sewer System, Series 2015                                       | CUSIP: 013493GQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50128.45     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Bernalillo County Water Utility Authority                            | Albuquerque Bernalillo County Water Utility Authority, Series 2018                                                                                 | CUSIP: 013493HX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50689.35     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alexandria Redevelopment & Housing Authority                                     | Alexandria Redevelopment and Housing Authority, Multi-Family Housing 431 S Columbus State Block 4, Series 2024                                     | CUSIP: 015330FB4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.06%             | 2054-12-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Series 2018A                                            | CUSIP: 01728A3L8<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2515983.00   | 0.10%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | Allegheny County Hospital Development Authority, Pittsburgh Medical Center, Series 2019A                                                           | CUSIP: 01728A4L7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45590.53     | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | Allegheny County Hospital Development Authority, UPMC Health Center, Series 1997B                                                                  | CUSIP: 01728AQM1<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78662.99     | 0.00%             | 2027-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                             | Allegheny County Higher Education Building Authority, University Refunding Duquesne University, Series 2016                                        | CUSIP: 01728RLQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90431.40     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                             | Allegheny County Higher Education Building Authority, Robert Morris University                                                                     | CUSIP: 01728RMT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $593554.91    | 0.02%             | 2047-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                              | Allegheny County Sanitary Authority, Sewer, Series 2020A                                                                                           | CUSIP: 017357F74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $682993.15    | 0.03%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                   | County of Allen Hospital Facilities, Series 2017A                                                                                                  | CUSIP: 01757LFS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $311108.85    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alpine School District/UT                                                        | Alpine School District, Utah School Bond Guaranty Program, Series 2017                                                                             | CUSIP: 021087VK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25174.83     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Altmar-Parish-Williamstown Central School District                               | Altmar-Parish-Williamstown Central School District, Series 2025B                                                                                   | CUSIP: 021501GR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10075541.00  | 0.42%             | 2026-06-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Altoona Area School District                                                     | Altoona Area School District                                                                                                                       | CUSIP: 021807KT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                   | American Municipal Power, Inc., AMP Fremont Energy Center Project, Series 2017A                                                                    | CUSIP: 02765UNP5<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104950.96    | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                   | American Municipal Power, Inc., Combined Hydroelectric Projects, Series 2020A                                                                      | CUSIP: 02765UQC1<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    330000 | PA      | $339076.19    | 0.01%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Amherst NY                                                               | Town of Amherst                                                                                                                                    | CUSIP: 031304DE5<br>LEI: 549300Y05O1QJP3REV80 | Long             | DBT              | MUN               | US        |   6100000 | PA      | $6183306.48   | 0.26%             | 2026-10-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Phoenix Children's Hospital, Series 2020A                                                                | CUSIP: 04052EAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155546.53    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2024A                                                        | CUSIP: 04052FEN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1377716.60   | 0.06%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Sports & Tourism Authority                                               | Arizona Sports and Tourism Authority, Senior Lien Multipurpose Stadium Facility Project                                                            | CUSIP: 040583BT2<br>LEI: 5493000FS1Q9KGAM2L28 | Long             | DBT              | MUN               | US        |    750000 | PA      | $777688.73    | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Water Infrastructure Finance Authority                                   | Arizona Water Infrastructure Finance Authority, Series 2024                                                                                        | CUSIP: 040688PD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4176698.80   | 0.17%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Housing Finance Corp.                                                  | Arlington Housing Finance Corp., Multi Family Housing 6900 Matlock Road, Series 2023                                                               | CUSIP: 041818AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1587248.57   | 0.07%             | 2041-04-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority (The)                                              | Atlanta Development Authority, Georgia State University Research Foundation Science Park LLC Project, Series 2016                                  | CUSIP: 04780NKQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1565626.09   | 0.07%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta Water and Wastewater, Series 2004                                                                                                  | CUSIP: 047870EZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061080.20   | 0.04%             | 2027-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Atlantic County Improvement Authority (The)                                      | Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project, Series 2021A                                                   | CUSIP: 048501HY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101317.46    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ausable Valley Central School District                                           | Ausable Valley Central School District                                                                                                             | CUSIP: 052087GL1<br>LEI: 5493007R5JT7OH6ZYR81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3023387.10   | 0.13%             | 2026-07-10      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | City of Austin, Airport System, Series 2017A                                                                                                       | CUSIP: 052398EU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51031.55     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Independent School District                                               | Austin Independent School District, Unlimited Tax, Series 2019                                                                                     | CUSIP: 052430QD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37128.22     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin, Water and Wastewater System, Series 2017                                                                                           | CUSIP: 0524762P2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $292831.92    | 0.01%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System                                                                                                         | CUSIP: 052477D52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $158203.26    | 0.01%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System, Series 2021                                                                                            | CUSIP: 052477MF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $281152.93    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System, Series 2022                                                                                            | CUSIP: 052477PH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306712.29    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System, Series 2024                                                                                            | CUSIP: 052477XZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068386.50   | 0.04%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Avalon NJ                                                             | Borough of Avalon                                                                                                                                  | CUSIP: 053375PS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9350000 | PA      | $9377152.40   | 0.39%             | 2026-02-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                           | County of Baltimore, Equipment Acquisition Program                                                                                                 | CUSIP: 059134EN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $87487.23     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                           | County of Baltimore, Series 2017                                                                                                                   | CUSIP: 05914FJ50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25769.04     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bartow County Development Authority                                              | Bartow County Development Authority, Georgia Power Co. Plant, Series 2009-1                                                                        | CUSIP: 069643BN3<br>LEI: 5493006KLI0V8YELKW50 | Long             | STIV             | MUN               | US        |    210000 | PA      | $213188.49    | 0.01%             | 2032-12-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| County of Bastrop TX                                                             | County of Bastrop, Combination Tax                                                                                                                 | CUSIP: 070307SE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $1064058.17   | 0.04%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bergen County Improvement Authority (The)                                        | Bergen County Improvement Authority (The), Guaranteed Government Pooled Project, Series 2025A                                                      | CUSIP: 083773EC1<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14089612.60  | 0.59%             | 2026-05-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bergen County Improvement Authority (The)                                        | Bergen County Improvement Authority (The), Guaranteed Government Pooled Project                                                                    | CUSIP: 083773ED9<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7083427.40   | 0.29%             | 2026-10-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | County of Bexar, Limited Tax                                                                                                                       | CUSIP: 088281A42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25310.41     | 0.00%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | County of Bexar, Limited Tax, Series 2017                                                                                                          | CUSIP: 088281ZX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023686.80   | 0.08%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | County of Bexar, Limited Tax                                                                                                                       | CUSIP: 088281ZZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1037726.71   | 0.04%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birdville Independent School District                                            | Birdville Independent School District, Unlimited Tax, Series 2021                                                                                  | CUSIP: 090874PM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $442180.11    | 0.02%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                     | Birmingham Airport Authority                                                                                                                       | CUSIP: 090888GK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $228029.87    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Gas Supply, Series 2022D-2                                                                                         | CUSIP: 09182NCC2<br>LEI: 549300I8V0Z68JQCB679 | Long             | STIV             | MUN               | US        |  25450000 | PA      | $25599009.75  | 1.06%             | 2052-07-01      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Gas Project, Series 2025E                                                                                          | CUSIP: 09182TFV4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1864467.10   | 0.08%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Bloomingdale NJ                                                       | Borough of Bloomingdale                                                                                                                            | CUSIP: 094401JW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504521.15   | 0.06%             | 2026-02-12      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Township of Boonton NJ                                                           | Township of Boonton                                                                                                                                | CUSIP: 099320AW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4334660.58   | 0.18%             | 2026-08-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Boston MA                                                                | City of Boston, Series 2015B                                                                                                                       | CUSIP: 100853VK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50090.25     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boulder Larimer & Weld Counties St Vrain Valley School District Re1J             | Boulder Larimer and Weld Countes St. Vrain Valley School District Re-1J, Series 2016C                                                              | CUSIP: 101565H44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20018.29     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brasher Falls Central School District                                            | Brasher Falls Central School District                                                                                                              | CUSIP: 105529GM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3525007.85   | 0.15%             | 2026-07-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Bristol CT                                                               | City of Bristol                                                                                                                                    | CUSIP: 1098536R7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17400000 | PA      | $17639839.86  | 0.73%             | 2026-11-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Brockton MA                                                              | City of Brockton                                                                                                                                   | CUSIP: 111746MC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2115225.54   | 0.09%             | 2026-10-08      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brocton Central School District                                                  | Brocton Central School District                                                                                                                    | CUSIP: 112012FB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6045324.60   | 0.25%             | 2026-06-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                      | County of Broward, Airport System, Series 2013C                                                                                                    | CUSIP: 114894UZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50094.99     | 0.00%             | 2026-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                      | County of Broward, Airport System, Series A                                                                                                        | CUSIP: 114894WA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001352.30   | 0.04%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series A                                                                 | CUSIP: 115065YY4<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75885.45     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                         | Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project, Series 2024                                                      | CUSIP: 12008EVX1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5211076.00   | 0.22%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                      | Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project, Series 2012-2                                                 | CUSIP: 121342QN2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2250000 | PA      | $2253494.48   | 0.09%             | 2049-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Burlington County Bridge Commission                                              | Burlington County Bridge Commission, Government Leasing Program, Series 2024D                                                                      | CUSIP: 121651PZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4301495.97   | 0.18%             | 2025-12-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Burlington County Bridge Commission                                              | Burlington County Bridge Commission, Government Leasing Program, Series 2025D                                                                      | CUSIP: 121651QW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9885000 | PA      | $10019347.04  | 0.42%             | 2026-12-09      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | California Community Choice Financing Authority, Green Bond, Series 2022A-2                                                                        | CUSIP: 13013JBK1<br>LEI: 549300X8VKJ215S2R571 | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5015041.50   | 0.21%             | 2053-05-01      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | California Infrastructure and Economic Development Bank, Bay Area Toll Bridge First Lien, Series 2003A                                             | CUSIP: 13033WLB7<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26399.34     | 0.00%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Waste Management, Inc., Project, Series 2017A                                                              | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999916.50    | 0.04%             | 2044-12-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Waste Management, Inc., Project, Series 2020                                                               | CUSIP: 13048RAH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1825000 | PA      | $1825000.00   | 0.08%             | 2045-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project, Series 2017A-1                           | CUSIP: 130536RC1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3000000 | PA      | $3000219.30   | 0.12%             | 2042-11-01      | Variable      | 3.45%                 | Yes           |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project                                           | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2498723.25   | 0.10%             | 2043-07-01      | Variable      | 3.80%                 | Yes           |                  2 | On Loan: No      |
| State of California                                                              | State of California, Various Purpose                                                                                                               | CUSIP: 13063DB72<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2319331.01   | 0.10%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | California Statewide Communities Development Authority, Enloe Medical Center                                                                       | CUSIP: 13080SKQ6<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25125.92     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canadian County Independent School District No. 69 Mustang                       | Canadian County Independent School District No. 69 Mustang, Series 2024A                                                                           | CUSIP: 135591HZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1583916.62   | 0.07%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Canisteo-Greenwood Central School District                                       | Canisteo-Greenwood Central School District                                                                                                         | CUSIP: 137590CL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3019688.70   | 0.13%             | 2026-06-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Borough of Carlstadt NJ                                                          | Borough of Carlstadt                                                                                                                               | CUSIP: 142825HH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8555189.65   | 0.36%             | 2026-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Carol Stream Park District                                                       | Carol Stream Park District, Series 2020C                                                                                                           | CUSIP: 143735VP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1031437.67   | 0.04%             | 2026-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carson City NV                                                                   | Carson City Nevada Hospital, Carson Tahoe Regional Healthcare Project                                                                              | CUSIP: 145810DK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $703228.60    | 0.03%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedartown Polk County Hospital Authority                                         | Cedartown Polk County Hospital Authority, Polk Medical Center Project                                                                              | CUSIP: 150759AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111479.35    | 0.00%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Celina Independent School District                                               | Celina Independent School District, Unlimited Tax, Series 2016                                                                                     | CUSIP: 151145PY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1305924.49   | 0.05%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2016B                                                                                    | CUSIP: 153476BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $693445.64    | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2017                                                                                     | CUSIP: 153476CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $93210.60     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2019B                                                                                    | CUSIP: 153476FP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40503.22     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Ohio Solid Waste Authority                                               | Central Ohio Solid Waste Authority                                                                                                                 | CUSIP: 154686LR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3037016.10   | 0.13%             | 2026-10-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | Central Texas Regional Mobility Authority, Senior Lien                                                                                             | CUSIP: 155498EE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1061945.42   | 0.04%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | Central Texas Regional Mobility Authority, Subordinate Lien, Series 2021C                                                                          | CUSIP: 155498LY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3355000 | PA      | $3362020.00   | 0.14%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chandler AZ                                                              | City of Chandler, Series 2016                                                                                                                      | CUSIP: 158843XA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038278.30   | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                   | Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Care System, Series 2021C                                                            | CUSIP: 160853VE4<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059393.80   | 0.04%             | 2050-01-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Charlton MA                                                              | Town of Charlton                                                                                                                                   | CUSIP: 161123GH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5532919.15   | 0.23%             | 2026-04-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Chattanooga TN Electric Revenue                                          | City of Chattanooga Electric                                                                                                                       | CUSIP: 162393GS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6395485.20   | 0.27%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series C                                                                       | CUSIP: 167593C42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40975.98     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series C                                                                       | CUSIP: 167593VJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20031.63     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series C                                                                       | CUSIP: 167593VK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $575971.35    | 0.02%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series C                                                                       | CUSIP: 167593VL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $595961.10    | 0.02%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series A                                                                       | CUSIP: 167593YX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20456.27     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clackamas County School District No. 46 Oregon Trail                             | Clackamas County School District No. 46 Oregon Trail, Series 2017                                                                                  | CUSIP: 179126DU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1555863.15   | 0.06%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Series 2018B                                                                                                                      | CUSIP: 180848XS7<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51211.32     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Series 2018                                                                                                                       | CUSIP: 180848YP2<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024226.40   | 0.04%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Series 2017                                                                                                                       | CUSIP: 181000PT1<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20771.90     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Motor Vehicle Fuel Tax, Series 2020C                                                                                              | CUSIP: 181000QW3<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    165000 | PA      | $171368.16    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2025B                                                                                            | CUSIP: 1810596N1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7680000 | PA      | $7949328.38   | 0.33%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2015D                                                                                            | CUSIP: 181059UA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140256.34    | 0.01%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2016B                                                                                            | CUSIP: 181059UZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81732.28     | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2017A                                                                                            | CUSIP: 181059WX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $196663.07    | 0.01%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2017A                                                                                            | CUSIP: 181059WY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $119047.91    | 0.00%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2021C                                                                                            | CUSIP: 181059Z82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75919.22     | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2018A                                                                                            | CUSIP: 181059ZL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155260.32    | 0.01%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2018A                                                                                            | CUSIP: 181059ZN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $63444.62     | 0.00%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County Public Utility District No. 1 Electric Revenue                      | Clark County Public Utility District No. 1 Electric, Series 2024                                                                                   | CUSIP: 181108E49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1640562.40   | 0.07%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clarke County Hospital Authority                                                 | Clarke County Hospital Authority, Pidemont Healthcare, Series 2016A                                                                                | CUSIP: 181685JC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25284.16     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland County Educational Facilities Authority                                | Cleveland County Educational Facilities Authority, Norman Public Schools Project, Series 2023A                                                     | CUSIP: 18604TEX2<br>LEI: 549300XEV4DVO42DUA84 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1366449.50   | 0.06%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                         | Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project                                                          | CUSIP: 18610PAY4<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126463.49    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH                                                             | City of Cleveland, various Purpose                                                                                                                 | CUSIP: 1863435Q8<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3042547.80   | 0.13%             | 2026-12-09      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cleveland Department of Public Utilities Division of Water                       | Cleveland Department of Public Utilities Division of Water, Second Lien, Series 2017B                                                              | CUSIP: 186427EU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60116.29     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clinton Central School District                                                  | Clinton Central School District                                                                                                                    | CUSIP: 188288KP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5037770.50   | 0.21%             | 2026-06-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Colorado Bridge Enterprise                                                       | Colorado Bridge Enterprise, Series 2019A                                                                                                           | CUSIP: 19633SAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115000.00    | 0.00%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventist Health System, Series 2016C                                                                        | CUSIP: 1964745K2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3260000 | PA      | $3326727.31   | 0.14%             | 2036-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project, Series 2017                                         | CUSIP: 19648FDD3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    130000 | PA      | $134313.56    | 0.01%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project, Series 2017                                         | CUSIP: 19648FDG6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    190000 | PA      | $196304.43    | 0.01%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019B-2                                                                          | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115355.88    | 0.00%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-2                                                                          | CUSIP: 19648FKE3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26217.89     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project, Series 2020A                                                         | CUSIP: 19648FPY4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1754437.58   | 0.07%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Intermountain Healthcare, Series 2022B                                                                       | CUSIP: 19648FVK7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1727142.20   | 0.07%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Intermountain Healthcare, Series 2022C                                                                       | CUSIP: 19648FVL5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1370427.76   | 0.06%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventhealth Obligated Group, Series 2019B                                                                   | CUSIP: 19648FXC3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1286094.47   | 0.05%             | 2049-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventist Health System, Series 2025A                                                                        | CUSIP: 19648FZQ0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2177794.40   | 0.09%             | 2060-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado River Municipal Water District                                          | Colorado River Municipal Water District                                                                                                            | CUSIP: 196558SG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100179.96    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2017K                                                                                                                    | CUSIP: 19668QHZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30204.02     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2018L                                                                                                                    | CUSIP: 19668QJP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120816.06    | 0.01%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2018L                                                                                                                    | CUSIP: 19668QJS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51451.95     | 0.00%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Building Excellent Schools Today, Series 2025T                                                                                  | CUSIP: 19668QNZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006273.40   | 0.04%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2018A                                                                                                                    | CUSIP: 196711QX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20970.19     | 0.00%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2020A                                                                                                                    | CUSIP: 196711SW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26058.62     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Various Purpose, Unlimited Tax, Series 2022B                                                                                     | CUSIP: 199492V30<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1844448.95   | 0.08%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Various Purpose, Unlimited Tax, Series 2017-1                                                                                    | CUSIP: 199492VK2<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4166494.40   | 0.17%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Various Purpose, Unlimited Tax, Series 2025A                                                                                     | CUSIP: 19951BAA2<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3521918.01   | 0.15%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Various Purpose, Unlimited Tax, Series 2025A                                                                                     | CUSIP: 19951BAB0<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1150388.25   | 0.05%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comal Independent School District                                                | Comal Independent School District, Unlimited Tax, Series 2017                                                                                      | CUSIP: 1998203C3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35129.16     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comal Independent School District                                                | Comal Independent School District, Unlimited Tax                                                                                                   | CUSIP: 199821AZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055267.00   | 0.09%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Series 2019B                                                                                                     | CUSIP: 20281PLA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $376789.87    | 0.02%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Series 2020A                                                                                                     | CUSIP: 20281PLK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20646.02     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $1031883.70   | 0.04%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                | CUSIP: 20282EAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1919683.37   | 0.08%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                | CUSIP: 20282EAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3733287.92   | 0.16%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                | CUSIP: 20282EAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2313419.68   | 0.10%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025B                                                                                                                 | CUSIP: 20772KB73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9200000 | PA      | $9424170.88   | 0.39%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025B                                                                                                                 | CUSIP: 20772KB81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4225000 | PA      | $4430361.62   | 0.18%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2018F                                                                                                                 | CUSIP: 20772KEP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $804805.99    | 0.03%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025 D                                                                                                                | CUSIP: 20772KH36<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6654684.00   | 0.28%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2021A                                                                                                     | CUSIP: 207758B69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009996.80   | 0.04%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2021D                                                                                                     | CUSIP: 207758F73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102213.14    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Transportation Infrastructure Purpose, Series B                                                                  | CUSIP: 207758WL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50876.32     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series B                                                                                                         | CUSIP: 207758WM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $142343.24    | 0.01%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series L-1                                                       | CUSIP: 20775DKB7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    350000 | PA      | $351288.60    | 0.01%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Clean Water Fund - State Revolving Fund                     | State of Connecticut Clean Water Fund, State Revolving Fund, Series 2015A                                                                          | CUSIP: 20775YBX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40068.90     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                               | Conroe Independent School District, Unlimited Tax, Series 2019                                                                                     | CUSIP: 208418P56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30143.64     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2016A                                                                                                                       | CUSIP: 213185KH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2853508.00   | 0.12%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2016A                                                                                                                       | CUSIP: 213185KJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45857.79     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2021A                                                                                                                       | CUSIP: 213185LT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $209436.18    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2021B                                                                                                                       | CUSIP: 213185MD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $232822.31    | 0.01%             | 2026-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cotuit Fire District                                                             | Cotuit Fire District                                                                                                                               | CUSIP: 222033CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3042078.30   | 0.13%             | 2026-12-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County Square Redevelopment Corp.                                                | County Square Redevelopment Corp., Greenville South Carolina Project                                                                               | CUSIP: 22259PBW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5900000 | PA      | $6505978.38   | 0.27%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Croton-Harmon Union Free School District                                         | Croton-Harmon Union Free School District, Series 2025A                                                                                             | CUSIP: 227777GZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20157576.00  | 0.84%             | 2026-06-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Curators of the University of Missouri (The)                                     | Curators of the University of Missouri (The), Series 2024                                                                                          | CUSIP: 231266MT1<br>LEI: G0G4PRB87K0V5MXIV248 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069065.40   | 0.04%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Curators of the University of Missouri (The)                                     | Curators of the University of Missouri (The), Series 2024                                                                                          | CUSIP: 231266MU8<br>LEI: G0G4PRB87K0V5MXIV248 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2729686.50   | 0.11%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | County of Cuyahoga, Convention Hotel Project                                                                                                       | CUSIP: 23225PAW5<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5500000.00   | 0.23%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | County of Cuyahoga, Convention Hotel Project                                                                                                       | CUSIP: 23225PAX3<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   4220000 | PA      | $4308479.90   | 0.18%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | County of Cuyahoga, Convention Hotel Project                                                                                                       | CUSIP: 23225PAY1<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    575000 | PA      | $598476.16    | 0.02%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | County of Cuyahoga, Series 2020D                                                                                                                   | CUSIP: 232263LV3<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | County of Cuyahoga, Series 2020D                                                                                                                   | CUSIP: 232263LW1<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40878.48     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cuyahoga Metropolitan Housing Authority                                          | Cuyahoga Metropolitan Housing Authority, Wade Park Apartments                                                                                      | CUSIP: 23239TAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2027-12-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                    | Cypress-Fairbanks Independent School District, Unlimited Tax                                                                                       | CUSIP: 232769PY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3350000 | PA      | $3521083.16   | 0.15%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dallas TX                                                              | County of Dallas                                                                                                                                   | CUSIP: 234650NK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35584.06     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas County Utility & Reclamation District                                     | Dallas County Utility and Reclamation District, Unlimited Tax, Series 2016                                                                         | CUSIP: 234839PL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $313742.37    | 0.01%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2020A                                                                                              | CUSIP: 2350365C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67879.08     | 0.00%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2020B                                                                                              | CUSIP: 2350365U0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26107.34     | 0.00%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2021B                                                                                              | CUSIP: 23503CAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35736.45     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2023B                                                                                              | CUSIP: 23503CCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044293.50   | 0.04%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2023B                                                                                              | CUSIP: 23503CCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1333134.38   | 0.06%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2025A-1                                                                                            | CUSIP: 23503CFQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3221328.00   | 0.13%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                | City of Dallas, Series 2017                                                                                                                        | CUSIP: 235219MU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $321558.85    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                | City of Dallas, Equipment Acquisition Contractual Obligation                                                                                       | CUSIP: 235219TT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $205998.64    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                    | CUSIP: 235241RH1<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |    145000 | PA      | $145000.00    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                    | CUSIP: 235241RK4<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                    | CUSIP: 235241RR9<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                    | CUSIP: 235241RT5<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2019                                                                                     | CUSIP: 235241SZ0<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76749.58     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                               | Dallas Independent School District, Unlimited Tax, Series 2020                                                                                     | CUSIP: 235308YS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30150.52     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                               | Dallas Independent School District, Unlimited Tax                                                                                                  | CUSIP: 235308ZX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25074.69     | 0.00%             | 2026-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Dane WI                                                                | County of Dane, Series 2023A                                                                                                                       | CUSIP: 236092MA7<br>LEI: 5493000I57K3U1SCHU17 | Long             | DBT              | MUN               | US        |    405000 | PA      | $419595.11    | 0.02%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dauphin PA                                                             | County of Dauphin, Series 2020A                                                                                                                    | CUSIP: 238253Q43<br>LEI: 549300E86X2H9JIHEX42 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20441.91     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dauphin PA                                                             | County of Dauphin, Series 2020A                                                                                                                    | CUSIP: 238253Q50<br>LEI: 549300E86X2H9JIHEX42 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26128.03     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA Water & Sewerage Revenue                                     | County of DeKalb, Water and Sewerage, Series 2006B                                                                                                 | CUSIP: 240523UJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30671.77     | 0.00%             | 2026-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Delaware County Authority                                                        | Delaware County Authority, Cabrini University                                                                                                      | CUSIP: 245913MP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1693517.46   | 0.07%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                       | Delaware Valley Regional Finance Authority, Local Government, Series 1998A                                                                         | CUSIP: 246579ER3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1319302.71   | 0.05%             | 2028-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Delaware Academy Central School District at Delhi                                | Delaware Academy Central School District at Delhi                                                                                                  | CUSIP: 246797EY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6040252.20   | 0.25%             | 2026-07-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Denton TX Utility System Revenue                                         | City of Denton, Utility System, Series 2017                                                                                                        | CUSIP: 249015B98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $230257.28    | 0.01%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Denton TX Utility System Revenue                                         | City of Denton, Utility System, Series 2017                                                                                                        | CUSIP: 249015C22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127863.85    | 0.01%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | City and County of Denver, Series 2024A                                                                                                            | CUSIP: 249164SW5<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    700000 | PA      | $711688.81    | 0.03%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | City and County of Denver, Series 2024B                                                                                                            | CUSIP: 249164TN4<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    600000 | PA      | $610018.98    | 0.03%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                       | Denver City and County School District No. 1                                                                                                       | CUSIP: 249174UH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County School District No. 1                                     | Denver City and County School District No. 1, Series 2025D                                                                                         | CUSIP: 249174ZP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1638973.60   | 0.07%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County School District No. 1                                     | Denver City and County School District No. 1, Series 2025D                                                                                         | CUSIP: 249174ZQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1677855.04   | 0.07%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City and County of Denver, Airport System, Series 2023B                                                                                            | CUSIP: 249182UN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1560508.80   | 0.06%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City and County of Denver, Airport System, Series 2023B                                                                                            | CUSIP: 249182UP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5281410.50   | 0.22%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | City and County of Denver, Wellington E. Webb Municipal Office Building                                                                            | CUSIP: 249183YM0<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30651.99     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver Urban Renewal Authority                                                   | Denver Urban Renewal Authority, Series 2010B-1                                                                                                     | CUSIP: 249301FW7<br>LEI: 54930040L61W75KRAG79 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Depew Union Free School District                                                 | Depew Union Free School District                                                                                                                   | CUSIP: 249541KZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9124538.40   | 0.38%             | 2026-10-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Derby KS                                                                 | City of Derby, Series 2024-1                                                                                                                       | CUSIP: 249776KX2<br>LEI: 549300CONBN0WRKRFQ93 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001713.00   | 0.08%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Desert Community College District                                                | Desert Community College District                                                                                                                  | CUSIP: 250375GC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20086.00     | 0.00%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                | State of Nevada Department of Business and Industry, Republic Services, Inc. Project, Series 2001                                                  | CUSIP: 25459JAF8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999981.10    | 0.04%             | 2026-12-01      | Variable      | 3.95%                 | Yes           |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Children's Hospital Obligated Group, Series 2015                                                                             | CUSIP: 254764JQ7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100242.64    | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Children's Hospital Obligated Group, Series 2015                                                                             | CUSIP: 254764JR5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50113.89     | 0.00%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Children's Hospital Obligated Group, Series 2015                                                                             | CUSIP: 254764JS3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170410.57    | 0.01%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Children's Hospital Obligated Group, Series 2015                                                                             | CUSIP: 254764JT1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20048.68     | 0.00%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2024C                                                                                                                 | CUSIP: 25476FH50<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5236940.00   | 0.22%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2024C                                                                                                                 | CUSIP: 25476FH68<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2140663.40   | 0.09%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2017D                                                                                                                 | CUSIP: 25476FUZ9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2071009.60   | 0.09%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | District of Columbia Housing Finance Agency, Multi Family Housing Edgewood Apartments Project, Series 2023                                         | CUSIP: 25477PPY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5104379.88   | 0.21%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, National Public Radio, Inc., Issue, Series 2016                                                                              | CUSIP: 25483VRJ5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25186.40     | 0.00%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, National Public Radio, Inc., Issue                                                                                           | CUSIP: 25483VRL0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25104.19     | 0.00%             | 2032-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Gallaudet University Project, Series 2021A                                                                                   | CUSIP: 25483VYE8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100739.87    | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha School District                                                            | Omaha School District, Series 2016                                                                                                                 | CUSIP: 259291ND0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1943274.78   | 0.08%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Dover NJ                                                                 | Town of Dover, General Improvement Water Utility                                                                                                   | CUSIP: 260237LW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11700000 | PA      | $11728227.42  | 0.49%             | 2026-01-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DuPage County Community High School District No. 94 West Chicago                 | DuPage County Community High School District No. 94 West Chicago                                                                                   | CUSIP: 263381DX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10100.65     | 0.00%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                       | Duluth Independent School District No. 709, Series 2019B                                                                                           | CUSIP: 264474HM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $313317.72    | 0.01%             | 2028-02-01      | 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        |     85000 | PA      | $86032.03     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                      | Duval County Public Schools, Series 2022A                                                                                                          | CUSIP: 267169HA1<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |    235000 | PA      | $243746.37    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                      | Duval County Public Schools, Series 2022A                                                                                                          | CUSIP: 267169HB9<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |     95000 | PA      | $100547.72    | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of East Coventry PA                                                     | Township of East Coventry                                                                                                                          | CUSIP: 271862BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $345000.00    | 0.01%             | 2025-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Township of East Coventry PA                                                     | Township of East Coventry                                                                                                                          | CUSIP: 271862BR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275435.49    | 0.01%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of East Orange NJ                                                           | City of East Orange                                                                                                                                | CUSIP: 274137Y44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8400000 | PA      | $8503019.28   | 0.35%             | 2026-10-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of East Rutherford NJ                                                    | Borough of East Rutherford                                                                                                                         | CUSIP: 274785JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8535599.70   | 0.35%             | 2026-04-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Edison NJ                                                            | Township of Edison                                                                                                                                 | CUSIP: 281047M98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10135048.00  | 0.42%             | 2026-11-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2020A                                                                                                          | CUSIP: 29270C3B9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $88320.96     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2024B                                                                                                          | CUSIP: 29270C6B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2454777.09   | 0.10%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2024B                                                                                                          | CUSIP: 29270C6C4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039070.10   | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 3 Electric, Series 2024B                                                                                                 | CUSIP: 29270C6D2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $138073.78    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Columbia Generating Station, Series 2025A                                                                                        | CUSIP: 29270C6H3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2605043.52   | 0.11%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2025A                                                                                                          | CUSIP: 29270C6W0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1880716.88   | 0.08%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2025A                                                                                                          | CUSIP: 29270C6X8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2655265.00   | 0.11%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2017-A                                                                                                         | CUSIP: 29270CT96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259767.53    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Escambia County School Board                                                     | Escambia County School Board, Series 2020A                                                                                                         | CUSIP: 296141DQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195719.92    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                               | Essex County Improvement Authority, Family Court Building Project                                                                                  | CUSIP: 296807MM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5538372.40   | 0.23%             | 2026-03-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FYI Properties                                                                   | FYI Properties, State of Washington District Project, Series 2019                                                                                  | CUSIP: 302716BF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46532.13     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                             | County of Fairfax, Series 2016A                                                                                                                    | CUSIP: 30382AEV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40323.75     | 0.00%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                  | Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project, Series 2018C                                   | CUSIP: 30382VAA4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  22000000 | PA      | $22000000.00  | 0.91%             | 2033-05-15      | Variable      | 2.82%                 | No            |                  2 | On Loan: No      |
| Borough of Fanwood NJ                                                            | Borough of Fanwood, Series 2025A                                                                                                                   | CUSIP: 307315LL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4010967.60   | 0.17%             | 2026-02-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of Flemington NJ                                                         | Borough of Flemington, Series 2025A                                                                                                                | CUSIP: 339261GC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4009930.40   | 0.17%             | 2026-01-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Florence Independent School District                                             | Florence Independent School District, Unlimited Tax                                                                                                | CUSIP: 340369FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $229989.28    | 0.01%             | 2026-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Florence Independent School District                                             | Florence Independent School District, Unlimited Tax                                                                                                | CUSIP: 340369FZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $114969.58    | 0.00%             | 2027-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Waste Management, Inc. Project, Series 2025A                                                                    | CUSIP: 34061XAH5<br>LEI: 549300HC854CNBLMWC48 | Long             | STIV             | MUN               | US        |   2600000 | PA      | $2614322.36   | 0.11%             | 2050-09-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                    | Florida Housing Finance Corp., Culmer Apartments, Series 2023C                                                                                     | CUSIP: 34074HGY2<br>LEI: 549300W0PCIJCI0JCF10 | Long             | STIV             | MUN               | US        |   3725000 | PA      | $3725000.00   | 0.15%             | 2026-12-01      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                      | Florida Local Government Finance Commission, Fleet Landing at Nocatee Project, Series 2025B-3                                                      | CUSIP: 34077UAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3519448.80   | 0.15%             | 2030-11-15      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| State of Florida Lottery Revenue                                                 | State of Florida, State Board of Education, Lottery, Series 2016A                                                                                  | CUSIP: 341507P62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96361.88     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Lottery Revenue                                                 | State of Florida Lottery, Series 2017A                                                                                                             | CUSIP: 341507S28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20779.50     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida Board of Education, Public Education Capital Outlay, Series 2016B                                                                 | CUSIP: 34153QCV6<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86040.94     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Public Education Capital Outlay, Series 2020A                                                                                    | CUSIP: 34153QSV9<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    105000 | PA      | $108864.18    | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida Board of Education, Public Education Capital Outlay, Series 2023A                                                                 | CUSIP: 34153QWX0<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    200000 | PA      | $202449.28    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2017A                                                                                            | CUSIP: 341602F54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $117001.01    | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation, Series 2019A                                                                                        | CUSIP: 34160DAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20741.53     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation, Series 2019A                                                                                        | CUSIP: 34160DAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $111483.19    | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2018A                                                                                            | CUSIP: 34160PEA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $643307.93    | 0.03%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2018A                                                                                            | CUSIP: 34160PEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1887331.83   | 0.08%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2021A                                                                                            | CUSIP: 34160PEN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1473872.63   | 0.06%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2017A                                                                                       | CUSIP: 34160WA61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103739.25    | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2019B                                                                                       | CUSIP: 34160WE34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46682.66     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Education                                         | State of Florida Department of Education, Series 2018A                                                                                             | CUSIP: 34161CDU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51626.13     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2016A                                                                | CUSIP: 342816H81<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55940.92     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2016A                                                                | CUSIP: 342816H99<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71217.90     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2016A                                                                | CUSIP: 342816J22<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    900000 | PA      | $916166.43    | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2017A                                                                | CUSIP: 342816N92<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71197.53     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2017A                                                                | CUSIP: 342816P25<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1398269.80   | 0.06%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2018A                                                                | CUSIP: 342816Q24<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   2820000 | PA      | $2859815.58   | 0.12%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2019A                                                                | CUSIP: 342816Q73<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    215000 | PA      | $223515.25    | 0.01%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue            | State of Florida Department of Transportation Turnpike System, Series 2025A                                                                        | CUSIP: 343137WA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2058658.17   | 0.09%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foley Utilities Board                                                            | Foley Utilities Board                                                                                                                              | CUSIP: 344244NK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36205.10     | 0.00%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX                                                           | County of Fort Bend, Unlimited Tax, Series A                                                                                                       | CUSIP: 346766SZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90489.36     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX                                                           | County of Fort Bend, Unlimited Tax, Series A                                                                                                       | CUSIP: 346766TA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95548.93     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                            | City of Fort Worth, Series 2015A                                                                                                                   | CUSIP: 3494255X2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45077.73     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                            | City of Fort Worth, Series 2016                                                                                                                    | CUSIP: 3494256S2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90529.89     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                            | City of Fort Worth, General Obligation                                                                                                             | CUSIP: 349426BL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30176.63     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                            | City of Fort Worth                                                                                                                                 | CUSIP: 349426MQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3211781.40   | 0.13%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX Water & Sewer System Revenue                               | City of Fort Worth Water and Sewer System, Series 2020A                                                                                            | CUSIP: 349515G83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130636.00    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX Water & Sewer System Revenue                               | City of Fort Worth Water and Sewer System, Series 2020A                                                                                            | CUSIP: 349515G91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $169810.43    | 0.01%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX Water & Sewer System Revenue                               | City of Fort Worth Water and Sewer System, Series 2015A                                                                                            | CUSIP: 349515TH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25043.14     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin County School District No. 1 Pasco                                      | Franklin County School District No. 1 Pasco, Unlimited Tax, Series 2015                                                                            | CUSIP: 353442ZY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3600000.00   | 0.15%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Frisco Independent School District                                               | Frisco Independent School District, Unlimited Tax, Series 2017                                                                                     | CUSIP: 35880CXF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3495000 | PA      | $3542434.84   | 0.15%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fulton School District/MI                                                        | Fulton School District, Unlimited Tax                                                                                                              | CUSIP: 360432DK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $220973.43    | 0.01%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fulton School District/MI                                                        | Fulton School District, Unlimited Tax                                                                                                              | CUSIP: 360432DL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $213096.62    | 0.01%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                                  | City of Gainesville, Utilities System, Series B                                                                                                    | CUSIP: 362848SW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225309.67    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                                  | City of Gainesville, Utilities System, Series 2017A                                                                                                | CUSIP: 362848UA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $797488.86    | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Garland TX                                                               | City of Garland, Series 2018                                                                                                                       | CUSIP: 3661194C6<br>LEI: 549300O5KXJ5HAWVEN53 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77096.18     | 0.00%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Garland TX Electric Utility System Revenue                               | City of Garland, Electric Utility System, Series 2019A                                                                                             | CUSIP: 366133NH5<br>LEI: 549300O5KXJ5HAWVEN53 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1658713.49   | 0.07%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gary Community School Building Corp.                                             | Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage, Series 2020B                                                         | CUSIP: 366754DF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $220247.04    | 0.01%             | 2026-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gary Community School Building Corp.                                             | Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage, Series 2020B                                                         | CUSIP: 366754DG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $236425.93    | 0.01%             | 2026-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | Geisinger Authority, Health System, Series 2017A-2                                                                                                 | CUSIP: 368497HZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $691645.77    | 0.03%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | Geisinger Authority, Health System, Series 2020B                                                                                                   | CUSIP: 368497JX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8700000 | PA      | $8827394.97   | 0.37%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | Geisinger Authority, Health System, Series 2020C                                                                                                   | CUSIP: 368497JY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069151.70   | 0.04%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Geneseo Central School District                                                  | Geneseo Central School District                                                                                                                    | CUSIP: 371826FJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3019575.60   | 0.13%             | 2026-06-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Georgetown TX Utility System Revenue                                     | City of Georgetown, Utilities System, Series 2022                                                                                                  | CUSIP: 373064N67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $72729.47     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | State of Georgia, Series 2014A                                                                                                                     | CUSIP: 373384R99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100103.02    | 0.00%             | 2026-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                        | Golden State Tobacco Securitization Corp., Series 2017A-1                                                                                          | CUSIP: 38122NZA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91209.37     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gouverneur Central School District                                               | Gouverneur Central School District                                                                                                                 | CUSIP: 383622DS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10800000 | PA      | $10873125.72  | 0.45%             | 2026-07-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Grady Independent School District                                                | Grady Independent School District, Unlimited Tax, Series 2018B                                                                                     | CUSIP: 384217BK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45195.70     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2014A                                                                                                            | CUSIP: 386442VJ3<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |    405000 | PA      | $405682.30    | 0.02%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2016A                                                                                                            | CUSIP: 386442WL7<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65714.57     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2016A                                                                                                            | CUSIP: 386442WM5<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61271.11     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2016A                                                                                                            | CUSIP: 386442WP8<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30640.57     | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | Great Lakes Water Authority, Water Supply System, Second Lien, Series 2018A                                                                        | CUSIP: 39081JBS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $217830.02    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | Great Lakes Water Authority, Water Supply System, Second Lien, Series 2018A                                                                        | CUSIP: 39081JBT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25894.93     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | Great Lakes Water Authority, Water Supply System, Second Lien, Series 2018A                                                                        | CUSIP: 39081JBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105970.88    | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | Greater Orlando Aviation Authority, Series 2017A                                                                                                   | CUSIP: 3922744P8<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    750000 | PA      | $776269.95    | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Groton CT                                                                | Town of Groton                                                                                                                                     | CUSIP: 3993525U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4320712.67   | 0.18%             | 2026-04-23      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | Territory of Guam, Series 2025G                                                                                                                    | CUSIP: 40065NCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    275000 | PA      | $285126.90    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | Territory of Guam, Series 2025G                                                                                                                    | CUSIP: 40065NCV7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    475000 | PA      | $500682.11    | 0.02%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Guilford NC                                                            | County of Guilford, Series 2017                                                                                                                    | CUSIP: 401784K69<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115414.43    | 0.00%             | 2026-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                            | County of Hamilton, Trihealth, Inc. Group Project, Series 2020A                                                                                    | CUSIP: 407272Y56<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    305000 | PA      | $315470.41    | 0.01%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                          | County of Hamilton Sales Tax, Series 2016A                                                                                                         | CUSIP: 407287MD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $112678.93    | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                          | County of Hamilton Sales Tax                                                                                                                       | CUSIP: 407287MX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18200000 | PA      | $18602716.86  | 0.77%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sewer System Revenue                                       | County of Hamilton Sewer System, Series 2020A                                                                                                      | CUSIP: 407288C98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20473.14     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hamilton OH                                                              | City of Hamilton, Limited Tax Various Purpose                                                                                                      | CUSIP: 407756P82<br>LEI: 549300NCXYTNZWHRP508 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800750.78   | 0.07%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Hamilton NJ/Mercer County                                            | Township of Hamilton                                                                                                                               | CUSIP: 4080543W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18000000 | PA      | $18218583.00  | 0.76%             | 2026-10-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                | Hampton Roads Sanitation District, Series 2016A                                                                                                    | CUSIP: 409327HQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50815.55     | 0.00%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                           | Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien, Series 2021A                                             | CUSIP: 40934TAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9128390.40   | 0.38%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                             | County of Harnett, Series 2020                                                                                                                     | CUSIP: 41333TCC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204791.34    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Senior Lien, Series 2016A                                                                                                        | CUSIP: 414005WF1<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30506.98     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Toll Road, Senior Lien, Series 2016A                                                                                             | CUSIP: 414005WH7<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81268.26     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Toll Road, Senior Lien, Series 2016A                                                                                             | CUSIP: 414005WJ3<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1162829.14   | 0.05%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2019A                                            | CUSIP: 414009MJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20872.89     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2020C-3                                          | CUSIP: 414009PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2345000 | PA      | $2393397.75   | 0.10%             | 2032-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2024C                                            | CUSIP: 414009SP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5581011.45   | 0.23%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue          | Metropolitan Transit Authority of Harris County Sales and Use Tax                                                                                  | CUSIP: 41422EJA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067422.30   | 0.04%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | County of Harris Toll Road, First Lien, Series 2022A                                                                                               | CUSIP: 41423PCG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $274562.81    | 0.01%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | County of Harris, First Lien, Series 2022A                                                                                                         | CUSIP: 41423PCH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $124740.34    | 0.01%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | County of Harris Toll Road, Series 2023A                                                                                                           | CUSIP: 41423PCV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $937009.00    | 0.04%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Hatfield MA                                                              | Town of Hatfield                                                                                                                                   | CUSIP: 418866DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4035722.00   | 0.17%             | 2026-07-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hawaii HI                                                              | County of Hawaii, Series A                                                                                                                         | CUSIP: 419722L43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50279.70     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series FH                                                                                                                         | CUSIP: 419792MK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $71324.94     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series FK                                                                                                                         | CUSIP: 419792RG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77542.00     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hays TX                                                                | County of Hays, Series 2017                                                                                                                        | CUSIP: 421020B31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25718.87     | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Henrico VA Water & Sewer Revenue                                       | County of Henrico Water and Sewer                                                                                                                  | CUSIP: 426170NE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009779.50   | 0.04%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henry County Hospital Authority                                                  | Henry County Hospital Authority, Piedmont Henry Hospital Project, Series 2014A                                                                     | CUSIP: 426357GG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1391755.43   | 0.06%             | 2027-07-01      | 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        |  10000000 | PA      | $10000000.00  | 0.42%             | 2054-11-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County Honolulu, Series D                                                                                                                 | CUSIP: 438687BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $71294.74     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County of Honolulu, Series 2022A                                                                                                          | CUSIP: 438687UF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $122717.40    | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                              | City and County Honolulu, Series A                                                                                                                 | CUSIP: 438701G99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20172.39     | 0.00%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hornell City School District                                                     | Hornell City School District                                                                                                                       | CUSIP: 440614LQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5034996.00   | 0.21%             | 2026-06-24      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Horry County School District/SC                                                  | Horry County School District, Series 2015A                                                                                                         | CUSIP: 440673G54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185325.86    | 0.01%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Horry County School District/SC                                                  | Horry County School District, Series 2015A                                                                                                         | CUSIP: 440673G62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25043.88     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Horry County School District/SC                                                  | Horry County School District                                                                                                                       | CUSIP: 440673L33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3521430.50   | 0.15%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Public Improvement, Series 2019A                                                                                                  | CUSIP: 4423314Y7<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    105000 | PA      | $108121.00    | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2017A                                                                                                                      | CUSIP: 442331U28<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30175.87     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2017A                                                                                                                      | CUSIP: 442331U44<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    265000 | PA      | $272753.16    | 0.01%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston                                                                                                                                    | CUSIP: 442332GB2<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |  11700000 | PA      | $11866544.82  | 0.49%             | 2026-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2018B                                                                                    | CUSIP: 442349BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $89730.19     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System, Subordinate Lien, Series 2018D                                                                                     | CUSIP: 442349CS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67380.18     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2020B                                                                                    | CUSIP: 442349ED4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35461.11     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2020B                                                                                    | CUSIP: 442349EE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25915.46     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2023B                                                                                    | CUSIP: 442349HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31771.19     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2025B                                                 | CUSIP: 442349JY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1277179.00   | 0.05%             | 2027-07-15      | 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: 442349JZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034546.30   | 0.04%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Houston Independent School District                                              | Houston Independent School District, Limited Tax, Series 2025B                                                                                     | CUSIP: 442403RE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4375955.98   | 0.18%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston, Combined Utility System, First Lien, Series 2014D                                                                                 | CUSIP: 4424355P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20036.21     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston, Combined Utility System, First Lien, Series 2014D                                                                                 | CUSIP: 4424355Q2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20031.03     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston, Combined Utility System, First Lien, Series 2015D                                                                                 | CUSIP: 44244CCH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1016236.78   | 0.04%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston Combined Utility System, First Lien, Series 2021A                                                                                  | CUSIP: 44244CJ32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26161.65     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Intermediate Tax-Free Fund                                              | City of Houston Combined Utility System, First Lien, Series 2024A                                                                                  | CUSIP: 44244CS32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022756.10   | 0.04%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                              | County of Howard, Series 2017A                                                                                                                     | CUSIP: 44256PGZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46335.28     | 0.00%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Howell NJ                                                            | Township of Howell                                                                                                                                 | CUSIP: 443157MJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503424.20   | 0.06%             | 2026-02-19      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Huber Heights OH                                                         | City of Huber Heights, Various Purpose                                                                                                             | CUSIP: 443524XD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6071507.40   | 0.25%             | 2026-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hudson OH                                                                | City of Hudson, Limited Tax                                                                                                                        | CUSIP: 443695TC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15300000 | PA      | $15526709.28  | 0.65%             | 2026-12-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority                                              | Hudson County Improvement Authority, Local Unit Loan Program, Series B-1                                                                           | CUSIP: 443728GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10075080.00  | 0.42%             | 2026-06-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hudson Falls Central School District                                             | Hudson Falls Central School District                                                                                                               | CUSIP: 443780NT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4029362.80   | 0.17%             | 2026-06-24      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp.                                                | Hudson Yards Infrastructure Corp., Second Indenture, Series 2022A                                                                                  | CUSIP: 44420RBK5<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45250.47     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Humble Independent School District                                               | Humble Independent School District, Series 2016C                                                                                                   | CUSIP: 445047FK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100478.81    | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Northwestern University, Series 2015                                                                                   | CUSIP: 45203HZ54<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Unitypoint Health, Series 2016D                                                                                        | CUSIP: 45204ECM8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5015241.00   | 0.21%             | 2046-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Presence Health Network, Series 2016C                                                                                  | CUSIP: 45204EET1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    145000 | PA      | $148695.31    | 0.01%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2016                                                                              | CUSIP: 45204EKC1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20038.44     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2018A                                                                               | CUSIP: 45204EM70<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21044.16     | 0.00%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Swedish Covenant Hospital, Series 2016A                                                                                | CUSIP: 45204EQA9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1129621.58   | 0.05%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Swedish Covenant Hospital, Series 2016A                                                                                | CUSIP: 45204EQH4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35618.70     | 0.00%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving Fund, Series 2019                                                                     | CUSIP: 45204EW46<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    240000 | PA      | $246146.69    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving Fund, Series 2019                                                                     | CUSIP: 45204EW53<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259348.13    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2017                                                                              | CUSIP: 45204EXQ6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95182.59     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2017                                                                              | CUSIP: 45204EXT0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20514.81     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Northwestern University, Series 2017A                                                                                  | CUSIP: 45204EZN1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    270000 | PA      | $273710.88    | 0.01%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2017A                                                                         | CUSIP: 45204EZP6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     80000 | PA      | $82871.26     | 0.00%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving Fund, Series 2020                                                                     | CUSIP: 45204FFE0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41495.70     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Presbyterian Homes Obligated Group, Series 2021B                                                                       | CUSIP: 45204FHM0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   1125000 | PA      | $1120851.23   | 0.05%             | 2042-05-01      | Floating      | 3.49%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, The Carle Foundation, Series 2021A                                                                                     | CUSIP: 45204FJB2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105741.24    | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Uchicago Medicine, Series 2022B-2                                                                                      | CUSIP: 45204FTD7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2123054.38   | 0.09%             | 2052-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018A                                                                                                                    | CUSIP: 4521522K6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    200000 | PA      | $207374.50    | 0.01%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois                                                                                                                                  | CUSIP: 4521526J5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5052226.00   | 0.21%             | 2026-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2016                                                                                                                     | CUSIP: 452152D57<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1358498.82   | 0.06%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois                                                                                                                                  | CUSIP: 452152G70<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    695000 | PA      | $697307.68    | 0.03%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2016                                                                                                                     | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $153445.37    | 0.01%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2016                                                                                                                     | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35778.83     | 0.00%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017C                                                                                                                    | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31075.04     | 0.00%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017D                                                                                                                    | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1204465.00   | 0.05%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017D                                                                                                                    | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2965000 | PA      | $3075836.74   | 0.13%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017D                                                                                                                    | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1130616.92   | 0.05%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017A                                                                                                                    | CUSIP: 452152S44<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017A                                                                                                                    | CUSIP: 452152S77<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     90000 | PA      | $93365.01     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018A                                                                                                                    | CUSIP: 452152X22<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    400000 | PA      | $419235.24    | 0.02%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2021B                                                                                                                    | CUSIP: 452153BC2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    125000 | PA      | $128181.01    | 0.01%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2021A                                                                                                                    | CUSIP: 452153BT5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     85000 | PA      | $91528.21     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2022A                                                                                                                    | CUSIP: 452153CN7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20508.96     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2022B                                                                                                                    | CUSIP: 452153DH9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52279.80     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2023D                                                                                                                    | CUSIP: 452153GB9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8094012.00   | 0.34%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2023D                                                                                                                    | CUSIP: 452153GC7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     90000 | PA      | $92876.66     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Sales Tax, Series 2013                                                                                                          | CUSIP: 452227HA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1251874.88   | 0.05%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Sales Tax, Series 2016                                                                                                          | CUSIP: 452227LX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25232.09     | 0.00%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Sales Tax, Series 2021A                                                                                                         | CUSIP: 452227RM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40676.62     | 0.00%             | 2027-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2016B                                                                                                | CUSIP: 452252LL1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25303.07     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2018A                                                                                                | CUSIP: 452252NC9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46147.64     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2018A                                                                                                | CUSIP: 452252ND7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78623.60     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2019B                                                                                                | CUSIP: 452252NT2<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    555000 | PA      | $569154.17    | 0.02%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2019C                                                                                                | CUSIP: 452252PC7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95181.78     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2019C                                                                                                | CUSIP: 452252PD5<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    165000 | PA      | $169208.00    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2019C                                                                                                | CUSIP: 452252PF0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    400000 | PA      | $428402.24    | 0.02%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Indiana PA                                                             | County of Indiana                                                                                                                                  | CUSIP: 454686EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250018.13    | 0.01%             | 2025-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Indiana PA                                                             | County of Indiana                                                                                                                                  | CUSIP: 454686EH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $435317.85    | 0.02%             | 2026-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2017A                                                                                                            | CUSIP: 45470RDS2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20943.37     | 0.00%             | 2035-06-01      | Fixed         | 5.00%                 | 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        |   2100000 | PA      | $2203258.05   | 0.09%             | 2062-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2025D-1                                                               | CUSIP: 45470YGD7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1602296.70   | 0.07%             | 2064-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2016A                                                                 | CUSIP: 45471APH9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165000.00    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | Indiana Municipal Power Agency, Power Supply System, Series 2016C                                                                                  | CUSIP: 454898UH8<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55107.11     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | Indiana Municipal Power Agency, Power Supply System, Series 2016C                                                                                  | CUSIP: 454898UJ4<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40508.12     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | Indiana Municipal Power Agency, Power Supply System, Series 2016C                                                                                  | CUSIP: 454898UK1<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30364.65     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | Indiana Municipal Power Agency, Power Supply System, Series 2016C                                                                                  | CUSIP: 454898UL9<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    185000 | PA      | $187098.10    | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, CWA Authority Project, Series 2021-2                                                                                    | CUSIP: 45505MKE5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    105000 | PA      | $109542.18    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                | Indiana Housing and Community Development Authority, Single Family, Series 2017B-3                                                                 | CUSIP: 45505TRY9<br>LEI: 549300QRKDYVNHT1OE86 | Long             | STIV             | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.83%             | 2047-07-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Community Foundation of Northern Indiana Obligated Group                                                                | CUSIP: 45506DA39<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2097769.07   | 0.09%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, State Revolving Fund Program, Series 2017C                                                                              | CUSIP: 45506DJ22<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     70000 | PA      | $72019.31     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Stadium Project, Series 2022A                                                                                           | CUSIP: 45506EEU3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40151.13     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | Indianapolis Local Public Improvement Bond Bank, Unlimited AD Valorem Property Tax Supported Project, Series 2025C                                 | CUSIP: 45528VGM5<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2305000 | PA      | $2414694.72   | 0.10%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Water System Revenue         | City of Indianapolis, Department of Public Utilities Water System, Series 2016B                                                                    | CUSIP: 455412AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61140.68     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Water System Revenue         | City of Indianapolis, Department of Public Utilities Water System, Series 2018A                                                                    | CUSIP: 455412BG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81520.91     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Water System Revenue         | City of Indianapolis, Department of Public Utilities Water System, First Lien, Series 2018A                                                        | CUSIP: 455412BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46879.98     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, State Revolving Fund, Series 2016                                                                                          | CUSIP: 46246K2Y7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     95000 | PA      | $96506.41     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co., Project                                                              | CUSIP: 46246SAC9<br>LEI: 549300NQVL49BTHOW391 | Long             | STIV             | MUN               | US        |  15200000 | PA      | $15200000.00  | 0.63%             | 2051-12-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| State of Iowa                                                                    | State of Iowa, Ijobs Program, Series 2016A                                                                                                         | CUSIP: 46257TEE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022042.00   | 0.08%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Irondequoit NY                                                           | Town of Irondequoit, Series 2025B                                                                                                                  | CUSIP: 463074R55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3846922.78   | 0.16%             | 2026-12-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Irving Independent School District                                               | Irving Independent School District, Series 2015                                                                                                    | CUSIP: 463813YE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25041.71     | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA Electric System, Series 2017B                                                                                                                  | CUSIP: 46613SFU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78037.45     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA Electric System, Series 2017B                                                                                                                  | CUSIP: 46613SFW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25973.85     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                                | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                                        | CUSIP: 46645V725<br>LEI: 549300UURKD5II8M6J91 | Long             | STIV             | RF                | US        | 279657750 | NS      | $279685715.73 | 11.62%            |  |  |  | No            |                  1 | On Loan: No      |
| County of Jackson MO                                                             | County of Jackson, Harry S. Truman Sports Complex Project, Series 2014                                                                             | CUSIP: 467578HP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20060.44     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Series 2019A                                                                                                                 | CUSIP: 469487PN6<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104378.99    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Series 2015                                                                                                                  | CUSIP: 469495DG7<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |    325000 | PA      | $325540.41    | 0.01%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | County of Jefferson sewer, Series 2024                                                                                                             | CUSIP: 472682YW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1296321.38   | 0.05%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jersey City NJ                                                           | City of Jersey City, Series 2025A                                                                                                                  | CUSIP: 476576VV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6554082.60   | 0.27%             | 2026-07-08      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Jersey City NJ                                                           | City of Jersey City, Series 2025C                                                                                                                  | CUSIP: 476576WN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13400000 | PA      | $13567679.56  | 0.56%             | 2026-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jersey City Municipal Utilities Authority                                        | Jersey City Municipal Utilities Authority, Water Project, Series 2025A                                                                             | CUSIP: 476624DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4543519.95   | 0.19%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jersey City Redevelopment Agency                                                 | Jersey City Redevelopment Agency, Bayfront Redevelopment Project, Series 2025A                                                                     | CUSIP: 476637BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040471.60   | 0.08%             | 2026-12-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnstown City School District                                                   | Johnstown City School District                                                                                                                     | CUSIP: 479589FD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3019688.70   | 0.13%             | 2026-06-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Kane McHenry Cook & De Kalb Counties Unit School District No. 300/IL             | Kane McHenry Cook and De Kalb Counties Unit School District No. 300, Series 2015                                                                   | CUSIP: 484080SM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20026.31     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                           | City of Kansas City, Series 2018A                                                                                                                  | CUSIP: 484873MZ4<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20544.04     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                           | City of Kansas City, Series 2017C                                                                                                                  | CUSIP: 485106RW0<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41560.36     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                           | City of Kansas City, Series 2017C                                                                                                                  | CUSIP: 485106RX8<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |    175000 | PA      | $181274.21    | 0.01%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2025A                                                                                         | CUSIP: 485424TM7<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2084689.40   | 0.09%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2025A                                                                                         | CUSIP: 485424TN5<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3196918.50   | 0.13%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | Kansas Development Finance Authority, AdventHealth, Series 2021B                                                                                   | CUSIP: 48542AFH9<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   5600000 | PA      | $5916318.24   | 0.25%             | 2054-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Katy Independent School District                                                 | Katy Independent School District, Series D                                                                                                         | CUSIP: 486063VH0<br>LEI: 254900H9QSKVP2HWVL72 | Long             | DBT              | MUN               | US        |    240000 | PA      | $241199.16    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Keller Independent School District/TX                                            | Keller Independent School District, Unlimited Tax, Series 2014A                                                                                    | CUSIP: 487694ML2<br>LEI: 549300BS0JDJPR8KUN68 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25040.70     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Keller Independent School District/TX                                            | Keller Independent School District, Unlimited Tax, Series 2015                                                                                     | CUSIP: 487694NJ6<br>LEI: 549300BS0JDJPR8KUN68 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001628.00   | 0.04%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Asset Liability Commission                                              | Kentucky Asset Liability Commission, Series 2021A                                                                                                  | CUSIP: 491189GF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26040.09     | 0.00%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Kentucky                                                         | Commonwealth of Kentucky, State Office Building Project, Series 2018A                                                                              | CUSIP: 491449BC7<br>LEI: 549300F6MON81PRPVJ50 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1268868.25   | 0.05%             | 2027-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 113, Series 2024B                                                                     | CUSIP: 49151F3A6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045421.80   | 0.04%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 130, Series 2024B                                                                     | CUSIP: 49151F3C2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $86966.65     | 0.00%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 131, Series A                                                                         | CUSIP: 49151F3S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065053.30   | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 133, Series B                                                                         | CUSIP: 49151F6V7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2343307.73   | 0.10%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 122, Series A                                                                         | CUSIP: 49151FB90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $271809.67    | 0.01%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 112, Series B                                                                         | CUSIP: 49151FNK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $107285.30    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 112, Series B                                                                         | CUSIP: 49151FNL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020523.10   | 0.04%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 112, Series B                                                                         | CUSIP: 49151FNM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $362597.28    | 0.02%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 115                                                                                   | CUSIP: 49151FTC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515459.60    | 0.02%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series B                                                                                     | CUSIP: 491552Q73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91169.45     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series B                                                                                     | CUSIP: 491552Q99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129417.49    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Auburn School District No. 408 of King & Pierce Counties                         | Auburn School District No. 408 of King and Pierce Counties, Unlimited Tax, Series 2020                                                             | CUSIP: 494619FQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | County of King Sewer, Series 2025A                                                                                                                 | CUSIP: 495290HA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1662512.16   | 0.07%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kings Local School District                                                      | Kings Local School District, Unlimited Tax                                                                                                         | CUSIP: 496026ND3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026557.60   | 0.08%             | 2026-07-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Travis Independent School District                                          | Lake Travis Independent School District                                                                                                            | CUSIP: 511074UG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2100820.20   | 0.09%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                             | City of Lakeland, Department of Electric Utilities, Series 2010A                                                                                   | CUSIP: 51166FCH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533940.25    | 0.02%             | 2028-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                   | Lamar Consolidated Independent School District, Unlimited Tax, Series 2018                                                                         | CUSIP: 513174WZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85410.53     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority                                              | Lancaster County Hospital Authority, University of Pennsylvania Health System, Series 2016A                                                        | CUSIP: 514045K77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20307.65     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansingburgh Central School District at Troy                                     | Lansingburgh Central School District at Troy                                                                                                       | CUSIP: 516498GZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5030419.00   | 0.21%             | 2026-07-10      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                  | Las Vegas Valley Water District, Series 2016B                                                                                                      | CUSIP: 517845BL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50562.52     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                 | County of Lee, Airport, Series 2021A                                                                                                               | CUSIP: 523470GG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1577627.85   | 0.07%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County School Board (The)                                                    | Lee County School Board (The), Series 2014A                                                                                                        | CUSIP: 523494NN8<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |    145000 | PA      | $145163.15    | 0.01%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County School Board (The)                                                    | Lee County School Board (The), Series 2020A                                                                                                        | CUSIP: 523494QQ8<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |    260000 | PA      | $263999.66    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Unlimited Tax, Series 2023                                                                                 | CUSIP: 52882PFH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $838767.11    | 0.03%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Unlimited Tax                                                                                              | CUSIP: 52882PHC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2080708.40   | 0.09%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Unlimited Tax                                                                                              | CUSIP: 52882PHD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2397172.50   | 0.10%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Unlimited Tax                                                                                              | CUSIP: 52882PHE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1902202.40   | 0.08%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Little Egg Harbor NJ                                                 | Township of Little Egg Harbor, Series 2025A                                                                                                        | CUSIP: 537089ER1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2429041.02   | 0.10%             | 2026-01-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Township of Livingston NJ                                                        | Township of Livingston                                                                                                                             | CUSIP: 539141YQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5075850.00   | 0.21%             | 2026-12-03      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Logan NJ                                                             | Township of Logan                                                                                                                                  | CUSIP: 541112BZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7900000 | PA      | $7990310.43   | 0.33%             | 2026-10-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | Long Island Power Authority, Electric System, Series 2023F                                                                                         | CUSIP: 542691HQ6<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20860.55     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | 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      | $990987.40    | 0.04%             | 2055-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2017B                                                                                     | CUSIP: 5444952F0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    515000 | PA      | $527592.06    | 0.02%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2016B                                                                                     | CUSIP: 544495U77<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001978.40   | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2020A                                                                                     | CUSIP: 544532AT1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507360.60    | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2022E                                                                                     | CUSIP: 544532GB4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1369873.62   | 0.06%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2024C                                                                                     | CUSIP: 544532MC5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    400000 | PA      | $438632.72    | 0.02%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisa Industrial Development Authority                                          | Louisa Industrial Development Authority, Electric and Power Co. Project, Series 2008A                                                              | CUSIP: 546068AZ0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1002883.90   | 0.04%             | 2035-11-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Willis Knighton Medical Center Project, Series 1997                                                         | CUSIP: 546395V35<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1770142.68   | 0.07%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2002B                                                             | CUSIP: 546398DJ4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    530000 | PA      | $536864.93    | 0.02%             | 2032-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Tulane University of Louisiana Project, Series 2020A                                                        | CUSIP: 546399PC4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20135.70     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Tulane University of Louisiana Project, Series 2020A                                                        | CUSIP: 546399PE0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80570.43     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | State of Louisiana, Series 2023A                                                                                                                   | CUSIP: 546417GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $701414.76    | 0.03%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | State of Louisiana, Series 2024E                                                                                                                   | CUSIP: 546417KE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1704364.00   | 0.07%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | State of Louisiana, Series 2024E                                                                                                                   | CUSIP: 546417KF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088538.00   | 0.05%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                  | State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2023A-1                                                                             | CUSIP: 546475VV3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.17%             | 2043-05-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Series 2016A                                                     | CUSIP: 54659LBK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76150.06     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Series 2020D                                                     | CUSIP: 54659LCE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2133824.80   | 0.09%             | 2047-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | Louisville and Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project, Series 2001A                                     | CUSIP: 546749AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4894053.50   | 0.20%             | 2026-09-01      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2023A                                                            | CUSIP: 54811BF22<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    890000 | PA      | $899162.64    | 0.04%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2023A                                                            | CUSIP: 54811BF30<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61981.77     | 0.00%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2019                                                             | CUSIP: 54811BSL6<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    245000 | PA      | $253376.77    | 0.01%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2019                                                             | CUSIP: 54811BSM4<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     80000 | PA      | $84306.74     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2021                                                             | CUSIP: 54811BWF4<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77564.32     | 0.00%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2022                                                             | CUSIP: 54811BYA3<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     85000 | PA      | $87906.23     | 0.00%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2022                                                             | CUSIP: 54811BYB1<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    275000 | PA      | $289804.43    | 0.01%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2023                                                             | CUSIP: 54811BZX2<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20660.59     | 0.00%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2023                                                             | CUSIP: 54811BZY0<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21125.52     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                               | City of Lubbock, Series 2018                                                                                                                       | CUSIP: 549188M49<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40187.36     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX Electric Light & Power System Revenue                         | City of Lubbock, Electric Light and Power System, Series 2018                                                                                      | CUSIP: 549203VY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252140.13    | 0.01%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX Electric Light & Power System Revenue                         | City of Lubbock, Electric Light and Power System, Series 2018                                                                                      | CUSIP: 549203VZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $495269.57    | 0.02%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX Electric Light & Power System Revenue                         | City of Lubbock, Electric Light and Power System, Series 2021                                                                                      | CUSIP: 549203WX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52671.76     | 0.00%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Luzerne PA                                                             | County of Luzerne                                                                                                                                  | CUSIP: 550697WP7<br>LEI: 5493001Z1Y4QDISEER29 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1568688.51   | 0.07%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Luzerne PA                                                             | County of Luzerne                                                                                                                                  | CUSIP: 550697WQ5<br>LEI: 5493001Z1Y4QDISEER29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033123.50   | 0.04%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Luzerne PA                                                             | County of Luzerne                                                                                                                                  | CUSIP: 550697WR3<br>LEI: 5493001Z1Y4QDISEER29 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2005697.76   | 0.08%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                         | Lynchburg Economic Development Authority, Centra Health Obligated Group, Series 2017B                                                              | CUSIP: 55123TAU6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.62%             | 2047-01-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Lyons Central School District                                                    | Lyons Central School District                                                                                                                      | CUSIP: 552279KZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3020549.70   | 0.13%             | 2026-06-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Lytle Independent School District/TX                                             | Lytle Independent School District, Unlimited Tax                                                                                                   | CUSIP: 552410GD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $261924.35    | 0.01%             | 2028-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Madrid-Waddington Central School District                                        | Madrid-Waddington Central School District                                                                                                          | CUSIP: 558855HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011702.20   | 0.08%             | 2026-07-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Mahoning OH                                                            | County of Mahoning, Limited Tax Various Tax                                                                                                        | CUSIP: 5600582E8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3222286.40   | 0.13%             | 2026-10-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | Maine Health and Higher Educational Facilities Authority, Mainehealth, Series 2020A                                                                | CUSIP: 56042RXS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253075.28    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                        | Maine Municipal Bond Bank, Series 2020A                                                                                                            | CUSIP: 56045RY29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20801.46     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maine                                                                   | State of Maine, Series 2022B                                                                                                                       | CUSIP: 56052AG91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65799.27     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                         | Maine Turnpike Authority                                                                                                                           | CUSIP: 560551SA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083504.30   | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                         | Maine Turnpike Authority                                                                                                                           | CUSIP: 560551SB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105433.90   | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Manatee County School District                                                   | Manatee County School District, Series 2017                                                                                                        | CUSIP: 56185PCG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46074.90     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Manchester NJ                                                        | Township of Manchester, Series 2025A                                                                                                               | CUSIP: 562462PV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6040065.00   | 0.25%             | 2026-05-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Township of Maple Shade NJ                                                       | Township of Maple Shade, Series 2025A                                                                                                              | CUSIP: 565335NG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4047620.00   | 0.17%             | 2026-11-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2016A                                                                      | CUSIP: 56682HBR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150262.92    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2019D                                                                      | CUSIP: 56682HCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1161315.66   | 0.05%             | 2046-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2023A-1                                                                    | CUSIP: 56682HDU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7530000 | PA      | $7587436.58   | 0.32%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2023A-2                                                                    | CUSIP: 56682HDV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261396.58    | 0.01%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 210-Phoenix                       | Maricopa County Union High School District No 210-Phoenix, Project 2023, Series 2024A                                                              | CUSIP: 567505RU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1246694.04   | 0.05%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 210-Phoenix                       | Maricopa County Union High School District No. 210-Phoenix, Project of 2023, Series 2025B                                                          | CUSIP: 567505SL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1558367.55   | 0.06%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County High School District No. 214 Tolleson Union High School          | Maricopa County High School District No. 214 Tolleson Union High School                                                                            | CUSIP: 567527WG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $319526.77    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, State and Local Facilities Loan of 2021, Series 2021A                                                                           | CUSIP: 574193TV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7042878.50   | 0.29%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, Series 2021A                                                                                                                    | CUSIP: 574193UJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1453630.18   | 0.06%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | State of Maryland Department of Transportation, Series 2017                                                                                        | CUSIP: 574204F81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250284.08    | 0.01%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | State of Maryland Department of Transportation, Second Issue, Series 2018                                                                          | CUSIP: 574204L76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50973.91     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | Maryland Health and Higher Educational Facilities Authority, The Johns Hopkins Health System, Series 2024A                                         | CUSIP: 57421CGB4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.21%             | 2048-06-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series C                                                                                                            | CUSIP: 57582PBU3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51246.63     | 0.00%             | 2026-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Consolidated Loan of 2023, Series 2023B                                                                             | CUSIP: 57582R3N4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40824.15     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Partners Healthcare System Issue, Series O-2                                                             | CUSIP: 57583UY44<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50056.00     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Partners Healthcare System Issue, Series 2016Q                                                           | CUSIP: 57584XHS3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    220000 | PA      | $222910.25    | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group, Series 2024U-2                                                 | CUSIP: 57584Y8K8<br>LEI: 549300UZSVMFXJK08K70 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.42%             | 2048-03-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                          | Massachusetts School Building Authority, Dedicated Sales Tax, Series 2016B                                                                         | CUSIP: 576000UH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $138047.29    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Matanuska-Susitna AK                                                  | Borough of Matanuska-Susitna, Alaska School General Obligation, Series 2025B                                                                       | CUSIP: 5765444E7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022186.40   | 0.04%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Matanuska-Susitna AK                                                  | Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Series 2025 A                                                               | CUSIP: 576553CG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1720627.54   | 0.07%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                         | County of Mecklenburg, Series 2013A                                                                                                                | CUSIP: 584002RV3<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.04%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health Educational and Housing Facility Board of the City of Memphis/the         | Health Educational and Housing Facility Board of the City of Memphis (The), Arbors Hickory Ridge Project, Series 2012                              | CUSIP: 586169EQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3562528 | PA      | $3956062.66   | 0.16%             | 2049-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Merrimack Valley Regional Transit Authority                                      | Merrimack Valley Regional Transit Authority                                                                                                        | CUSIP: 590341CV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5034921.50   | 0.21%             | 2026-06-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                           | City of Mesa Utility System, Series 2017                                                                                                           | CUSIP: 590545XT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021603.30   | 0.04%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                     | Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Series 2017D                                                                              | CUSIP: 5917453Y8<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021619.70   | 0.04%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University Medical Center, Series 2023A | CUSIP: 592041ZX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26263.57     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                        | Metropolitan Government of Nashville and Davidson County, Series 2016                                                                              | CUSIP: 592112RL2<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303983.97    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Northview Project, Series 2023B                    | CUSIP: 592113CR3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1011391.90   | 0.04%             | 2045-02-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier and Exposition Authority, Dedicated state Tax Mccormick Place Expansion, Series 2025A                                            | CUSIP: 592247H86<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6492607.55   | 0.27%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2002G-1F                                                                                             | CUSIP: 59261AL96<br>LEI: 5493000TKYODLXADQD60 | Long             | STIV             | MUN               | US        |    200000 | PA      | $199874.08    | 0.01%             | 2026-11-01      | Floating      | 3.12%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | Metropolitan Washington Airports Authority Aviation, Series 2024A                                                                                  | CUSIP: 592647MN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2181865.20   | 0.09%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2016A                                                                                  | CUSIP: 593338AS5<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101064.45    | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Building Better Communities Program, Series 2016A                                                                            | CUSIP: 59333FWZ9<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20747.53     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Series 2020                                                                                                                  | CUSIP: 59333FZT0<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20747.53     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                          | School Board of Miami-Dade County (The), Florida Certificates of Participation, Series 2012A                                                       | CUSIP: 59333MF91<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150128.10    | 0.01%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                          | School Board of Miami-Dade County (The), Florida Certificates of Participation, Series 2015D                                                       | CUSIP: 59333MT70<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1329903.03   | 0.06%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Series 2016                                                                                                                  | CUSIP: 59333NYQ0<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    125000 | PA      | $127068.90    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series B                                                                                                    | CUSIP: 59333PS25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35058.39     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series A                                                                                                    | CUSIP: 59333PS90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $178046.21    | 0.01%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series A                                                                                                    | CUSIP: 59333PT24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1363539.65   | 0.06%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series A                                                                                                    | CUSIP: 59333PT32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $157732.36    | 0.01%             | 2029-10-01      | 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 2021                                                                                          | CUSIP: 59334DMU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $765572.10    | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2014A                                                                                  | CUSIP: 59334KJE9<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    210000 | PA      | $210319.87    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Hospital Trinity Health Credit Group, Series 2015MI                                                                    | CUSIP: 59447P7M7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1148062.65   | 0.05%             | 2027-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Trinity Health Credit Group, Series 2013MI-1                                                                           | CUSIP: 59447PXQ9<br>LEI: 54930022O46HOX5J1D14 | Long             | STIV             | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.12%             | 2034-12-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Henry Ford Health System, Series 2016                                                                                  | CUSIP: 59447TMB6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1305286.78   | 0.05%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Henry Ford Health System                                                                                               | CUSIP: 59447TMC4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    760000 | PA      | $773672.78    | 0.03%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Trinity Health Credit Group, Series 2017A-MI                                                                           | CUSIP: 59447TQE6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30695.34     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Hospital Trinity Health Credit Group, Series 2017A-MI                                                                  | CUSIP: 59447TQF3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    140000 | PA      | $146193.68    | 0.01%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Trinity Health Credit Group, Series 2017A-MI                                                                           | CUSIP: 59447TQG1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46995.74     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan                                                                | State of Michigan, Series 2016                                                                                                                     | CUSIP: 594612DH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55361.20     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Facilities Program, Series 2016I                                                                                | CUSIP: 594615FG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75682.46     | 0.00%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Series 2016I                                                                                                    | CUSIP: 594615FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020567.40   | 0.04%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Facilities Program, Series 2023-I                                                                               | CUSIP: 594615KQ8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  17000000 | PA      | $17000000.00  | 0.71%             | 2058-04-15      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | Michigan State Hospital Finance Authority, Ascension Senior Credit Group, Series 2010F-7                                                           | CUSIP: 59465HTY2<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2348627.29   | 0.10%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | Michigan State Hospital Finance Authority, Trinity Health Credit Group, Series 2008C                                                               | CUSIP: 59465HUL8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | Michigan State Housing Development Authority, Rental Housing, Series 2024A                                                                         | CUSIP: 59465PEU8<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   7750000 | PA      | $7732735.33   | 0.32%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | Michigan State Housing Development Authority, Rental Housing, Series 2024A                                                                         | CUSIP: 59465PEV6<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9006739.20   | 0.37%             | 2030-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | Michigan Strategic Fund, Consumers Co. Project, Series 2019                                                                                        | CUSIP: 594698TK8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1300000 | PA      | $1296950.59   | 0.05%             | 2049-10-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Michigan State University                                                        | Michigan State University, Series 2020A                                                                                                            | CUSIP: 594712WR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $83357.94     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milford CT                                                               | City of Milford                                                                                                                                    | CUSIP: 599382PQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5070329.50   | 0.21%             | 2026-10-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Milford Central School District                                                  | Milford Central School District                                                                                                                    | CUSIP: 599603JM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500462.90   | 0.06%             | 2025-12-12      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Town of Milton NY                                                                | Town of Milton                                                                                                                                     | CUSIP: 602117AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3514822.85   | 0.15%             | 2026-07-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                             | Minneapolis-St Paul Metropolitan Airports Commission, Series 2023A                                                                                 | CUSIP: 603827L87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51286.52     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St. Paul Metropolitan Airports Commission                            | Minneapolis-St. Paul Metropolitan Airports Commission, Series A                                                                                    | CUSIP: 603827WS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $82110.42     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                             | Minneapolis-St Paul Metropolitan Airports Commission, Series A                                                                                     | CUSIP: 603827WU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35817.31     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Various Purpose, Series 2025D                                                                                                  | CUSIP: 60412A2K8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5205865.00   | 0.22%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Series 2019B                                                                                                                   | CUSIP: 60412ARP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36441.06     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Series 2022A                                                                                                                   | CUSIP: 604146GB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1324062.59   | 0.06%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Health & Education Facilities Authority                                | Minnesota Health and Education Facilities Authority, Carleton College, Series 2017                                                                 | CUSIP: 60416H3C6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30173.21     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                               | Mission Economic Development Corp., Republic Services, Inc., Project, Series 2020A                                                                 | CUSIP: 605155BQ2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2300000 | PA      | $2300623.07   | 0.10%             | 2050-05-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                               | Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project, Series 2010H                         | CUSIP: 60528ABY9<br>LEI: 549300DYV074JUDKBQ77 | Long             | STIV             | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.62%             | 2035-11-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | Mississippi Development Bank, Desoto County Mississippi Highway Project, Series 2024A                                                              | CUSIP: 60534XWR3<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1606508.40   | 0.07%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2016B                                                                                                                 | CUSIP: 605581HW0<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512823.40    | 0.02%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                               | Missouri Development Finance Board, Procter & Gamble Co. Project, Series 1999                                                                      | CUSIP: 60636LAA7<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    700000 | PA      | $742462.07    | 0.03%             | 2029-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Missouri Highway & Transportation Commission                                     | Missouri Highway and Transportation Commission, State Appropriations Mega Projects State Road, Series 2025A                                        | CUSIP: 60636WTL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9100000 | PA      | $9614948.07   | 0.40%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Public Utilities Commission                                             | Missouri Public Utilities Commission                                                                                                               | CUSIP: 606374AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7256250.23   | 0.30%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, St. Louis University                                                         | CUSIP: 60637AKS0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70653.69     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group, Series 2018F                                | CUSIP: 60637AMU3<br>LEI: 549300IWTBCMX5JB3277 | Long             | STIV             | MUN               | US        |  14700000 | PA      | $14700000.00  | 0.61%             | 2036-06-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, Mercy Health, Series 2018A                                                   | CUSIP: 60637ANA6<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21013.90     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, Mercy Health, Series 2018A                                                   | CUSIP: 60637ANB4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42315.56     | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, BJC Health System, Series 2021B                                              | CUSIP: 60637ATQ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5527235.45   | 0.23%             | 2051-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, Series 2021C                                                                 | CUSIP: 60637ATR3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049943.30   | 0.04%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Monmouth County Improvement Authority (The)                                      | Monmouth County Improvement Authority (The)                                                                                                        | CUSIP: 60956PS78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15525000 | PA      | $15584449.88  | 0.65%             | 2026-03-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe Local School District                                                     | Monroe Local School District                                                                                                                       | CUSIP: 611237CY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000169.40   | 0.08%             | 2025-12-04      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Monroe Local School District                                                     | Monroe Local School District                                                                                                                       | CUSIP: 611237CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3240341.44   | 0.13%             | 2026-12-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                          | County of Montgomery, Series 2018A                                                                                                                 | CUSIP: 61334PAH6<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76693.55     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                          | County of Montgomery, Dayton Children's Hospital, Series 2021                                                                                      | CUSIP: 613520NK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $430694.92    | 0.02%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TX                                                          | County of Montgomery, Series 2025A                                                                                                                 | CUSIP: 613682BA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3780507.96   | 0.16%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Montville NJ                                                         | Township of Montville                                                                                                                              | CUSIP: 615298NN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6081616.20   | 0.25%             | 2026-11-03      | 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: 626207W42<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002007.90   | 0.04%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Muskingum OH                                                           | County of Muskingum, Limited Tax                                                                                                                   | CUSIP: 628076NE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8003896.00   | 0.33%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Nahant MA                                                                | Town of Nahant                                                                                                                                     | CUSIP: 629785GJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017831.60   | 0.08%             | 2026-07-24      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series 2016A                                                                                                       | CUSIP: 63968AH40<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60107.59     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series C                                                                                                           | CUSIP: 63968AP33<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125220.50    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series B                                                                                                           | CUSIP: 63968AV44<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25049.11     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series A-1                                                                                                         | CUSIP: 63968AZQ1<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50085.71     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series A-1                                                                                                         | CUSIP: 63968AZR9<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35058.56     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series A-1                                                                                                         | CUSIP: 63968AZT5<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65104.42     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                                  | State of Nevada, Capital Improvement and Cultural Affairs, Series 2019A                                                                            | CUSIP: 641462FM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $87905.00     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                                  | State of Nevada, Water Pollution Control, Series 2019E                                                                                             | CUSIP: 641462GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31205.18     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                                  | State of Nevada, Series 2025A                                                                                                                      | CUSIP: 641462WJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1530154.65   | 0.06%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health and Education Facilities Authority Act, Series 2015B                                                                          | CUSIP: 64461XJY2<br>LEI: 549300CNCK7OT82W5653 | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2507478.25   | 0.10%             | 2040-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| New Hampshire Municipal Bond Bank                                                | New Hampshire Municipal Bond Bank, Series 2022C                                                                                                    | CUSIP: 64465QKU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31212.67     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                         | County of New Hanover, New Hanover Regional Medical Center, Series 2017                                                                            | CUSIP: 644804FA9<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1648291.23   | 0.07%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Children's Health System of Texas Project, Series 2017A                                      | CUSIP: 645424AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1812733.13   | 0.08%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Building Authority                                                    | New Jersey Building Authority, Series 2016A                                                                                                        | CUSIP: 645771ZK5<br>LEI: 549300YJLPPJFRLYB368 | Long             | DBT              | MUN               | US        |    900000 | PA      | $911659.41    | 0.04%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2019GGG                                                          | CUSIP: 64577B6K5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2548482.25   | 0.11%             | 2026-09-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series A                                                                                                | CUSIP: 64577BC93<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25656.74     | 0.00%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series WW                                                               | CUSIP: 64577BKD5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150179.09    | 0.01%             | 2028-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series 2017DDD                                                                                          | CUSIP: 64577BL28<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46668.63     | 0.00%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2024SSS                                                          | CUSIP: 64577XET9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2480871.72   | 0.10%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2024SSS                                                          | CUSIP: 64577XEU6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1450471.40   | 0.06%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group, Series 2019B-3                                             | CUSIP: 645790MD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4535000 | PA      | $4595143.17   | 0.19%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, COVID-19 Emergency Bonds, Series 2020A                                                                                        | CUSIP: 646039YK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023593.60   | 0.08%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, COVID-19 Emergency Bonds, Series 2020A                                                                                        | CUSIP: 646039YL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $113899.85    | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | New Jersey Higher Education Student Assistance Authority, Senior Student Loan Immediate Delivery, Series 2025-2                                    | CUSIP: 646080YZ8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9069581.70   | 0.38%             | 2056-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series 2016A-1                                                      | CUSIP: 6461362C4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    460000 | PA      | $464967.36    | 0.02%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2006C                                                                | CUSIP: 646136ET4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3001592.30   | 0.12%             | 2030-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Capital Appreciation, Series 2010A                                                                 | CUSIP: 646136XF3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2267722.04   | 0.09%             | 2028-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2014A                                                                                                        | CUSIP: 6461394W2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    220000 | PA      | $220368.10    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2005D-2                                                                                                      | CUSIP: 646139ZW8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  16890000 | PA      | $16926798.24  | 0.70%             | 2026-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2005D-3                                                                                                      | CUSIP: 646139ZX6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    900000 | PA      | $901960.83    | 0.04%             | 2026-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2023AA                                                              | CUSIP: 64613CCZ9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1898323.50   | 0.08%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2017E                                                                                                        | CUSIP: 646140BW2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025827.70   | 0.04%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2018A                                                                 | CUSIP: 64711RMB9<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     70000 | PA      | $72663.49     | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2021A                                                                 | CUSIP: 64711RML7<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013301.30   | 0.04%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | New Mexico Mortgage Finance Authority, Santee Apartments and Sangre De Cristo Project                                                              | CUSIP: 64719HEP1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.04%             | 2042-02-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| State of New Mexico                                                              | State of New Mexico, Capital Projects                                                                                                              | CUSIP: 647293SJ9<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45264.26     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                 | State of New Mexico Severance Tax Permanent Fund, Series 2018A                                                                                     | CUSIP: 6473102Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46696.89     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                 | State of New Mexico Severance Tax Permanent Fund, Series 2021A                                                                                     | CUSIP: 6473103S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $68902.83     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA Water System Revenue                                      | City of New Orleans, Water System, Series 2015                                                                                                     | CUSIP: 647753LT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2019, Series A                                                                                                       | CUSIP: 64966ME39<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    120000 | PA      | $121912.44    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2017, Series 2014I, Subseries I-3                                                                                    | CUSIP: 64966MJM2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    745000 | PA      | $765021.73    | 0.03%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2019, Series 2019E                                                                                                   | CUSIP: 64966MQ51<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    135000 | PA      | $140382.81    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2023, Series 2023, Subseries F-1                                                                                     | CUSIP: 64966Q2D1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203187.40    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2008, Series 2018 J-11                                                                                               | CUSIP: 64966QBK5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86354.65     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2023, Series 2024, Subseries A-1                                                                                     | CUSIP: 64966QE63<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    180000 | PA      | $183229.29    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2024, Series 2024E                                                                                                   | CUSIP: 64966SCX2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    800000 | PA      | $863715.60    | 0.04%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2025, Series 2025A                                                                                                   | CUSIP: 64966SFR2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058721.80   | 0.04%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2025, Series 2025F                                                                                                   | CUSIP: 64966SKC9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1081972.91   | 0.04%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2014, Series 2014I, Subseries I-3                                                                                    | CUSIP: 64966SMQ6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |  25000000 | PA      | $25000000.00  | 1.04%             | 2044-03-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2026, Series 2026B, Subseries B-1                                                                                    | CUSIP: 64966SPX8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3848629.40   | 0.16%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series 2017A-1                                                                    | CUSIP: 64971WL40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25225.48     | 0.00%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series B1                                                                         | CUSIP: 64971WXE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5030000 | PA      | $5045720.26   | 0.21%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series C                                                                          | CUSIP: 64971WYC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80137.38     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Fiscal Year 2018, Series 2018B-1                                                  | CUSIP: 64971XCJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20732.37     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019, Series B-5                                                     | CUSIP: 64971XHV3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  25000000 | PA      | $25000000.00  | 1.04%             | 2042-08-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2022, Series 2020B-1                                                   | CUSIP: 64971XMU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81807.19     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series 2023A, Subseries A-1                                                       | CUSIP: 64971XV54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96588.88     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023, Series 2023, Subseries B-1   | CUSIP: 64972GC44<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.42%             | 2044-06-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Water and Sewer System, Second General Resolution, Series BB 1B                                                                      | CUSIP: 64972GMK7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.42%             | 2049-06-15      | Variable      | 2.90%                 | 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 2015, Series 2015BB-4              | CUSIP: 64972GRG1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |  17000000 | PA      | $17000000.00  | 0.71%             | 2050-06-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Series 2019S-2A                                                                         | CUSIP: 64972HT44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25929.19     | 0.00%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Series 2016S-1                                                                          | CUSIP: 64972HYJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25073.61     | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018, Series S-1                                                           | CUSIP: 64972HZN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $108623.03    | 0.00%             | 2028-07-15      | 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 2025, Series 2021 Subseries A-1                                      | CUSIP: 64972JJH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40903.60     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025C, Subseries C-1                                    | CUSIP: 64972JLR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3725075.52   | 0.15%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025C, Subseries C-1                                    | CUSIP: 64972JLS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3265000 | PA      | $3454032.73   | 0.14%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025C, Subseries C-1                                    | CUSIP: 64972JLT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2157661.60   | 0.09%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025F, Subseries F-1                       | CUSIP: 64972JPW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2179847.60   | 0.09%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025F, Subseries F-1                       | CUSIP: 64972JPX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1557835.30   | 0.06%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025H, Sub H-1                             | CUSIP: 64972JSM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1907366.65   | 0.08%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025-J, Subseries J-1                      | CUSIP: 64972JTW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2093141.60   | 0.09%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                               | CUSIP: 64985SCY7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2613646.75   | 0.11%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                               | CUSIP: 64985SCZ4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068247.80   | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | New York State Housing Finance Agency, State Personal Income Tax, Series 2024A-2                                                                   | CUSIP: 649870NG3<br>LEI: 5493000LS7KCDB02O506 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2003452.80   | 0.08%             | 2054-06-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Sales Tax, Series 2016A                                                                                  | CUSIP: 64990AUM5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86453.36     | 0.00%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Sales Tax, Series 2016A                                                                                  | CUSIP: 64990AUN3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35631.45     | 0.00%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, New York University, Series 2017A                                                                              | CUSIP: 64990CA92<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25953.46     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, Series 2016D                                                                        | CUSIP: 64990F4T8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    310000 | PA      | $311483.82    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, Series 2016D                                                                        | CUSIP: 64990F4U5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30152.98     | 0.00%             | 2026-02-15      | 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 2018A                                                       | CUSIP: 64990F4W1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20143.93     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, Series 2021E                                                                        | CUSIP: 64990FJ62<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    205000 | PA      | $216247.39    | 0.01%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, Series 2017BGRP 1                                                                   | CUSIP: 64990FZ80<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85406.85     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, Series 2021A                                                                        | CUSIP: 64990FZF4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    180000 | PA      | $185844.15    | 0.01%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2018-1                                                                                                  | CUSIP: 64990GES7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20061.74     | 0.00%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Touro College and University System                                                                            | CUSIP: 64990H6X3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    615000 | PA      | $644751.49    | 0.03%             | 2047-01-01      | 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 2025C                                                       | CUSIP: 64990KHK2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3481069.05   | 0.14%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2024A                                                                                                   | CUSIP: 65000BW53<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020269.90   | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Sales Tax, Series 2024A                                                                                        | CUSIP: 65000BW61<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1150004.57   | 0.05%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                   | Empire State Development Corp., State Personal Income Tax, General Purpose, Series 2016A                                                           | CUSIP: 650035U30<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25179.91     | 0.00%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                   | Empire State Development Corp., State Personal Income Tax, Series 2022A                                                                            | CUSIP: 650036GQ3<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20900.43     | 0.00%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Newburgh NY                                                              | Town of Newburgh                                                                                                                                   | CUSIP: 65087RBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2506747.75   | 0.10%             | 2026-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Eastern Municipal Power Agency                                    | North Carolina Eastern Municipal Power Agency, Series 1993B                                                                                        | CUSIP: 658196PK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165432.81    | 0.01%             | 2026-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                      | North Carolina Municipal Power Agency No. 1, Series 2016A                                                                                          | CUSIP: 6582034L5<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    265000 | PA      | $268480.48    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                      | North Carolina Municipal Power Agency No. 1, Series 2016A                                                                                          | CUSIP: 6582034M3<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253302.33    | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                      | North Carolina Municipal Power Agency No. 1, Series A                                                                                              | CUSIP: 658203W91<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65124.93     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 52-C                                                                       | CUSIP: 6582074F9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   9500000 | PA      | $9500000.00   | 0.39%             | 2049-07-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 55-C                                                                       | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3998186.80   | 0.17%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Caromont Health, Series 2021B                                                                              | CUSIP: 65820HN90<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1293664.89   | 0.05%             | 2051-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | State of North Carolina, Series 2018A                                                                                                              | CUSIP: 6582563L4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50627.32     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | State of North Carolina, Series 2016 A                                                                                                             | CUSIP: 658256Z54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50627.32     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | State of North Carolina, Series 2014C                                                                                                              | CUSIP: 65829QCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $440467.54    | 0.02%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | State of North Carolina, Limited Obligation, Series 2017B                                                                                          | CUSIP: 65829QCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $542348.36    | 0.02%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Harris County Regional Water Authority                                     | North Harris County Regional Water Authority, Senior Lien, Series 2016                                                                             | CUSIP: 65956NGQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76757.02     | 0.00%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Harris County Regional Water Authority                                     | North Harris County Regional Water Authority, Senior Lien, Series 2016                                                                             | CUSIP: 65956NGR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $542214.80    | 0.02%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Harris County Regional Water Authority                                     | North Harris County Regional Water Authority, Senior Lien, Series 2016                                                                             | CUSIP: 65956NGS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $194334.09    | 0.01%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Middlesex Regional School District/MA                                      | North Middlesex Regional School District                                                                                                           | CUSIP: 661139NU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5774720.73   | 0.24%             | 2026-10-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                                        | Borough of North Slope                                                                                                                             | CUSIP: 662523X53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2978512.08   | 0.12%             | 2027-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series 2020C                                                                                           | CUSIP: 66285WA30<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    325000 | PA      | $325620.78    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Series 2016A                                                                                                        | CUSIP: 66285WSG2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30057.61     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series A                                                                                                | CUSIP: 66285WVQ6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45062.57     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series B                                                                                               | CUSIP: 66285WWX0<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50092.04     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series 2019B                                                                                           | CUSIP: 66285WZJ8<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76909.48     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series 2019B                                                                                           | CUSIP: 66285WZL3<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    215000 | PA      | $229857.38    | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | Northern Illinois Municipal Power Agency, Series 2016A                                                                                             | CUSIP: 665250CK0<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |    175000 | PA      | $178878.21    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | Northern Illinois Municipal Power Agency, Series 2016A                                                                                             | CUSIP: 665250CN4<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1206177.49   | 0.05%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                            | Northwest Independent School District, Unlimited Tax                                                                                               | CUSIP: 6678253D3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25119.14     | 0.00%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Infrastructure Improvement, Series 2020B                                                                                            | CUSIP: 6775222S2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4064762.40   | 0.17%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Common School, Series 2015A                                                                                                         | CUSIP: 677522BX1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    115000 | PA      | $117205.63    | 0.00%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Series 2016A                                                                                                                        | CUSIP: 677522KE3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35138.76     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Series 2017V                                                                                                                        | CUSIP: 677522VG6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102026.99    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Common School, Series 2017B                                                                                                         | CUSIP: 677522VL5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50958.97     | 0.00%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Higher Education, Series 2025B                                                                                                      | CUSIP: 677523KA9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1659407.90   | 0.07%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Infrastructure Improvement, Series 2025A                                                                                            | CUSIP: 677523KL5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4406160.40   | 0.18%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Common School, Series 2025A                                                                                                         | CUSIP: 677523LE0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   8130000 | PA      | $8823536.97   | 0.37%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Common School, Series 2025A                                                                                                         | CUSIP: 677523LF7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8313423.75   | 0.35%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Higher Education, Series 2025C                                                                                                      | CUSIP: 677523NA6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   7560000 | PA      | $7912075.25   | 0.33%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | Ohio Air Quality Development Authority, American Electric Power Co. Project, Series 2014D                                                          | CUSIP: 677525WY9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997118.40   | 0.08%             | 2026-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Cleveland Clinic Health System, Series 2019F                                                                                        | CUSIP: 677561LD2<br>LEI: 5493005LEB5E170OMX59 | Long             | STIV             | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.62%             | 2052-01-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | Ohio Higher Educational Facility Commission, Case Western Reserve University Project, Series 2018                                                  | CUSIP: 67756DRE8<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    120000 | PA      | $122841.25    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | Ohio Higher Educational Facility Commission, Case Western Reserve University Project, Series 2018                                                  | CUSIP: 67756DRH1<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41683.74     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, State Infrastructure Project, Series 2016-1                                                                                         | CUSIP: 677581GG9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100091.95    | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, State Infrastructure Improvement, Series 2016-1                                                                                     | CUSIP: 677581GK0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012380.70   | 0.04%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Major New State Infrastructure Project, Series 2024-1                                                                               | CUSIP: 677581JS0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1294657.79   | 0.05%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Capital Facilities Lease Appropriation, Park and Recreation Improvement Fund Project, Series 2016C                                  | CUSIP: 67759HHW7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46091.99     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                        | Ohio Turnpike and Infrastructure Commission, Series 1998A                                                                                          | CUSIP: 67760HCH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1809970.56   | 0.08%             | 2026-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                      | Ohio State University (The), Series 2021A                                                                                                          | CUSIP: 677632L41<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |    225000 | PA      | $230372.28    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                      | Ohio State University (The), Series 2023A-1                                                                                                        | CUSIP: 677632P39<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.42%             | 2043-06-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                      | Ohio State University (The), Series 2010D                                                                                                          | CUSIP: 677632ZF1<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2015B                                                                   | CUSIP: 67766WXB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750000.00    | 0.03%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2015B                                                                   | CUSIP: 67766WXG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2020B                                                                   | CUSIP: 67766WZP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Voting System Acquisition Project                                                                                                   | CUSIP: 677905DL2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20336.01     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                         | City of Oklahoma City                                                                                                                              | CUSIP: 6785192J7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2675755.42   | 0.11%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                         | City of Oklahoma City                                                                                                                              | CUSIP: 6785192K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1550853.82   | 0.06%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                         | City of Oklahoma City, Series 2016                                                                                                                 | CUSIP: 678519TV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029136.70   | 0.04%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Municipal Power Authority                                               | Oklahoma Municipal Power Authority, Power Supply System, Series 2021A                                                                              | CUSIP: 67910HQU7<br>LEI: 54930074Q1M8747DCS20 | Long             | DBT              | MUN               | US        |     65000 | PA      | $66552.30     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | Orange County Health Facilities Authority, Orlando Health Obligated Group, Series 2019B                                                            | CUSIP: 68450LGA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50943.08     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2016B                                                                                                           | CUSIP: 684517RF4<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50742.51     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2016B                                                                                                           | CUSIP: 684517RG2<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55827.34     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2016C                                                                                                           | CUSIP: 684517RW7<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25401.10     | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2016C                                                                                                           | CUSIP: 684517RX5<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4267383.96   | 0.18%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2017B                                                                                                           | CUSIP: 684517SD8<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2271385.44   | 0.09%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2017C                                                                                                           | CUSIP: 684517SH9<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |     85000 | PA      | $90142.34     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                          | Orange County Convention Center, Series 2017                                                                                                       | CUSIP: 684545A71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $519407.21    | 0.02%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Public Facilities Co.                                              | Orange County Public Facilities Co.                                                                                                                | CUSIP: 684618CM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $178574.97    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                     | State of Oregon Department of Transportation, Series A                                                                                             | CUSIP: 68607DSW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $230300.69    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon, Article XI-M Seismic Project & Article XI-Q State Project, Series F                                                               | CUSIP: 68609BSM0<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30283.73     | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon, Article XI-G Project, Series 2025G                                                                                                | CUSIP: 68609USA4<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3535453.96   | 0.15%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                     | Orlando Utilities Commission, Series 2020A                                                                                                         | CUSIP: 686507JP0<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26090.17     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Oswego IL                                                             | Village of Oswego, Series 2016                                                                                                                     | CUSIP: 688664QB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1381152.30   | 0.06%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Owego Apalachin Central School District                                          | Owego Apalachin Central School District, Series 2025A                                                                                              | CUSIP: 690632HU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2518730.25   | 0.10%             | 2026-07-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Owego Apalachin Central School District                                          | Owego Apalachin Central School District, Series 2025B                                                                                              | CUSIP: 690632HV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2520156.25   | 0.10%             | 2026-07-17      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Town of Oxford MA                                                                | Town of Oxford                                                                                                                                     | CUSIP: 691582HP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3009454.50   | 0.13%             | 2026-03-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of Palisades Park NJ                                                     | Borough of Palisades Park, Swimming Pool Utility                                                                                                   | CUSIP: 696395GD8<br>LEI: 549300SF9JNNWFAZGA56 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005667.40   | 0.08%             | 2026-03-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2017A                                                                                                    | CUSIP: 696550C26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $186689.21    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2018A                                                                                                    | CUSIP: 696550D82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $639355.63    | 0.03%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2018B                                                                                                    | CUSIP: 696550F31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $414864.92    | 0.02%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2018C                                                                                                    | CUSIP: 696550G63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $121881.36    | 0.01%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2022B                                                                                                    | CUSIP: 696550J45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $192821.54    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Solid Waste Authority                                          | Palm Beach County Solid Waste Authority, Series 2015                                                                                               | CUSIP: 696560KB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80548.83     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Parsippany-Troy Hills NJ                                             | Township of Parsippany-Troy Hills                                                                                                                  | CUSIP: 701859U81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12163382.40  | 0.51%             | 2026-10-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pasco County School Board                                                        | Pasco County School Board, Series 2022A                                                                                                            | CUSIP: 702528MZ0<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |     80000 | PA      | $83132.54     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                                       | Passaic County Improvement Authority (The), City of Paterson Project                                                                               | CUSIP: 702755DM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $356045.83    | 0.01%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project                                                             | CUSIP: 708692BG2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000271.40   | 0.04%             | 2045-08-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project, Series 2017A                                               | CUSIP: 708692BJ6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2900000 | PA      | $2906750.91   | 0.12%             | 2037-08-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Series 2021A                                                | CUSIP: 708692BT4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   7000000 | PA      | $7006594.70   | 0.29%             | 2041-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center, Series 2016                                        | CUSIP: 70869PLH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55857.73     | 0.00%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center, Series 2017A                                       | CUSIP: 70870JAK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66315.00     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2018A                                                                                                         | CUSIP: 709144NL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $419248.83    | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2025A                                                                                                         | CUSIP: 70914P4N9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11695436.50  | 0.49%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2025B                                                                                                         | CUSIP: 70914P4X7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1957721.54   | 0.08%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2025B                                                                                                         | CUSIP: 70914P4Z2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3987080.63   | 0.17%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 1ST                                                                                                           | CUSIP: 70914PB68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $840692.66    | 0.03%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2016                                                                                                          | CUSIP: 70914PE32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $788799.50    | 0.03%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, Series 2017AU-2                                                                              | CUSIP: 70917TJC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10309.54     | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, Series 2017AU-2                                                                              | CUSIP: 70917TQG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5154.77      | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, State System Higher Education, Series 2017AU-2                                               | CUSIP: 70917TQL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36251.58     | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | Pennsylvania Turnpike Commission Oil Franchise Tax, Series A                                                                                       | CUSIP: 709221UC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | Pennsylvania Turnpike Commission Oil Franchise Tax, Series B                                                                                       | CUSIP: 709221UV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $495927.97    | 0.02%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission                                                                                                                   | CUSIP: 7092248P7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | STIV             | MUN               | US        |  35000000 | PA      | $35000000.00  | 1.45%             | 2039-12-01      | Variable      | 2.81%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2017                                                                                                      | CUSIP: 709224A41<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52259.64     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2015B                                                                                                     | CUSIP: 709224KV0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1675000.00   | 0.07%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2019                                                                                                      | CUSIP: 709224L31<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    205000 | PA      | $205000.00    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016                                                                                                      | CUSIP: 709224LK3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Subordinate, Series A-2                                                                                          | CUSIP: 709224NH8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022241.40   | 0.08%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016B                                                                                                     | CUSIP: 709224PC7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75859.26     | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016A-1                                                                                                   | CUSIP: 709224PV5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101192.86    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2019A                                                                                                     | CUSIP: 709224R35<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    215000 | PA      | $220476.18    | 0.01%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016A-3                                                                                                   | CUSIP: 709224RD3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1385228.15   | 0.06%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2020B                                                                                                     | CUSIP: 709225AF3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    400000 | PA      | $409267.24    | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2021C                                                                                                     | CUSIP: 709225ED4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102316.81    | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University (The)                                              | Pennsylvania State University (The), Series B                                                                                                      | CUSIP: 709235XT7<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40638.08     | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia Water and Wastewater, Series 2017                                                                                             | CUSIP: 717813TB5<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57135.32     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2019B                                                                                                                 | CUSIP: 717813XC8<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42015.14     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2021A                                                                                                                 | CUSIP: 717813YM5<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50472.47     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2019                                                                                     | CUSIP: 71781QFC7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    200000 | PA      | $212723.08    | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2019                                                                                     | CUSIP: 71781QFD5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |     75000 | PA      | $81251.27     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., 1998 General Ordinance, Series 14TH                                                                                    | CUSIP: 7178238D3<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30542.89     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., 1998 General Ordinance, Series 14TH                                                                                    | CUSIP: 7178238F8<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    300000 | PA      | $305261.67    | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., 1998 General Ordinance, Series 14TH                                                                                    | CUSIP: 7178238G6<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    325000 | PA      | $330727.15    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series F                                                                                                    | CUSIP: 717883TD4<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5068145.00   | 0.21%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series 2019A                                                                                                | CUSIP: 717883VW9<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73999.64     | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series 2019B                                                                                                | CUSIP: 717883WT5<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017175.10   | 0.04%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | City of Philadelphia Water and Wastewater, Series 1997A                                                                                            | CUSIP: 717893NS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41520.24     | 0.00%             | 2027-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | City of Philadelphia Water and Wastewater, Series 2014A                                                                                            | CUSIP: 717893YS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1802838.78   | 0.07%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Junior Lien, Airport System, Series 2017D                                                                 | CUSIP: 71883MMN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56971.50     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Junior Lien, Water System, Series 2014B                                                                   | CUSIP: 71883RNK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170596.45    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp.                                                                                                            | CUSIP: 71885KAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1245042.24   | 0.05%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Piedmont Municipal Power Agency                                                  | Piedmont Municipal Power Agency, Series 2015A                                                                                                      | CUSIP: 720175XW3<br>LEI: 549300C7VOBGIG4OD375 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1302165.54   | 0.05%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 3 Puyallup                                     | Pierce County School District No. 3 Puyallup, Unlimited Tax, Series 2022B                                                                          | CUSIP: 720390A29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 10 Tacoma                                      | Pierce County School District No. 10 Tacoma, Unlimited Tax, Series 2015                                                                            | CUSIP: 720424ZA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2190000.00   | 0.09%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 10 Tacoma                                      | Pierce County School District No. 10 Tacoma, Unlimited Tax                                                                                         | CUSIP: 720424ZD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 10 Tacoma                                      | Pierce County School District No. 10 Tacoma, Series 2015                                                                                           | CUSIP: 720424ZE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.04%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 10 Tacoma                                      | Pierce County School District No. 10 Tacoma, Unlimited Tax, Series 2015                                                                            | CUSIP: 720424ZG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2100000.00   | 0.09%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 320 Sumner                                     | Pierce County School District No. 320 Sumner, Series 2016                                                                                          | CUSIP: 720526XJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pima AZ                                                                | County of Pima                                                                                                                                     | CUSIP: 721664KM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105000.00    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pima AZ Sewer System Revenue                                           | County of Pima Sewer System, Series 2020B                                                                                                          | CUSIP: 721876UX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41486.85     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Piscataway NJ                                                        | Township of Piscataway                                                                                                                             | CUSIP: 724292YW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10137939.00  | 0.42%             | 2026-10-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pittsburg County Educational Facilities Authority                                | Pittsburg County Educational Facilities Authority, McAlester Public Schools Project                                                                | CUSIP: 72460MAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252424.50    | 0.01%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pittsburgh PA                                                            | City of Pittsburgh, Series 2020A                                                                                                                   | CUSIP: 725209NM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $305217.78    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pittsfield MA                                                            | City of Pittsfield                                                                                                                                 | CUSIP: 725464KW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3111402.73   | 0.13%             | 2026-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                | Plano Independent School District, Unlimited Tax                                                                                                   | CUSIP: 727199D81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3604150.55   | 0.15%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                | Plano Independent School District, Unlimited Tax                                                                                                   | CUSIP: 727199E23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1928040.48   | 0.08%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                | Plano Independent School District, Series 2016A                                                                                                    | CUSIP: 727199XH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80399.72     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PMA Levy & Aid Anticipation Notes Program                                        | PMA Levy and Aid Anticipation Notes Program, Series 2025B                                                                                          | CUSIP: 730146DQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3053457.60   | 0.13%             | 2026-09-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Point Pleasant Beach NJ                                               | Borough of Point Pleasant Beach                                                                                                                    | CUSIP: 730570HR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4049758.80   | 0.17%             | 2026-11-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Polk County School District                                                      | Polk County School District, Series 2019B                                                                                                          | CUSIP: 731125LC2<br>LEI: 549300N07FMPTRZO0044 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110187.95    | 0.00%             | 2026-01-01      | 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 177TH                                                                              | CUSIP: 73358WME1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400235.36    | 0.02%             | 2030-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 183                                                                                | CUSIP: 73358WRR7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160136.99    | 0.01%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 246                                                                                | CUSIP: 73358XNF5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   8250000 | PA      | $8368303.35   | 0.35%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2022A                                                                                                   | CUSIP: 735389S58<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60951.82     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2022A                                                                                                   | CUSIP: 735389S66<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259714.33    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2022A                                                                                                   | CUSIP: 735389S74<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    145000 | PA      | $154292.83    | 0.01%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series C                                                                                                       | CUSIP: 735389WF1<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1401366.26   | 0.06%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2016                                                                                                    | CUSIP: 735389YE2<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55214.41     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2016                                                                                                    | CUSIP: 735389YF9<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    465000 | PA      | $466675.02    | 0.02%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien                                                                                                                 | CUSIP: 735389YG7<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165622.25    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2016                                                                                                    | CUSIP: 735389YH5<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155566.17    | 0.01%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series A                                                                                                       | CUSIP: 735389YL6<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46487.64     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portsmouth VA                                                            | City of Portsmouth, Series 2017A                                                                                                                   | CUSIP: 73723RYJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $71070.13     | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                     | County of Prince George's, Series 2025A                                                                                                            | CUSIP: 741702CZ5<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2330695.81   | 0.10%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Provo City School District Municipal Building Authority                          | Provo City School District Municipal Building Authority, Series 2022                                                                               | CUSIP: 74414LAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $200951.24    | 0.01%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021C                                                                                                             | CUSIP: 74442PL52<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1970000 | PA      | $2096964.73   | 0.09%             | 2041-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, KU Campus Development Corp., Center District Development Project, Series 2016                                            | CUSIP: 74444YAJ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120565.54    | 0.01%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Duke Energy Progress Project, Series 2022B                                                                               | CUSIP: 74447HAC2<br>LEI: 5493004S6D3NA627K012 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1023907.30   | 0.04%             | 2046-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Purdue University                                                                | Purdue University, Series EE                                                                                                                       | CUSIP: 746189ZA0<br>LEI: 254900FDUYUVV8EQOC75 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36336.97     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Queen Creek AZ Excise Tax Revenue                                        | Town of Queen Creek Excise Tax                                                                                                                     | CUSIP: 74823YFQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1256591.08   | 0.05%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                 | Raleigh Durham Airport Authority, Series 2020B                                                                                                     | CUSIP: 751073MM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $136350.14    | 0.01%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Housing Authority                                                        | Raleigh Housing Authority, Toulun Place                                                                                                            | CUSIP: 751115BT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4150000.00   | 0.17%             | 2026-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Randolph Central School District                                                 | Randolph Central School District                                                                                                                   | CUSIP: 752691FV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5035685.00   | 0.21%             | 2026-06-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Rankin Independent School District                                               | Rankin Independent School District, Unlimited Tax                                                                                                  | CUSIP: 753177EU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1255957.00   | 0.05%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District Sales Tax Revenue                               | Regional Transportation District Sales Tax, Series 2023A                                                                                           | CUSIP: 759136VP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61358.70     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Denver Transit Partners, Series 2020A                                                                            | CUSIP: 759151AY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $109944.12    | 0.00%             | 2026-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Denver Transit Partners, Series 2020A                                                                            | CUSIP: 759151AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $227257.52    | 0.01%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                | Regional Transportation Authority, Series 2017A                                                                                                    | CUSIP: 7599112Z2<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |    285000 | PA      | $294322.24    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                | Regional Transportation Authority, Series 2017A                                                                                                    | CUSIP: 7599113A6<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1751851.19   | 0.07%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2016B                                                                            | CUSIP: 762232AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $116337.70    | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2016B                                                                            | CUSIP: 762232AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $343833.02    | 0.01%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2016B                                                                            | CUSIP: 762232AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $444546.83    | 0.02%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2020A                                                                            | CUSIP: 762232BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $295353.69    | 0.01%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rib Floater Trust Various States                                                 | RIB Floater Trust Various States, Series 2022-046                                                                                                  | CUSIP: 76252PXR5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  31410000 | PA      | $31410000.00  | 1.31%             | 2058-03-01      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| City of Richmond VA                                                              | City of Richmond, Series 2017D                                                                                                                     | CUSIP: 76541VSZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25151.18     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA                                                              | City of Richmond, Series 2017D                                                                                                                     | CUSIP: 76541VTA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30919.10     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ridge Road Fire District                                                         | Ridge Road Fire District                                                                                                                           | CUSIP: 765743DM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2325020.09   | 0.10%             | 2026-10-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Riley County Unified School District No. 383 Manhattan-Ogden                     | Riley County Unified School District No. 383, Manhattan-Ogden, Series 2018A                                                                        | CUSIP: 766651RE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62475.62     | 0.00%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                              | City of St. Cloud, Centracare Health System, Series 2016A                                                                                          | CUSIP: 78916VDK3<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    140000 | PA      | $141201.40    | 0.01%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Louis MO Airport Revenue                                              | City of St. Louis Airport, Series 2005                                                                                                             | CUSIP: 791638VF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $245191.79    | 0.01%             | 2027-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of St Louis MO Airport Revenue                                              | City of St Louis Airport, Lambert St. Louis International Airport, Series 2005                                                                     | CUSIP: 791638VG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21413.43     | 0.00%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of St Lucie FL                                                            | County of St. Lucie, Power and Light Co., Project                                                                                                  | CUSIP: 792070BH6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.42%             | 2028-09-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | City of Salt Lake City, Series 2021A                                                                                                               | CUSIP: 795576JP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1881717.35   | 0.08%             | 2031-07-01      | 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 2019A                                              | CUSIP: 79574CDM2<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |    385000 | PA      | $395135.51    | 0.02%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio, General Improvement                                                                                                           | CUSIP: 79623PCU7<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    145000 | PA      | $150960.40    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio, Combination Tax                                                                                                               | CUSIP: 79623PRR8<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1208342.03   | 0.05%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio                                                                                                                                | CUSIP: 79623PSS5<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2181057.27   | 0.09%             | 2027-02-01      | 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 2016                                                                                          | CUSIP: 7962535K4<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    235000 | PA      | $235862.43    | 0.01%             | 2026-02-01      | 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 2016                                                                                          | CUSIP: 7962535L2<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1951714.96   | 0.08%             | 2027-02-01      | 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                                                                                                       | CUSIP: 7962535P3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1374451.97   | 0.06%             | 2030-02-01      | 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 2017                                                                                          | CUSIP: 7962536D9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55201.84     | 0.00%             | 2026-02-01      | 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 2018                                                                                         | CUSIP: 79625GAE3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    505000 | PA      | $518248.93    | 0.02%             | 2027-02-01      | 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 2018A                                                                                         | CUSIP: 79625GAK9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    610000 | PA      | $612238.64    | 0.03%             | 2026-02-01      | 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 2025B                                                                                         | CUSIP: 79625GMG5<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2052471.00   | 0.09%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Public Facilities Corp.                                              | San Antonio Public Facilities Corp., Convention Center Facility Project, Series 2022                                                               | CUSIP: 796334BE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21120.06     | 0.00%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Community College District                                             | San Diego Community College District                                                                                                               | CUSIP: 797272PV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25451.25     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp. for Pickens School District                   | SCAGO Educational Facilities Corp. for Pickens School District, Series 2015                                                                        | CUSIP: 80585TCB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375000.00    | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp. for Pickens School District                   | SCAGO Educational Facilities Corp. for Pickens School District, Installment Purchase Project, Series 2015                                          | CUSIP: 80585TCC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3420000 | PA      | $3423420.00   | 0.14%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp. for Pickens School District                   | SCAGO Educational Facilities Corp. for Pickens School District                                                                                     | CUSIP: 80585TCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80080.00     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine School Administrative District No. 51                                      | Maine School Administrative District No. 51, Series 2025A                                                                                          | CUSIP: 807688KV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6400000 | PA      | $6408750.08   | 0.27%             | 2025-12-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Scottsdale Municipal Property Corp.                                              | Scottsdale Municipal Property Corp., Series 2017                                                                                                   | CUSIP: 810489SC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57098.34     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sea Isle City NJ                                                         | City of Sea Isle City                                                                                                                              | CUSIP: 811403VV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5065437.50   | 0.21%             | 2026-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                               | City of Seattle Municipal Light and Power, Series 2018A                                                                                            | CUSIP: 812643RD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185373.83    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                               | City of Seattle Municipal Light and Power, Series 2019B                                                                                            | CUSIP: 812643UD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100405.94    | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Seekonk MA                                                               | Town of Seekonk                                                                                                                                    | CUSIP: 815730NB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3420354.10   | 0.14%             | 2026-04-16      | Fixed         | 4.25%                 | 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 2025B                               | CUSIP: 821691AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2151799.00   | 0.09%             | 2044-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shenandoah IA                                                            | City of Shenandoah, Iowa Sewer Capital Loan Project                                                                                                | CUSIP: 82311CAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11900000 | PA      | $11971633.24  | 0.50%             | 2026-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sherman Central School District                                                  | Sherman Central School District                                                                                                                    | CUSIP: 824155EF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5438102.94   | 0.23%             | 2026-06-24      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                      | City of Shreveport, Water and Sewer, Junior Lien, Series 2018C                                                                                     | CUSIP: 825485WG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76386.40     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sioux Falls SD Sales Tax Revenue                                         | City of Sioux Falls Sales Tax, Series 2017A                                                                                                        | CUSIP: 829594LQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76665.91     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Somerville MA                                                            | City of Somerville, Series 2025B                                                                                                                   | CUSIP: 835241MV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11500000 | PA      | $11659813.20  | 0.48%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Broward Hospital District                                                  | South Broward Hospital District, Memorial Healthcare System                                                                                        | CUSIP: 836753LQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110533.29    | 0.00%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Custodial Receipts CR 086                                                                      | CUSIP: 837031XM0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014151.10   | 0.04%             | 2036-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Inc., Series 2025B-1                                                 | CUSIP: 83703EMV4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2185367.80   | 0.09%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Enerra South Carolina Project, Series 2024                                                     | CUSIP: 83704DAP1<br>LEI: 5493006X47I9VG3DL112 | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2498996.50   | 0.10%             | 2027-12-15      | Variable      | 3.70%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Santee Cooper, Series 2022B                                                                               | CUSIP: 837151X87<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2603970.50   | 0.11%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of South Kingstown RI                                                       | Town of South Kingstown, Series 2025-1                                                                                                             | CUSIP: 838566S40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15114114.00  | 0.63%             | 2026-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of South Miami Health Facilities Authority, Inc.                            | City of South Miami Health Facilities Authority, Inc., Baptist Health South Florida Obligated Group                                                | CUSIP: 838810DR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67387.03     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of South River NJ                                                        | Borough of South River, Water Utility, Series 2025A                                                                                                | CUSIP: 839669PM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3949933.26   | 0.16%             | 2026-12-08      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| General Authority of Southcentral Pennsylvania                                   | General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group, Series 2025A                                                      | CUSIP: 84129NNM7<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1715818.56   | 0.07%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | Southeast Energy Authority A Cooperative District, Project No. 4, Series 2022B-2                                                                   | CUSIP: 84136FBC0<br>LEI: 25490090A3RLJHITY273 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10145211.00  | 0.42%             | 2053-05-01      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority, Series 2017                                                                                    | CUSIP: 842039DU0<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |     80000 | PA      | $82572.15     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority, Series 2017                                                                                    | CUSIP: 842039DW6<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309616.26    | 0.01%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                       | Southern California Public Power Authority, Series 2023-1                                                                                          | CUSIP: 84247PMQ1<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    800000 | PA      | $811776.96    | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwest Higher Education Authority, Inc.                                       | Southwest Higher Education Authority, Inc., Southern Methodist University Project, Series 2016A                                                    | CUSIP: 845040KK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $331130.02    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg County School District No. 7                                         | Spartanburg County School District No. 7                                                                                                           | CUSIP: 847082MP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16000000 | PA      | $16198241.60  | 0.67%             | 2026-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spring Independent School District                                               | Spring Independent School District, Unlimited Tax, Series 2024B                                                                                    | CUSIP: 850001BK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $540172.00    | 0.02%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Springfield IL Electric Revenue                                          | City of Springfield Electric, Senior Lien                                                                                                          | CUSIP: 850578UA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $2024656.29   | 0.08%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Springfield MA                                                           | City of Springfield                                                                                                                                | CUSIP: 850752XC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6035947.20   | 0.25%             | 2026-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Strongsville OH                                                          | City of Strongsville, First Station Construction                                                                                                   | CUSIP: 863370XB3<br>LEI: 549300LHSNZ8QAGXUZ59 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1520594.25   | 0.06%             | 2026-12-09      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tampa Bay Water                                                                  | Tampa Bay Water, Regional Water Supply Authority, Utility System, Series 2016C                                                                     | CUSIP: 875124HB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $234564.44    | 0.01%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tampa Sports Authority                                                           | Tampa Sports Authority, Series 2015                                                                                                                | CUSIP: 875263PU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175297.92    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County College District                                                  | Tarrant County College District, Series 2020                                                                                                       | CUSIP: 87638KBV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $106789.26    | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                       | Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project, Series 2008-A                                   | CUSIP: 87638QBE8<br>LEI: 549300ROY505NVTMMI25 | Long             | STIV             | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.62%             | 2041-10-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                       | Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Series 2022F                                      | CUSIP: 87638QSG5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1191678.18   | 0.05%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                       | Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project, Series 2024B                                    | CUSIP: 87638QSH3<br>LEI: 549300ROY505NVTMMI25 | Long             | STIV             | MUN               | US        |  25000000 | PA      | $25000000.00  | 1.04%             | 2050-08-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                       | Tarrant County Cultural Education Facilities Finance Corp., Health Resources System, Series 2025B                                                  | CUSIP: 87638TJT1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   7680000 | PA      | $8248060.42   | 0.34%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant Regional Water District Water Supply System Revenue                      | Tarrant Regional Water District Water Supply System, Series 2015                                                                                   | CUSIP: 876443LK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25039.74     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                               | Tennessee Energy Acquisition Corp., Commodity Project, Series 2021A                                                                                | CUSIP: 88044TAE9<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    350000 | PA      | $353750.88    | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                            | Tennessee State School Bond Authority, Higher Educational Facilities Second Program, Series A                                                      | CUSIP: 880558JF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66439.13     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - Texas A&M University System                          | Permanent University Fund - Texas A&M University System, Series 2017A                                                                              | CUSIP: 8821173W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $83055.94     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Home Collaborative                                                         | Texas Home Collaborative, 1518 Apartments, Series 2023                                                                                             | CUSIP: 88248CAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3351744.31   | 0.14%             | 2041-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. IV                                | Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply, Series 2023A                                                                      | CUSIP: 88256PAG5<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |  12260000 | PA      | $13129638.58  | 0.55%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                   | Texas Public Finance Authority, Series 2019                                                                                                        | CUSIP: 882669BA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30113.35     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                   | Texas Public Finance Authority                                                                                                                     | CUSIP: 882669BB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25674.52     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, College Student Loan, Series 2013B                                                                                                 | CUSIP: 882723DK2<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500865.50   | 0.06%             | 2030-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Veterans, Series 2011A                                                                                                             | CUSIP: 882723H51<br>LEI: 549300X9CH74QB747L76 | Long             | STIV             | MUN               | US        |   9020000 | PA      | $9020000.00   | 0.37%             | 2041-06-01      | Variable      | 2.80%                 | 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        |   2585000 | PA      | $2700613.35   | 0.11%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Transportation Commission Mobility Fund, Series 2024                                                                               | CUSIP: 8827242C0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4271405.60   | 0.18%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Transportation Commission Mobility Fund                                                                                            | CUSIP: 8827242E6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1333907.76   | 0.06%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Public Finance Authority, Series 2017A                                                                                             | CUSIP: 882724AK3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1567087.05   | 0.07%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Water Financial Assistance, Series 2018B-3                                                                                         | CUSIP: 882724GE1<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50752.17     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Veterans Housing Assistance Program, Series 2008B                                                                                  | CUSIP: 882724GM3<br>LEI: 549300X9CH74QB747L76 | Long             | STIV             | MUN               | US        |   4155000 | PA      | $4155000.00   | 0.17%             | 2038-12-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Water Financial Assistance, Series 2021B                                                                                           | CUSIP: 882724VV6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    410000 | PA      | $410278.14    | 0.02%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas                                                                                                                                     | CUSIP: 882725CQ5<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    750000 | PA      | $765264.98    | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State Technical College                                                    | Texas State Technical College, Series 2022A                                                                                                        | CUSIP: 88276REY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $407404.00    | 0.02%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State University System                                                    | Texas State University System, Series 2017A                                                                                                        | CUSIP: 88278PYF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151011.77    | 0.01%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Tech University System                                                     | Texas Tech University System, Series 2017A                                                                                                         | CUSIP: 882806GP1<br>LEI: 549300SPM8LGJKCQO195 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110523.25    | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Transportation State Highway Fund                            | Texas Department of Transportation State Highway Fund, First Tier                                                                                  | CUSIP: 88283LGY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25222.24     | 0.00%             | 2026-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Department of Transportation State Highway Fund                            | Texas Department of Transportation State Highway Fund, First Tier, Series 2015                                                                     | CUSIP: 88283LJY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56119.43     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Transportation State Highway Fund                            | Texas Department of Transportation State Highway Fund, Series 2016-A                                                                               | CUSIP: 88283LKK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102035.33    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Revolving Fund, Series 2020                                                                                   | CUSIP: 8828542X9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $142219.97    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tippecanoe School Corp.                                                          | Tippecanoe School Corp., Series 2024A                                                                                                              | CUSIP: 887870FD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2837288.38   | 0.12%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tippecanoe School Corp.                                                          | Tippecanoe School Corp., Series 2024B                                                                                                              | CUSIP: 887870FH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2837288.38   | 0.12%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                               | Tobacco Settlement Financing Corp., Series 2018A                                                                                                   | CUSIP: 888808HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $338362.16    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                               | Tobacco Settlement Financing Corp., Series 2018A                                                                                                   | CUSIP: 888808HD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1098746.96   | 0.05%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                               | Tobacco Settlement Financing Corp., Series 2018A                                                                                                   | CUSIP: 888808HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $294129.95    | 0.01%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tomball Independent School District                                              | Tomball Independent School District, Unlimited Tax                                                                                                 | CUSIP: 889855Z62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $631135.74    | 0.03%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Travis County Water Control & Improvement District No. 17                        | Travis County Water Control and Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax                                        | CUSIP: 894521AF0<br>LEI: 549300F2GYMQ0I900723 | Long             | DBT              | MUN               | US        |    280000 | PA      | $281247.06    | 0.01%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                        | Tri-County Metropolitan Transportation District of Oregon, Series 2018A                                                                            | CUSIP: 89546RPQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104474.84    | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series 2024B                                                                                               | CUSIP: 89602HHD2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2063204.20   | 0.09%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series A                                                                                                   | CUSIP: 89602N6U3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76802.76     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series A                                                                                                   | CUSIP: 89602N6V1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51655.78     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series 2025A                                                                                               | CUSIP: 89602RPE9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  21900000 | PA      | $22142947.65  | 0.92%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Trimble KY                                                             | County of Trimble, Series 2023A                                                                                                                    | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1007636.40   | 0.04%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                          | Trinity River Authority, Water Project                                                                                                             | CUSIP: 89657PGT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $391477.48    | 0.02%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue               | Trinity River Authority, Central Regional Wastewater System, Series 2016                                                                           | CUSIP: 89658HUE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $208231.52    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue               | Trinity River Authority, Central Regional Wastewater System, Series 2017                                                                           | CUSIP: 89658HVD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25974.27     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue               | Trinity River Authority, Central Regional Wastewater System, Series 2019                                                                           | CUSIP: 89658HWR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101576.35    | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Troy NY                                                                  | City of Troy                                                                                                                                       | CUSIP: 897574D22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005228.60   | 0.08%             | 2026-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Tucson AZ                                                                | City of Tucson, Series 2018A                                                                                                                       | CUSIP: 898711W69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $329499.69    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Independent School District No. 1 Tulsa                             | Tulsa County Independent School District No. 1 Tulsa, Series 2025A                                                                                 | CUSIP: 899525WQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2872812.32   | 0.12%             | 2028-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Independent School District No. 4 Bixby                             | Tulsa County Independent School District No. 4 Bixby                                                                                               | CUSIP: 899576HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5575230.54   | 0.23%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Union NC Enterprise System Revenue                                     | County of Union Enterprise System, Series 2021                                                                                                     | CUSIP: 906400FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35423.20     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                           | University of Arkansas, Various Facility UAMS Campus, Series 2019A                                                                                 | CUSIP: 9140724B6<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25700.97     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                   | University of Central Arkansas, Student Fee, Series 2020A                                                                                          | CUSIP: 914115R93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $224126.58    | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                   | University of Central Arkansas, Student Fee, Series 2020A                                                                                          | CUSIP: 914115S27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207906.00    | 0.01%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Cincinnati                                                         | University of Cincinnati, Series 2016A                                                                                                             | CUSIP: 914119E40<br>LEI: 549300E0RD3ICJ858L23 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25286.31     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Cincinnati                                                         | University of Cincinnati, Series 2019A                                                                                                             | CUSIP: 914119W65<br>LEI: 549300E0RD3ICJ858L23 | Long             | DBT              | MUN               | US        |     85000 | PA      | $87925.79     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | University of Colorado, Enterprise System, Series 2017A-2                                                                                          | CUSIP: 91417NJL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51803.37     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado Hospital Authority                                        | University of Colorado, Hospital Authority, Series 2018C                                                                                           | CUSIP: 914183BL1<br>LEI: GQ60RLZ5ZEBY2J9KLI75 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.42%             | 2039-11-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| University of Delaware                                                           | University of Delaware, Series 2025A                                                                                                               | CUSIP: 914245DY8<br>LEI: KPIOJCFMR70NWLS6O145 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2939129.33   | 0.12%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | University of Houston, Series 2016A                                                                                                                | CUSIP: 9143016A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20020.66     | 0.00%             | 2026-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | University of Houston, Series 2016A                                                                                                                | CUSIP: 9143016B7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25026.69     | 0.00%             | 2027-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | University of Houston, Series 2017C                                                                                                                | CUSIP: 914302ET7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40194.87     | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | University of Houston, Series 2020A                                                                                                                | CUSIP: 914302FW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100494.44    | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                           | Board of Trustees of the University of Illinois (The), Series 2023A                                                                                | CUSIP: 9143536Q5<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1562144.41   | 0.06%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                           | Board of Trustees of the University of Illinois (The), Series 2023A                                                                                | CUSIP: 9143536R3<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |    205000 | PA      | $211485.97    | 0.01%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kansas Hospital Authority                                          | University of Kansas Hospital Authority, Health System, Series 2017A                                                                               | CUSIP: 914367HJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $228610.53    | 0.01%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Kentucky                                                           | University of Kentucky, General Receipts, Series 2015B                                                                                             | CUSIP: 914378JD7<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35088.70     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kentucky                                                           | University of Kentucky, General Receipts, Series 2015B                                                                                             | CUSIP: 914378JE5<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70099.29     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University System of Maryland                                                    | University System of Maryland, Series 2017A                                                                                                        | CUSIP: 9144025D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40329.53     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University System of Maryland                                                    | University System of Maryland, Series 2019B                                                                                                        | CUSIP: 9144027L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35288.34     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University System of Maryland                                                    | University System of Maryland, Series 2019C                                                                                                        | CUSIP: 9144027V8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103323.96    | 0.00%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                   | University of Massachusetts Building Authority, Series 2015-1                                                                                      | CUSIP: 914440QD7<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003752.20   | 0.08%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                                           | University of Michigan                                                                                                                             | CUSIP: 914455QC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50389.57     | 0.00%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Texas System                                                 | University of North Texas System, Series 2017A                                                                                                     | CUSIP: 914729RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $205905.88    | 0.01%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | Board of Regents of the University of Texas System, Series 2016B                                                                                   | CUSIP: 91514ADC6<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45765.23     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | Board of Regents of the University of Texas System, Series 2016D                                                                                   | CUSIP: 91514AEA9<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |    300000 | PA      | $305101.56    | 0.01%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | Board of Regents of the University of Texas System, Series 2016J                                                                                   | CUSIP: 91514AGQ2<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25425.13     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | Board of Regents of the University of Texas System, Series 2021A                                                                                   | CUSIP: 91514AKE4<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     95000 | PA      | $98744.68     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Utah (The)                                                         | University of Utah (The), Series 2017A                                                                                                             | CUSIP: 915183YK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76189.77     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Utica NY                                                                 | City of Utica                                                                                                                                      | CUSIP: 917747CL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5010377.50   | 0.21%             | 2026-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                        | City of Vernon, Electric System, Series 2021A                                                                                                      | CUSIP: 924397EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25841.72     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                        | City of Vernon, Electric System, Series 2021A                                                                                                      | CUSIP: 924397EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78164.60     | 0.00%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board, Federal Transportation                                                                                 | CUSIP: 92778UBZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20388.33     | 0.00%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board                                                                                                         | CUSIP: 92778UCA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $72221.18     | 0.00%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board, Federal Transportation                                                                                 | CUSIP: 92778UCD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $782043.30    | 0.03%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series A                                  | CUSIP: 92778VCS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125497.89    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2020A                              | CUSIP: 92778VJE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $261035.61    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2020A                              | CUSIP: 92778VJF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $128548.99    | 0.01%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority, Series 2023A                                                                                                  | CUSIP: 92778VML9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52577.31     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2017A                              | CUSIP: 92778WEW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52126.86     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board, Capital Projects, Series 2017A                                                                         | CUSIP: 927793D48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75855.61     | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                          | Virginia Port Authority, Series 2016B                                                                                                              | CUSIP: 928077JN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4750905.23   | 0.20%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | Virginia Public Building Authority, Series 2020B                                                                                                   | CUSIP: 9281726C4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26025.15     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | Virginia Public Building Authority, Series 2017A                                                                                                   | CUSIP: 928172Y41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $850569.81    | 0.04%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series A-1                                                                                         | CUSIP: 938782EQ8<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    375000 | PA      | $388500.34    | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series 2017B                                                                                       | CUSIP: 938782FG9<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    170000 | PA      | $176356.73    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2019C                                                                                                 | CUSIP: 93974D6F0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    145000 | PA      | $145589.58    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2017D                                                                                                 | CUSIP: 93974DE53<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30121.98     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2018A                                                                                                 | CUSIP: 93974DN61<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41646.92     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2016B                                                                                                 | CUSIP: 93974DUH9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4375000 | PA      | $4383215.38   | 0.18%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series R-2018C                                                                                               | CUSIP: 93974DW61<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50826.23     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series R-2017A                                                                                               | CUSIP: 93974DWY0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    110000 | PA      | $111817.71    | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series R-2017A                                                                                               | CUSIP: 93974DWZ7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40623.30     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series R-2018 D                                                                                              | CUSIP: 93974DY51<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    135000 | PA      | $140558.36    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2025C                                                                                                 | CUSIP: 93974E6G6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25101.65     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2020A                                                                                                 | CUSIP: 93974EAE6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     85000 | PA      | $88499.71     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington Motor Vehicle Fuel Tax, Series R-2021A                                                                                         | CUSIP: 93974EDC7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    125000 | PA      | $129637.71    | 0.01%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2020C                                                                                                 | CUSIP: 93974EDZ6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56586.60     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Series 2024A                                                                                                                  | CUSIP: 93974EF92<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088072.10   | 0.05%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2021C                                                                                                 | CUSIP: 93974ELE4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30865.42     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2024C                                                                                                 | CUSIP: 93974ES64<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    260000 | PA      | $261057.19    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2024C                                                                                                 | CUSIP: 93974ES72<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1358078.44   | 0.06%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Series R-2022B                                                                                                                | CUSIP: 93974EUA2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2745000 | PA      | $2954777.57   | 0.12%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington Motor Vehicle Fuel Tax, Series R-2026B                                                                                         | CUSIP: 93974FEF6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4156534.00   | 0.17%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Yakima Valley Memorial Hospital Association                                                           | CUSIP: 93978HRG2<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1051790.37   | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Yakima Valley Memorial Hospital Association                                                           | CUSIP: 93978HRJ6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    675000 | PA      | $689280.10    | 0.03%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Commonspirit Health, Series 2019B-3                                                                   | CUSIP: 93978HVB8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115355.88    | 0.00%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Washington NJ/Bergen County                                          | Township of Washington                                                                                                                             | CUSIP: 940399JX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2520651.75   | 0.10%             | 2026-07-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Wayne OH                                                               | County of Wayne, Limited Tax                                                                                                                       | CUSIP: 945880EV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12003094.80  | 0.50%             | 2025-12-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Township of Wayne NJ                                                             | Township of Wayne                                                                                                                                  | CUSIP: 9464224C3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2534148.00   | 0.11%             | 2026-10-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Webb Union Free School District                                                  | Webb Union Free School District                                                                                                                    | CUSIP: 947508BB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3016548.30   | 0.13%             | 2026-07-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| West Seneca Central School District                                              | West Seneca Central School District                                                                                                                | CUSIP: 955776LS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10073612.00  | 0.42%             | 2026-06-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                     | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Nucor Steel Project, Series 2025B-1                                 | CUSIP: 95648VCA5<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |   9100000 | PA      | $9100000.00   | 0.38%             | 2065-11-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| West Virginia Commissioner of Highways                                           | West Virginia Commissioner of Highways, Series 2017A                                                                                               | CUSIP: 95649ACM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $124766.87    | 0.01%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Commissioner of Highways                                           | West Virginia Commissioner of Highways, Series 2017A                                                                                               | CUSIP: 95649ACN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $389631.83    | 0.02%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Commissioner of Highways                                           | West Virginia Commissioner of Highways, Series 2017A                                                                                               | CUSIP: 95649ACP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31164.27     | 0.00%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Parkways Authority                                                 | West Virginia Parkways Authority, Senior Lien                                                                                                      | CUSIP: 956510BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20230.94     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of West Windsor NJ                                                      | Township of West Windsor                                                                                                                           | CUSIP: 956887NF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10137053.00  | 0.42%             | 2026-10-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                                         | Western Minnesota Municipal Power Agency, Red Rock Hydroelectric Project, Series 2018A                                                             | CUSIP: 958697KG8<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40077.19     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Westford MA                                                              | Town of Westford                                                                                                                                   | CUSIP: 960266P99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11071025.90  | 0.46%             | 2026-04-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Wheatland Chili Central School District                                          | Wheatland Chili Central School District, Series 2025A                                                                                              | CUSIP: 962625HR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511639.55   | 0.06%             | 2026-07-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Wildwood NJ                                                              | City of Wildwood, Series 2025A                                                                                                                     | CUSIP: 968206WA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4852389.60   | 0.20%             | 2026-10-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Will Grundy Etc Counties Community College District No. 525                      | Will Grundy Etc Counties Community College District No. 525, Joliet Junior College                                                                 | CUSIP: 969080HT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30054.06     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winchester Economic Development Authority                                        | Winchester Economic Development Authority, Valley Health System Obligated Group, Series 2024B-2                                                    | CUSIP: 973122AW4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.21%             | 2054-01-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Unity Point Health, Series 2014A                                                            | CUSIP: 97670FBA8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    175000 | PA      | $175000.00    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2016-2                                                                                                                  | CUSIP: 97705MEH4<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50498.74     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2017-2                                                                                                                  | CUSIP: 97705MJJ5<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1472265.36   | 0.06%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2025-2                                                                                                                  | CUSIP: 97705MM51<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2069202.80   | 0.09%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2025-2                                                                                                                  | CUSIP: 97705MM77<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082512.70   | 0.04%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2025A                                                                                                                   | CUSIP: 97705MS71<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106059.60   | 0.05%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Annual Appropriation, Series 2019A                                                                                             | CUSIP: 977100GP5<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25244.49     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2025-1                                                                                              | CUSIP: 9771235A2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2171370.60   | 0.09%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2025 1                                                                                              | CUSIP: 9771235B0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1109135.60   | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2017-1                                                                                              | CUSIP: 977123Q43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45637.22     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2017-2                                                                                              | CUSIP: 977123T99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101416.04    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2021A                                                                                               | CUSIP: 977123Z68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20283.21     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health, Inc., Series B-2                                                  | CUSIP: 97712D6X9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2848308.12   | 0.12%             | 2051-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                                 | CUSIP: 97712D7E0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006616.30   | 0.04%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Obligated Group, Series 2021B                                       | CUSIP: 97712D8W9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | STIV             | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.83%             | 2048-04-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                                 | CUSIP: 97712DQF6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    350000 | PA      | $353075.77    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Health Credit Group, Series 2016A                                                 | CUSIP: 97712DQG4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    515000 | PA      | $519348.25    | 0.02%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                                 | CUSIP: 97712DQH2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    595000 | PA      | $600557.36    | 0.02%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group, Series 2018C-4                                         | CUSIP: 97712JHE6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2133703.20   | 0.09%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                                 | CUSIP: 97712JMC4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3605000 | PA      | $3628851.76   | 0.15%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Froedtert Thedacare Health, Series 2025D                                                    | CUSIP: 97712JNL3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | STIV             | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.83%             | 2055-04-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Township of Woodbridge NJ                                                        | Township of Woodbridge                                                                                                                             | CUSIP: 9788624C1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22000000 | PA      | $22269002.80  | 0.93%             | 2026-10-09      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Worcester Regional Transit Authority                                             | Worcester Regional Transit Authority                                                                                                               | CUSIP: 981325CP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4027937.20   | 0.17%             | 2026-06-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Wyalusing Area School District                                                   | Wyalusing Area School District                                                                                                                     | CUSIP: 982613KB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300065.46    | 0.01%             | 2026-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government Utility System Revenue           | Wyandotte County-Kansas City Unified Government Utility System, Series 2014A                                                                       | CUSIP: 982674JP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001363.80   | 0.04%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government Utility System Revenue           | Wyandotte County-Kansas City Unified Government Utility System, Series 2014A                                                                       | CUSIP: 982674JQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001363.80   | 0.04%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Mill School District No. 4                                                  | Fort Mill School District No. 4, Series 2025A                                                                                                      | CUSIP: 986525E25<br>LEI: 5493003IDG5PRDEDK149 | Long             | DBT              | MUN               | US        |   6200000 | PA      | $6221257.32   | 0.26%             | 2026-03-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**Name of Applicant:** JPMorgan Trust IV

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer