# EDGAR Filing Document

**Accession Number:** 0000763852
**File Stem:** 0001752724-25-180637
**Filing Date:** 2025-7
**Character Count:** 299990
**Document Hash:** cb29a7c2637c749834574e9dd9375ae7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180637.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180637

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN TRUST II
- **CENTRAL INDEX KEY:** 0000763852

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04236
- **FILM NUMBER:** 251154586

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ONE GROUP MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20000721

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ONE GROUP
- **DATE OF NAME CHANGE:** 19931105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HELMSMAN FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### JPMorgan Short-Intermediate Municipal Bond Fund (Series ID: S000003499)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000009692 | Class A      | OSTAX           |
| C000009694 | Class C      | STMCX           |
| C000077258 | Class I      | JIMIX           |
| C000205207 | Class R6     | OSTSX           |

## Nport-Ex

**JPMorgan Short-Intermediate Municipal Bond Fund**

**Schedule of Portfolio Investments as of May 31, 2025**

**(Unaudited)** 

---

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

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 96.8% (a)** | **Municipal Bonds — 96.8% (a)** | **Municipal Bonds — 96.8% (a)** |
| **Alabama — 2.3%** | **Alabama — 2.3%** | **Alabama — 2.3%** |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Prepay Project No. 7 Series 2021C-1, Rev., 4.00%, 12/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7515 | &nbsp;&nbsp;&nbsp;&nbsp; 7507 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project Series 2022B-1, Rev., 4.00%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2493 |
| &nbsp;&nbsp;&nbsp; County of Jefferson sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp;&nbsp; 1121 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 4 Series 2022B-1, Rev., 5.00%, 8/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5129 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 17958 |
| **Alaska — 0.1%** | **Alaska — 0.1%** | **Alaska — 0.1%** |
| &nbsp;&nbsp;&nbsp; Borough of Matanuska-Susitna, Goose Creek Correctional Center Project Series 2025A, Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 |
| **Arizona — 4.2%** | **Arizona — 4.2%** | **Arizona — 4.2%** |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Series 2024A, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2631 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Series 2023A, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6251 |
| &nbsp;&nbsp;&nbsp; Arizona Sports and Tourism Authority, Senior Lien Multipurpose Stadium Facility Project Series 2022, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5406 |
| &nbsp;&nbsp;&nbsp; City of Glendale, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2850 | &nbsp;&nbsp;&nbsp;&nbsp; 3030 |
| &nbsp;&nbsp;&nbsp; City of Mesa Series 2016, GO, 3.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Senior Lien, Airport System Series 2023, Rev., AMT, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 501 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Banner Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-1, Rev., 5.00%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-2, Rev., 5.00%, 5/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1925 | &nbsp;&nbsp;&nbsp;&nbsp; 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A3, Rev., 5.00%, 11/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3050 | &nbsp;&nbsp;&nbsp;&nbsp; 3278 |
| &nbsp;&nbsp;&nbsp; Maricopa County Pollution Control Corp., Palo Verde Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010A, Rev., 0.88%, 10/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010B, Rev., 0.88%, 10/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2062 |
| &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No. 210-Phoenix, Project of 2023 Series 2025B, GO, 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 32341 |
| **Arkansas — 0.1%** | **Arkansas — 0.1%** | **Arkansas — 0.1%** |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, Department of Community Correction Project, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp; University of Central Arkansas, Student Housing System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., A.G., 4.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., A.G., 4.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., A.G., 4.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp; Total Arkansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 867 |
| **California — 2.9%** | **California — 2.9%** | **California — 2.9%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B-1, Rev., 5.00%, 8/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023E-1, Rev., 5.00%, 3/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2614 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, International Airport Subordinate Series 2018B, Rev., AMT, 5.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2950 | &nbsp;&nbsp;&nbsp;&nbsp; 3059 |
| &nbsp;&nbsp;&nbsp; Los Angeles Community College District, Election of 2016 Series C-1, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power System Series 2016A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Power System Series 2025A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2074 |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax Series 2024A, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3072 |

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; State of California, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4180 | &nbsp;&nbsp;&nbsp;&nbsp; 4210 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 22681 |
| **Colorado — 1.7%** | **Colorado — 1.7%** | **Colorado — 1.7%** |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventist Health System Series 2024A-1, Rev., 5.00%, 11/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Intermountain Healthcare Series 2022C, Rev., 5.00%, 8/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2944 |
| &nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Single Family Mortgage Series 2023L, Class III, Rev., GNMA COLL, 5.75%, 11/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3060 | &nbsp;&nbsp;&nbsp;&nbsp; 3247 |
| &nbsp;&nbsp;&nbsp; Colorado School of Mines Series 2022D, Rev., (SIFMA Municipal Swap Index Yield + 0.87%), 2.55%, 6/12/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1410 | &nbsp;&nbsp;&nbsp;&nbsp; 1410 |
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado Series 2025A, GO, 5.00%, 4/1/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2633 |
| &nbsp;&nbsp;&nbsp; State of Colorado Series 2018A, COP, 5.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2140 | &nbsp;&nbsp;&nbsp;&nbsp; 2261 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 13562 |
| **Connecticut — 0.4%** | **Connecticut — 0.4%** | **Connecticut — 0.4%** |
| &nbsp;&nbsp;&nbsp; State of Connecticut |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp; 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 2921 |
| **District of Columbia — 2.0%** | **District of Columbia — 2.0%** | **District of Columbia — 2.0%** |
| &nbsp;&nbsp;&nbsp; District of Columbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp;&nbsp; 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, GO, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5346 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp; 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., AMT, 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Series 2017B, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp;&nbsp; 1162 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 15224 |
| **Florida — 2.3%** | **Florida — 2.3%** | **Florida — 2.3%** |
| &nbsp;&nbsp;&nbsp; City of Lakeland, Department of Electric Utilities Series 2010A, Rev., A.G., 5.25%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1069 |
| &nbsp;&nbsp;&nbsp; City of Tallahassee, Energy System, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Water and Sewer System Series 2017B, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1815 | &nbsp;&nbsp;&nbsp;&nbsp; 1888 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project Series 2024A, Rev., AMT, 4.38%, 10/1/2031 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 995 |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Homeowner Mortgage Series 2025 1, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2194 |
| &nbsp;&nbsp;&nbsp; Florida Municipal Power Agency, St. Lucie Project Series 2021B, Rev., 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2540 | &nbsp;&nbsp;&nbsp;&nbsp; 2686 |
| &nbsp;&nbsp;&nbsp; Fort Pierce Utilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., A.G., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., A.G., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp; 510 |
| &nbsp;&nbsp;&nbsp; Highlands County Health Facilities Authority, Adventhealth Obligated Group Series 2024C, Rev., 5.00%, 11/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087 |
| &nbsp;&nbsp;&nbsp; JEA Water and Sewer System Series 2017A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp; 367 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Housing Finance Authority, Running Brook Apartments Series 202, Rev., 3.55%, 1/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1501 |
| &nbsp;&nbsp;&nbsp; Pasco County School Board Series 2022A, COP, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1155 | &nbsp;&nbsp;&nbsp;&nbsp; 1181 |
| &nbsp;&nbsp;&nbsp; Polk County Housing Finance Authority, Episcopal Catholic Apartments Series 2023, Rev., 4.15%, 6/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 756 |
| &nbsp;&nbsp;&nbsp; Polk County School District, Sales Tax, Rev., 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1094 |

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; State of Florida Board of Education, Public Education Capital Outlay Series 2020B, GO, 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System Series 2025A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 17665 |
| **Georgia — 3.1%** | **Georgia — 3.1%** | **Georgia — 3.1%** |
| &nbsp;&nbsp;&nbsp; Atlanta Development Authority (The), New Downtown Atlanta Stadium Project, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1151 |
| &nbsp;&nbsp;&nbsp; Columbia County Hospital Authority, Wellstart Health System Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 791 |
| &nbsp;&nbsp;&nbsp; Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project Series 2019B, Rev., 5.00%, 7/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1480 | &nbsp;&nbsp;&nbsp;&nbsp; 1559 |
| &nbsp;&nbsp;&nbsp; Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 387 |
| &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 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 985 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 3/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 4/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 12/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3745 | &nbsp;&nbsp;&nbsp;&nbsp; 3902 |
| &nbsp;&nbsp;&nbsp; State of Georgia Series 2016F, GO, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2069 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 24351 |
| **Illinois — 8.5%** | **Illinois — 8.5%** | **Illinois — 8.5%** |
| &nbsp;&nbsp;&nbsp; Champaign County Community Unit School District No. 4 Champaign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, GO, 4.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1163 |
| &nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp; 3522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023C, Rev., AMT, 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7115 | &nbsp;&nbsp;&nbsp;&nbsp; 7359 |
| &nbsp;&nbsp;&nbsp; Chicago Park District, Limited Tax Series 2023C, GO, 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2524 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Capital Grant Receipts Series 2021, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2085 | &nbsp;&nbsp;&nbsp;&nbsp; 2144 |
| &nbsp;&nbsp;&nbsp; City of Waukegan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, A.G., 5.00%, 12/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, A.G., 5.00%, 12/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1222 |
| &nbsp;&nbsp;&nbsp; City of Waukegan, First Lien, Water and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., A.G., 5.00%, 12/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp; 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., A.G., 5.00%, 12/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp;&nbsp; 733 |
| &nbsp;&nbsp;&nbsp; Cook County Community Unit School District No. 401 Elmwood Park Series 2021A, GO, A.G., 4.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1260 |
| &nbsp;&nbsp;&nbsp; Effingham Community Unit School District No. 40 Series 2019A, GO, 4.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp;&nbsp; 580 |

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp; Glenview Park District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp; Grundy and Kendall Counties Consolidated Grade School District No. 60-C, GO, 4.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp;&nbsp; 1180 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, DePaul University, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Lake Zurich Community Unit School District No. 95 Project, Rev., 4.00%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2120 | &nbsp;&nbsp;&nbsp;&nbsp; 2140 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, University of Chicago Series 2015A, Rev., 5.00%, 10/1/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6538 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022E, Rev., GNMA / FNMA / FHLMC COLL, 5.25%, 10/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1635 | &nbsp;&nbsp;&nbsp;&nbsp; 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4940 | &nbsp;&nbsp;&nbsp;&nbsp; 5374 |
| &nbsp;&nbsp;&nbsp; Kane and DeKalb Counties Community Unit School District No. 301 Burlington, GO, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp; Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community, GO, A.G., 4.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2019 |
| &nbsp;&nbsp;&nbsp; Peoria County Community Unit School District No. 309 Brimfield |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, A.G., 4.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, A.G., 4.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, A.G., 4.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp; Peoria Public Building Commission Series 2019A, Rev., A.G., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1455 | &nbsp;&nbsp;&nbsp;&nbsp; 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwestern Illinois Development Authority, Hospital Sisters Services, Inc., Obligated Group Series 2017A, Rev., 5.00%, <br> 2/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2055 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, GO, 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4095 | &nbsp;&nbsp;&nbsp;&nbsp; 4312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, GO, 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp;&nbsp;&nbsp; 1606 |
| &nbsp;&nbsp;&nbsp; Village of Skokie, GO, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1654 |
| &nbsp;&nbsp;&nbsp; Will County Forest Preservation District, Limited Tax, GO, 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp;&nbsp; 846 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 65843 |
| **Indiana — 2.1%** | **Indiana — 2.1%** | **Indiana — 2.1%** |
| &nbsp;&nbsp;&nbsp; City of Rockport, Indiana Michigan Power Co. Project Series 2009B, Rev., 3.05%, 6/1/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Community Foundation of Northern Indiana Obligated Group, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indiana University Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B1, Rev., 5.00%, 7/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B-2, Rev., 5.00%, 7/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2154 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indianapolis Power and Light Co. Project Series 2021A, Rev., 1.40%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6172 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Stadium Project Series 2022A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 506 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, State Revolving Fund Program Series 2021A, Rev., 5.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 16104 |
| **Kansas — 1.5%** | **Kansas — 1.5%** | **Kansas — 1.5%** |
| &nbsp;&nbsp;&nbsp; City of Wichita, Sales Tax, River District Stadium Star Bond Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp; 476 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, AdventHealth Series 2021B, Rev., 5.00%, 11/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1899 |

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Kansas — continued** | **Kansas — continued** | **Kansas — continued** |
| &nbsp;&nbsp;&nbsp; State of Kansas Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2029 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3725 | &nbsp;&nbsp;&nbsp;&nbsp; 4030 |
| &nbsp;&nbsp;&nbsp; Wyandotte County Unified School District No. 202 Turner |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, A.G., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, A.G., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, A.G., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 420 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 11676 |
| **Kentucky — 1.1%** | **Kentucky — 1.1%** | **Kentucky — 1.1%** |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply Series 2023A-1, Rev., 5.25%, 2/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3335 | &nbsp;&nbsp;&nbsp;&nbsp; 3528 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 113 Series 2024B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2005 | &nbsp;&nbsp;&nbsp;&nbsp; 2101 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 124 Series A, Rev., A.G., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 130 Series 2024B, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1510 | &nbsp;&nbsp;&nbsp;&nbsp; 1609 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 131 Series A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp; 737 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 8525 |
| **Louisiana — 0.9%** | **Louisiana — 0.9%** | **Louisiana — 0.9%** |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Tulane University of Louisiana Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp; Parish of St. John the Baptist, Marathon Oil Corp., Project Series 2017C, Rev., 3.30%, 7/3/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3919 |
| &nbsp;&nbsp;&nbsp; State of Louisiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, GO, 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1085 | &nbsp;&nbsp;&nbsp;&nbsp; 1193 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 6714 |
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
| &nbsp;&nbsp;&nbsp; Maine Turnpike Authority, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079 |
| **Maryland — 0.6%** | **Maryland — 0.6%** | **Maryland — 0.6%** |
| &nbsp;&nbsp;&nbsp; County of Prince George's, Consolidated Public Improvement Series 2020A, GO, 5.00%, 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, Multi- Family, Villages At Marley Station Series 2024D-2, Rev., 3.30%, <br> 1/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1498 |
| &nbsp;&nbsp;&nbsp; State of Maryland Series 2021-2, GO, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2201 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 4755 |
| **Massachusetts — 0.2%** | **Massachusetts — 0.2%** | **Massachusetts — 0.2%** |
| &nbsp;&nbsp;&nbsp; Massachusetts Department of Transportation Series 1997A, Rev., NATL - RE, Zero Coupon, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1560 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 |
| **Michigan — 0.4%** | **Michigan — 0.4%** | **Michigan — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of Royal Oak, Limited Tax, Capital Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp;&nbsp; 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Trinity Health Credit Group Series 2008C, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp;&nbsp;&nbsp; 1584 |

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| &nbsp;&nbsp;&nbsp; Northville Public Schools, School Building and Site |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-II, GO, 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-II, GO, 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 3393 |
| **Minnesota — 0.3%** | **Minnesota — 0.3%** | **Minnesota — 0.3%** |
| &nbsp;&nbsp;&nbsp; Duluth Independent School District No. 709 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, COP, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, COP, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, COP, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing And Redevelopment Authority of The City of St. Paul Minnesota, Healtheast care System Series 2015A, Rev., 5.00%, <br> 11/15/2025 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp; 574 |
| &nbsp;&nbsp;&nbsp; State of Minnesota, Various Purpose Series 2018A, GO, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 2373 |
| **Mississippi — 0.8%** | **Mississippi — 0.8%** | **Mississippi — 0.8%** |
| &nbsp;&nbsp;&nbsp; Mississippi Business Finance Corp., Pollution Control, Power Co., Project, Rev., 3.20%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3983 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Desoto County Mississippi Highway Project Series 2024A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 |
| &nbsp;&nbsp;&nbsp; State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1475 |
| &nbsp;&nbsp;&nbsp; Total Mississippi |  | &nbsp;&nbsp;&nbsp;&nbsp; 6523 |
| **Missouri — 2.9%** | **Missouri — 2.9%** | **Missouri — 2.9%** |
| &nbsp;&nbsp;&nbsp; City of St. Louis Airport Series 2007A, Rev., A.G., 5.25%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2635 | &nbsp;&nbsp;&nbsp;&nbsp; 2700 |
| &nbsp;&nbsp;&nbsp; Curators of the University of Missouri (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5705 | &nbsp;&nbsp;&nbsp;&nbsp; 6286 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri Series 2021C, Rev., 5.00%, 5/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group Series 2022A, Rev., <br> 5.00%, 6/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 404 |
| &nbsp;&nbsp;&nbsp; Jackson County School District No. R-IV Blue Springs, Missouri Direct Deposit Program Series 2019, GO, 5.50%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1392 |
| &nbsp;&nbsp;&nbsp; Missouri Highway and Transportation Commission Series 2022A, Rev., 4.00%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2685 | &nbsp;&nbsp;&nbsp;&nbsp; 2837 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 22567 |
| **Montana — 0.1%** | **Montana — 0.1%** | **Montana — 0.1%** |
| &nbsp;&nbsp;&nbsp; Montana Board of Housing, Single Family Mortgage Series 2024A, Rev., 6.00%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp;&nbsp; 925 |
| **Nebraska — 0.9%** | **Nebraska — 0.9%** | **Nebraska — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nebraska Investment Finance Authority, Single Family Housing Series 2023C, Rev., GNMA / FNMA / FHLMC COLL, 5.50%, <br> 9/1/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4560 | &nbsp;&nbsp;&nbsp;&nbsp; 4789 |
| &nbsp;&nbsp;&nbsp; Omaha School District Series 2016, GO, 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028 |
| &nbsp;&nbsp;&nbsp; Southeast Community College Area, Tax Supported |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp; 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp; 571 |
| &nbsp;&nbsp;&nbsp; University of Nebraska, Lincoln Student Fees and Facilities Series 2015A, Rev., 5.00%, 7/1/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp;&nbsp;&nbsp; 7441 |
| **Nevada — 0.5%** | **Nevada — 0.5%** | **Nevada — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Nevada Department of Business and Industry, Brighline West Passenger Rail Project Series 2025A, Rev., AMT, 9.50%, <br> 1/1/2033 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3815 |

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Hampshire — 0.3%** | **New Hampshire — 0.3%** | **New Hampshire — 0.3%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Municipal Bond Bank Series 2020A, Rev., 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1870 | &nbsp;&nbsp;&nbsp;&nbsp; 2004 |
| **New Jersey — 4.6%** | **New Jersey — 4.6%** | **New Jersey — 4.6%** |
| &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; 2320 | &nbsp;&nbsp;&nbsp;&nbsp; 2366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019GGG, Rev., 5.25%, 9/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5649 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing and Mortgage Finance Agency, Multi- Family Series 2024B, Rev., 3.50%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 997 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5350 | &nbsp;&nbsp;&nbsp;&nbsp; 5437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4813 |
| &nbsp;&nbsp;&nbsp; Passaic Valley Sewerage Commission, Sewer System Series J, Rev., A.G., 3.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6665 | &nbsp;&nbsp;&nbsp;&nbsp; 6514 |
| &nbsp;&nbsp;&nbsp; State of New Jersey, COVID-19 Emergency Bonds Series 2020A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4255 | &nbsp;&nbsp;&nbsp;&nbsp; 4342 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. Series 2018A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2230 | &nbsp;&nbsp;&nbsp;&nbsp; 2297 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 35468 |
| **New Mexico — 1.3%** | **New Mexico — 1.3%** | **New Mexico — 1.3%** |
| &nbsp;&nbsp;&nbsp; City of Farmington, San Juan Project Series 2010A, Rev., 0.88%, 10/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3836 |
| &nbsp;&nbsp;&nbsp; County of Sandoval, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp; 665 |
| &nbsp;&nbsp;&nbsp; New Mexico Finance Authority, State Transportation, Subordinate Lien Series 2018A, Rev., 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5080 | &nbsp;&nbsp;&nbsp;&nbsp; 5372 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp; 9873 |
| **New York — 9.2%** | **New York — 9.2%** | **New York — 9.2%** |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2015 Series 2015F, Subseries F-4, GO, 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., State Personal Income Tax Series 2017C, Rev., 5.00%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 | &nbsp;&nbsp;&nbsp;&nbsp; 1151 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 525 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Dedicated Tax Fund Series B-2, Rev., 4.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4017 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Green Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Rev., 4.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C-1, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2610 | &nbsp;&nbsp;&nbsp;&nbsp; 2677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026 |
| &nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Yankee Stadium LLC Project Series 2020A, Rev., A.G., 5.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2021 Series <br> 2021, Subseries CC-2, Rev., 5.00%, 6/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3410 | &nbsp;&nbsp;&nbsp;&nbsp; 3518 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Series 2024G, Subseries G-1, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3755 | &nbsp;&nbsp;&nbsp;&nbsp; 3908 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Subseries C-1, Rev., 5.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Subseries A-1, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2467 |
| &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%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, Subseries F-1, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025H, Sub H-1, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority Series 2024A, Rev., A.G., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp;&nbsp; 6180 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Pace University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Personal Income Tax Series 2017B-2, Rev., 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1946 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales Tax Series 2024B, Rev., 5.00%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6140 | &nbsp;&nbsp;&nbsp;&nbsp; 6723 |

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &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%, 10/1/2029 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., A.G., 5.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5065 | &nbsp;&nbsp;&nbsp;&nbsp; 5343 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, St. John's University Series 2021A, Rev., 4.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1555 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2021A, Rev., 5.00%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp; 589 |
| &nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, State Personal Income Tax Series 2024B-2, Rev., 3.35%, 12/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1486 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated Series 246, Rev., AMT, 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5175 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority Series 2024B, Rev., BAN, 5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7248 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 71211 |
| **North Carolina — 3.5%** | **North Carolina — 3.5%** | **North Carolina — 3.5%** |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency Series 2024, Rev., 5.00%, 4/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3825 | &nbsp;&nbsp;&nbsp;&nbsp; 4004 |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership-1998 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 57-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, 1/1/2056 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7864 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13805 | &nbsp;&nbsp;&nbsp;&nbsp; 13693 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 27227 |
| **North Dakota — 0.3%** | **North Dakota — 0.3%** | **North Dakota — 0.3%** |
| &nbsp;&nbsp;&nbsp; City of Grand Forks, Altru Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2025A, Rev., 6.00%, 1/1/2056 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp; Total North Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp; 2290 |
| **Ohio — 3.3%** | **Ohio — 3.3%** | **Ohio — 3.3%** |
| &nbsp;&nbsp;&nbsp; City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B-1, Rev., 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2510 | &nbsp;&nbsp;&nbsp;&nbsp; 2632 |
| &nbsp;&nbsp;&nbsp; City of Columbus, Unlimited Tax Series 2024-1, GO, 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1642 |
| &nbsp;&nbsp;&nbsp; City of Dublin, Various Purpose, GO, 4.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; City of Toledo Series 2023, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp; 458 |
| &nbsp;&nbsp;&nbsp; County of Van Wert, Ohio Hospital Facilities, Rev., 6.13%, 12/1/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3306 |
| &nbsp;&nbsp;&nbsp; Cuyahoga Community College District, Facilities Construction Improvement, Unlimited Tax, GO, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2336 |
| &nbsp;&nbsp;&nbsp; Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2790 | &nbsp;&nbsp;&nbsp;&nbsp; 2792 |
| &nbsp;&nbsp;&nbsp; Ohio Turnpike and Infrastructure Commission Series 2018A, Rev., 5.00%, 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Common School Series 2023A, GO, 5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7870 | &nbsp;&nbsp;&nbsp;&nbsp; 8170 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Infrastructure Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1095 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 25431 |
| **Oklahoma — 2.8%** | **Oklahoma — 2.8%** | **Oklahoma — 2.8%** |
| &nbsp;&nbsp;&nbsp; Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp; 832 |

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oklahoma — continued** | **Oklahoma — continued** | **Oklahoma — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1284 |
| &nbsp;&nbsp;&nbsp; Cleveland County Educational Facilities Authority, Moore Public School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 4.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7015 | &nbsp;&nbsp;&nbsp;&nbsp; 7063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 4.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5080 | &nbsp;&nbsp;&nbsp;&nbsp; 5199 |
| &nbsp;&nbsp;&nbsp; Cleveland County Educational Facilities Authority, Norman Public Schools Project Series 2023A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2105 |
| &nbsp;&nbsp;&nbsp; Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 |
| &nbsp;&nbsp;&nbsp; Oklahoma County Independent School District No. 52 Midwest City-Del City Series 2024, GO, 4.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2034 |
| &nbsp;&nbsp;&nbsp; Tulsa County Independent School District No. 1 Tulsa Series 2025A, GO, 4.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 21538 |
| **Oregon — 0.0% ^** | **Oregon — 0.0% ^** | **Oregon — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Port of Portland, International Airport Series 26A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
| **Pennsylvania — 7.2%** | **Pennsylvania — 7.2%** | **Pennsylvania — 7.2%** |
| &nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, Pittsburgh International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, A.G., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, A.G., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp; 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Higher Education Building Authority, Carnegie Mellon University Series 2022A, Rev., (SOFR + 0.29%), 3.31%, <br> 6/6/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2488 |
| &nbsp;&nbsp;&nbsp; Bethlehem Area School District Series 2021, GO, 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4165 | &nbsp;&nbsp;&nbsp;&nbsp; 4274 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority Series 2019B, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 536 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2680 | &nbsp;&nbsp;&nbsp;&nbsp; 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp;&nbsp;&nbsp; 4053 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp; 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, GO, 5.00%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5875 | &nbsp;&nbsp;&nbsp;&nbsp; 6443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, GO, 5.00%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4441 |
| &nbsp;&nbsp;&nbsp; County of Northampton Series 2019A, GO, 4.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 920 | &nbsp;&nbsp;&nbsp;&nbsp; 926 |
| &nbsp;&nbsp;&nbsp; Geisinger Authority, Health System Series 2020C, Rev., 5.00%, 4/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 |
| &nbsp;&nbsp;&nbsp; General Authority of Southcentral Pennsylvania, Hanover Hospital, Inc., Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1411 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Constellation Energy Generation Series 2023B, Rev., 4.10%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5200 | &nbsp;&nbsp;&nbsp;&nbsp; 5270 |
| &nbsp;&nbsp;&nbsp; Panther Valley School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp; 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Series 2021A-2, Rev., 4.60%, <br> 10/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5032 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Single Family Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-141A, Rev., 5.75%, 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 -147A, Rev., 6.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-146A, Rev., 6.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3265 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Series 2019, Rev., 5.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp;&nbsp;&nbsp; 4116 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate Series 2017-3, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1370 | &nbsp;&nbsp;&nbsp;&nbsp; 1426 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Subordinate Series 2021B, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 |
| &nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority, Asset Improvement Program, Rev., 5.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 112 |

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp; Upper St. Clair Township School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 4.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 4.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp; 424 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 55987 |
| **Puerto Rico — 0.6%** | **Puerto Rico — 0.6%** | **Puerto Rico — 0.6%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico Series 2022A-1, GO, 5.63%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 | &nbsp;&nbsp;&nbsp;&nbsp; 1072 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax Series A-1, Rev., Zero Coupon, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 3818 |
| &nbsp;&nbsp;&nbsp; Total Puerto Rico |  | &nbsp;&nbsp;&nbsp;&nbsp; 4890 |
| **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Rhode Island Commerce Corp., Department of Transportation Series 2016B, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| **South Carolina — 1.5%** | **South Carolina — 1.5%** | **South Carolina — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charleston Educational Excellence Finance Corp., Installment Purchase, Charleston County School District, South Carolina Project <br> Series 2024, Rev., 5.00%, 12/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1113 |
| &nbsp;&nbsp;&nbsp; County Square Redevelopment Corp., Greenville South Carolina Project, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2297 |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency Series 2023 Subseries B-1, Rev., 5.25%, 3/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3665 | &nbsp;&nbsp;&nbsp;&nbsp; 3882 |
| &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 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3162 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Mcleod Health Projects, Rev., 5.00%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 | &nbsp;&nbsp;&nbsp;&nbsp; 1072 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 11526 |
| **South Dakota — 0.2%** | **South Dakota — 0.2%** | **South Dakota — 0.2%** |
| &nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.25%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1495 | &nbsp;&nbsp;&nbsp;&nbsp; 1652 |
| **Tennessee — 2.1%** | **Tennessee — 2.1%** | **Tennessee — 2.1%** |
| &nbsp;&nbsp;&nbsp; City of Chattanooga Electric, Rev., 5.00%, 9/1/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2136 |
| &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 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5729 |
| &nbsp;&nbsp;&nbsp; Johnson City Health and Educational Facilities Board, Ballad Health Series 2023A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp; 761 |
| &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 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp; Tennergy Corp., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6491 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 16125 |
| **Texas — 12.9%** | **Texas — 12.9%** | **Texas — 12.9%** |
| &nbsp;&nbsp;&nbsp; Abilene Independent School District, Unlimited Tax School Building, GO, PSF-GTD, 4.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2034 |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 4.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp; Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp; Bastrop Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3530 | &nbsp;&nbsp;&nbsp;&nbsp; 3837 |
| &nbsp;&nbsp;&nbsp; Bridge City Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp; 565 |
| &nbsp;&nbsp;&nbsp; City of Austin Water and Wastewater System Series 2024, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2673 |
| &nbsp;&nbsp;&nbsp; City of Austin, Airport System Series 2017A, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp;&nbsp; 1152 |
| &nbsp;&nbsp;&nbsp; City of Austin, Public Property Finance Contractual Obligation, GO, 5.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2190 | &nbsp;&nbsp;&nbsp;&nbsp; 2388 |
| &nbsp;&nbsp;&nbsp; City of Houston Series 2024A, GO, 5.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp; City of Houston Combined Utility System Series 2016B, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp;&nbsp; 967 |
| &nbsp;&nbsp;&nbsp; City of Houston, Airport System, Subordinate Lien Series 2018B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3004 |

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &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; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4150 | &nbsp;&nbsp;&nbsp;&nbsp; 4357 |
| &nbsp;&nbsp;&nbsp; City of Lubbock, Electric Light and Power System Series 2022, Rev., A.G., 5.00%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp;&nbsp; 1182 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Series 2024, GO, 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Electric and Gas Systems Series 2024D, Rev., 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086 |
| &nbsp;&nbsp;&nbsp; City of Waco, Combination Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1920 | &nbsp;&nbsp;&nbsp;&nbsp; 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2136 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, Unlimited Tax Series 2019, GO, PSF-GTD, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 |
| &nbsp;&nbsp;&nbsp; County of Bastrop, Combination Tax, GO, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp;&nbsp; 1246 |
| &nbsp;&nbsp;&nbsp; County of Ector, GO, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1975 | &nbsp;&nbsp;&nbsp;&nbsp; 2104 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4750 | &nbsp;&nbsp;&nbsp;&nbsp; 5230 |
| &nbsp;&nbsp;&nbsp; Dallas County Utility and Reclamation District, Unlimited Tax Series 2016, GO, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1151 |
| &nbsp;&nbsp;&nbsp; Fort Worth Independent School District, GO, PSF-GTD, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1950 | &nbsp;&nbsp;&nbsp;&nbsp; 2094 |
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp. Series 2023, Rev., 5.00%, 4/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3130 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 12/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1475 | &nbsp;&nbsp;&nbsp;&nbsp; 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 7/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1367 |
| &nbsp;&nbsp;&nbsp; Harris County Fresh Water Supply District No. 61, Unlimited Tax, GO, A.G., 3.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |
| &nbsp;&nbsp;&nbsp; Hereford Independent School District, School Building, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1480 | &nbsp;&nbsp;&nbsp;&nbsp; 1499 |
| &nbsp;&nbsp;&nbsp; Irving Hospital Authority, Baylor Scott and White Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 506 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 8/15/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1918 |
| &nbsp;&nbsp;&nbsp; Lone Star College System, Limited Tax Series 2016, GO, 4.00%, 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1126 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services Corp., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp;&nbsp; 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2380 | &nbsp;&nbsp;&nbsp;&nbsp; 2584 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transit Authority of Harris County Sales and Use Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1530 | &nbsp;&nbsp;&nbsp;&nbsp; 1627 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3740 | &nbsp;&nbsp;&nbsp;&nbsp; 3784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2517 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, Unlimited Tax Series 2024A, GO, PSF-GTD, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1074 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1074 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District, Unlimited Tax Series 2025A, GO, PSF-GTD, 5.00%, 8/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1615 |
| &nbsp;&nbsp;&nbsp; S&S Consolidated Independent School District, GO, PSF-GTD, 4.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp; 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Antonio Water System, Junior Lien Series 2014B, Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 2.33%, <br> 6/12/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1565 | &nbsp;&nbsp;&nbsp;&nbsp; 1564 |
| &nbsp;&nbsp;&nbsp; Spring Independent School District, Unlimited Tax Series 2024B, GO, 5.00%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1575 | &nbsp;&nbsp;&nbsp;&nbsp; 1720 |
| &nbsp;&nbsp;&nbsp; State of Texas, College Student Loan Series 2023A, GO, AMT, 5.25%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2470 | &nbsp;&nbsp;&nbsp;&nbsp; 2643 |

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &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 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1069 |
| &nbsp;&nbsp;&nbsp; Texas A&M University, Financing System Series 2017E, Rev., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1435 | &nbsp;&nbsp;&nbsp;&nbsp; 1492 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply, Senior Lien Series 2008D, Rev., 6.25%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp;&nbsp; 630 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply Series 2023A, Rev., 5.50%, 1/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6790 | &nbsp;&nbsp;&nbsp;&nbsp; 7174 |
| &nbsp;&nbsp;&nbsp; Texas State University System Series 2024, Rev., 5.00%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2141 |
| &nbsp;&nbsp;&nbsp; West Travis County Public Utility Agency, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 100496 |
| **Utah — 0.8%** | **Utah — 0.8%** | **Utah — 0.8%** |
| &nbsp;&nbsp;&nbsp; Intermountain Power Agency, Utah Power Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp;&nbsp; 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Tax-Exempt Telecommunications Series 2017A, Rev., 5.00%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2560 | &nbsp;&nbsp;&nbsp;&nbsp; 2570 |
| &nbsp;&nbsp;&nbsp; West Valley City Municipal Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp; 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 | &nbsp;&nbsp;&nbsp;&nbsp; 1101 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 5927 |
| **Virginia — 2.1%** | **Virginia — 2.1%** | **Virginia — 2.1%** |
| &nbsp;&nbsp;&nbsp; Hampton Roads Sanitation District Series 2024A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3240 | &nbsp;&nbsp;&nbsp;&nbsp; 3340 |
| &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 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7660 | &nbsp;&nbsp;&nbsp;&nbsp; 7826 |
| &nbsp;&nbsp;&nbsp; Isle Wight County Economic Development Authority, Riverside Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., A.G., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., A.G., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp; 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., A.G., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., A.G., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 535 |
| &nbsp;&nbsp;&nbsp; Norfolk Economic Development Authority, Sentara Healthcare Series 2018A, Rev., 5.00%, 11/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2190 | &nbsp;&nbsp;&nbsp;&nbsp; 2313 |
| &nbsp;&nbsp;&nbsp; Rappahannock Regional Jail Authority Series 2015, Rev., 5.00%, 10/1/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp;&nbsp; 1097 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 16365 |
| **Washington — 3.1%** | **Washington — 3.1%** | **Washington — 3.1%** |
| &nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit Authority Series 2021S 1, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax Series 2021S 1, Rev., 5.00%, <br> 11/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1555 | &nbsp;&nbsp;&nbsp;&nbsp; 1718 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Project 1 Series 2024B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2612 |
| &nbsp;&nbsp;&nbsp; Port of Seattle, Intermediate Lien Series C, Rev., AMT, 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; State of Washington, Various Purpose Series 2024C, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3107 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Commonspirit Health Series 2019B-3, Rev., 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15102 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 24048 |
| **Wisconsin — 1.0%** | **Wisconsin — 1.0%** | **Wisconsin — 1.0%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Astro Texas Land Projects, Rev., 5.00%, 12/15/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 979 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin Series 2025A, GO, 5.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094 |
| &nbsp;&nbsp;&nbsp; Sun Prairie Area School District, GO, 4.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018B-1, Rev., 5.00%, <br> 7/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1302 |

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.00%, <br> 3/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1625 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 7870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $753,567)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 752086 |
| **Collateralized Mortgage Obligations — 0.0% ^** | **Collateralized Mortgage Obligations — 0.0% ^** | **Collateralized Mortgage Obligations — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC Series 2002-36, Class FS, 4.94%, 6/25/2032 (b)(Cost $4) | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** |
| **Investment Companies — 4.4%** | **Investment Companies — 4.4%** | **Investment Companies — 4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.30% (g) (h) <br>(Cost $34,407)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34404 | &nbsp;&nbsp;&nbsp;&nbsp; 34408 |
| **Total Investments — 101.2%** <br>**(Cost $787,978)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **786498** |
| **Liabilities in Excess of Other Assets — (1.2)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(9313)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **777185** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COLL | Collateral |
| COP | Certificate of Participation |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| RE | Reinsured |
| REMIC | Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SIFMA | The Securities Industry and Financial Markets Association |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025. |
| (d) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (e) | Security is prerefunded or escrowed to maturity. |
| (f) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (h) | The rate shown is the current yield as of May 31, 2025. |

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Futures contracts outstanding as of May 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12311 | &nbsp;&nbsp;&nbsp;&nbsp; 152 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4186 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 239 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (3046)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1396)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (69)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 170 |

---

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

---

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

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

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

Fixed income instruments are valued based on prices received from 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** |  |  |  |  |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 752086 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 752086 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 34408 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34408 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $34408 | &nbsp;&nbsp;&nbsp;&nbsp; $752090 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $786498 |

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $239 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $239 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(69)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $170 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $170 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 2.30% (a) (b)<br>| $21444 | $111844 | $98880 | $—<br> (c)<br>| $—<br> (c)<br>| $34408 | 34404 | $224 | $— |

---

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

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

(b) The rate shown is the current yield as of May 31, 2025.

(c) Amount rounds to less than one thousand.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-04236

- **c. CIK number of Registrant:** 0000763852

- **d. LEI of Registrant:** 549300IMXLYKELY96B40

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan Short-Intermediate Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000003499

- **c. LEI of Series:** 8EG1U7EOD8DPT7MPIX12

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $796627948.16

**Total Liabilities:** $19432575.92

**Net Assets:** $777195372.24

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 577.21573000 | **1-Year:** 54089.30564000 | **5-Year:** 144423.34627000 | **10-Year:** 3982.48738000 | **30-Year:** 0.00000000

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

- **3-Month:** 248.36574000 | **1-Year:** 2268.31635000 | **5-Year:** 2769.44396000 | **10-Year:** 2541.60254000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009694 | -0.41%               | -0.30%               | 0.58%                |
| Class ID C000205207 | -0.33%               | -0.22%               | 0.66%                |
| Class ID C000009692 | -0.28%               | -0.26%               | 0.52%                |
| Class ID C000077258 | -0.24%               | -0.23%               | 0.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $279487.31               | $-4290138.10                               |
| Month 2  | $-394923.61              | $-3491558.75                               |
| Month 3  | $-159778.47              | $3026577.32                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Borough of Matanuska-Susitna AK                                                  | Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Series 2025A                                                               | CUSIP: 576553CJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074610.00   | 0.14%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Valley City Municipal Building Authority                                    | West Valley City Municipal Building Authority                                                                                                     | CUSIP: 95640EHZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1101479.19   | 0.14%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waco TX                                                                  | City of Waco, Combination Tax, Series 2024A                                                                                                       | CUSIP: 929831YE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $2020565.95   | 0.26%             | 2028-02-01      | 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: 899525WS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038239.50   | 0.13%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Sports & Tourism Authority                                               | Arizona Sports and Tourism Authority, Senior Lien Multipurpose Stadium Facility Project, Series 2022                                              | CUSIP: 040583BW5<br>LEI: 5493000FS1Q9KGAM2L28 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5405800.00   | 0.70%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Pollution Control Corp.                                          | Maricopa County Pollution Control Corp., Palo Verde Project, Series 2010B                                                                         | CUSIP: 566854EL5<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | STIV             | MUN               | US        |   2150000 | PA      | $2062032.11   | 0.27%             | 2043-06-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | Allegheny County Airport Authority, Pittsburgh International Airport, Series 2023A                                                                | CUSIP: 01728LGL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $869850.39    | 0.11%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025B                                                                                                                | CUSIP: 20772KC23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086238.10   | 0.14%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | County of Jefferson sewer, Series 2024                                                                                                            | CUSIP: 472682YU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1708462.60   | 0.22%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2015, Series 2015F, Subseries F-4                                                                                   | CUSIP: 64966QWM8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750000.00   | 0.23%             | 2044-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Skokie IL                                                             | Village of Skokie                                                                                                                                 | CUSIP: 830728TU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1654422.88   | 0.21%             | 2028-12-01      | 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        |    500000 | PA      | $500310.80    | 0.06%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | Illinois Housing Development Authority, Series 2024E                                                                                              | CUSIP: 45203MB83<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   4940000 | PA      | $5373602.08   | 0.69%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017D                                                                                                                   | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040333.80   | 0.13%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Gas Supply, Series 2023B                                                                                           | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3381762.15   | 0.44%             | 2030-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Glenview Park District                                                           | Glenview Park District                                                                                                                            | CUSIP: 379028RY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $309824.13    | 0.04%             | 2026-12-01      | 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        |   1000000 | PA      | $1069241.20   | 0.14%             | 2028-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Round Rock Independent School District                                           | Round Rock Independent School District, Unlimited Tax, Series 2025A                                                                               | CUSIP: 779240RD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1614862.35   | 0.21%             | 2044-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota               | Housing And Redevelopment Authority of The City of St. Paul Minnesota, Healtheast care System, Series 2015A                                       | CUSIP: 792888KQ1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    570000 | PA      | $574371.79    | 0.07%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Pollution Control Corp.                                          | Maricopa County Pollution Control Corp., Palo Verde Project, Series 2010A                                                                         | CUSIP: 566854EK7<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | STIV             | MUN               | US        |   4500000 | PA      | $4315881.15   | 0.56%             | 2043-06-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2024-1                                                                                                       | CUSIP: 70914P3V2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4441058.00   | 0.57%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                      | Miami-Dade County Housing Finance Authority, Running Brook Apartments, Series 202                                                                 | CUSIP: 593344BT0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1501232.10   | 0.19%             | 2027-01-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Income Tax Revenue                                          | City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements, Series 2018A                                                     | CUSIP: 186387UL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150960.65    | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                       | Intermountain Power Agency, Utah Power Supply, Series 2023A                                                                                       | CUSIP: 45884AE41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1164614.44   | 0.15%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025-J, Subseries J-1                     | CUSIP: 64972JTY4<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3254077.20   | 0.42%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                       | South Dakota Housing Development Authority, Series 2024C                                                                                          | CUSIP: 83756LBH7<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1652102.52   | 0.21%             | 2055-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indianapolis Power and Light Co. Project, Series 2021A                                                                 | CUSIP: 455059AK1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | STIV             | MUN               | US        |   7000000 | PA      | $6171710.30   | 0.79%             | 2029-08-01      | Fixed         | 1.40%                 | 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        |   7500000 | PA      | $7861035.75   | 1.01%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 130, Series 2024B                                                                    | CUSIP: 49151F3B4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1608691.64   | 0.21%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2020A                                                                                                                | CUSIP: 20772KHR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $764470.31    | 0.10%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Panther Valley School District                                                   | Panther Valley School District                                                                                                                    | CUSIP: 698912PZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $280872.75    | 0.04%             | 2028-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 57-A                                                                      | CUSIP: 65820BBF2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1665954.90   | 0.21%             | 2056-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                              | CUSIP: 64985SDA8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2158583.80   | 0.28%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project, Series 2024A                                                            | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $995328.60    | 0.13%             | 2054-10-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Carter County Public Facilities Authority                                        | Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project                                             | CUSIP: 146201DF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $365887.02    | 0.05%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                           | City of Grand Forks, Altru Health System, Series 2023A                                                                                            | CUSIP: 38546WDX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $483727.86    | 0.06%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Gas Supply, Series 2024D                                                                                           | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4184176.00   | 0.54%             | 2054-04-01      | 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 2024B                                           | CUSIP: 414009SD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1366549.00   | 0.18%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waukegan IL                                                              | City of Waukegan, Series 2018B                                                                                                                    | CUSIP: 942860SR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1222259.48   | 0.16%             | 2027-12-30      | 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 2021, Series 2021, Subseries CC-2 | CUSIP: 64972GYM0<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3410000 | PA      | $3517597.44   | 0.45%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irving Hospital Authority                                                        | Irving Hospital Authority, Baylor Scott and White Medical Center, Series 2017A                                                                    | CUSIP: 463794JW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506380.70    | 0.07%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St. John the Baptist LA                                                | Parish of St. John the Baptist, Marathon Oil Corp., Project, Series 2017C                                                                         | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3919186.40   | 0.50%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                   | University of Central Arkansas, Student Housing System, Series 2019C                                                                              | CUSIP: 914115P95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110260.13    | 0.01%             | 2025-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                               | City of Wichita, Sales Tax, River District Stadium Star Bond Project, Series 2018                                                                 | CUSIP: 967323AH9<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301289.25    | 0.04%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp./TN                                                                | Tennergy Corp., Gas Supply, Series 2021A                                                                                                          | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6490537.30   | 0.84%             | 2028-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2023A3                                                                    | CUSIP: 56682HDW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3278323.61   | 0.42%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL Energy System Revenue                                     | City of Tallahassee, Energy System                                                                                                                | CUSIP: 874476JJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301921.29    | 0.04%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northville Public Schools                                                        | Northville Public Schools, School Building and Site, Series 2019-II                                                                               | CUSIP: 667230UH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $634344.42    | 0.08%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | Allegheny County Airport Authority, Pittsburgh International Airport, Series 2023A                                                                | CUSIP: 01728LGK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $353137.79    | 0.05%             | 2026-01-01      | 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        |   2680000 | PA      | $2792181.05   | 0.36%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Income Tax Revenue                                          | City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements, Series 2017B-1                                                   | CUSIP: 186387TT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2510000 | PA      | $2632030.93   | 0.34%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                           | Colorado Housing and Finance Authority, Single Family Mortgage, Series 2023L, Class III                                                           | CUSIP: 19648GAV4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   3060000 | PA      | $3246462.02   | 0.42%             | 2053-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | City of Los Angeles Department of Airports, International Airport Subordinate, Series 2018B                                                       | CUSIP: 544445FA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $3059168.88   | 0.39%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado School of Mines                                                         | Colorado School of Mines, Series 2022D                                                                                                            | CUSIP: 19658QGG6<br>LEI: 549300TQMFMDZTM5HY46 | Long             | STIV             | MUN               | US        |   1410000 | PA      | $1409919.21   | 0.18%             | 2025-12-01      | Floating      | 2.84%                 | 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        |    175000 | PA      | $183254.72    | 0.02%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series A                                                           | CUSIP: 6461363J8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3052777.50   | 0.39%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bridge City Independent School District                                          | Bridge City Independent School District, Unlimited Tax                                                                                            | CUSIP: 108043VD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $564729.72    | 0.07%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                           | Patriots Energy Group Financing Agency, Series 2023 Subseries B-1                                                                                 | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   3665000 | PA      | $3881612.86   | 0.50%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority (The)                                              | Atlanta Development Authority (The), New Downtown Atlanta Stadium Project, Senior Lien, Series A-1                                                | CUSIP: 04780NJB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1151110.56   | 0.15%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abilene Independent School District                                              | Abilene Independent School District, Unlimited Tax School Building                                                                                | CUSIP: 003464LL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2033704.20   | 0.26%             | 2029-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Ector TX                                                               | County of Ector                                                                                                                                   | CUSIP: 279245KC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $2104483.96   | 0.27%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peoria Public Building Commission                                                | Peoria Public Building Commission, Series 2019A                                                                                                   | CUSIP: 71323MEK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1520473.40   | 0.20%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State University System                                                    | Texas State University System, Series 2024                                                                                                        | CUSIP: 88278PG81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2141083.20   | 0.28%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                     | New Jersey Housing and Mortgage Finance Agency, Multi- Family, Series 2024B                                                                       | CUSIP: 6461084N7<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996998.90    | 0.13%             | 2029-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Madison-Macoupin Etc Counties Community College District No. 536/IL              | Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community                                                      | CUSIP: 557738PJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019418.00   | 0.26%             | 2029-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | California Community Choice Financing Authority, Clean Energy Project, Series 2023E-1                                                             | CUSIP: 13013JDB9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2613761.25   | 0.34%             | 2054-02-01      | 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        |   4255000 | PA      | $4342233.46   | 0.56%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2023B                                                                                                                   | CUSIP: 452153EU9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1068514.94   | 0.14%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic Valley Sewerage Commission                                               | Passaic Valley Sewerage Commission, Sewer System, Series J                                                                                        | CUSIP: 702826LB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6665000 | PA      | $6514450.98   | 0.84%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                                   | Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series 2021S 1                                            | CUSIP: 155048DV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1717684.10   | 0.22%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Series 2025                                                                                               | CUSIP: 52882PHF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1918226.80   | 0.25%             | 2030-08-15      | 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        |   1000000 | PA      | $1079741.70   | 0.14%             | 2029-07-01      | 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        |   1000000 | PA      | $1086714.20   | 0.14%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | County of Jefferson sewer, Series 2024                                                                                                            | CUSIP: 472682YV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1120520.51   | 0.14%             | 2026-10-01      | 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        |    700000 | PA      | $757121.47    | 0.10%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irving Hospital Authority                                                        | Irving Hospital Authority, Baylor Scott and White Medical Center, Series 2017A                                                                    | CUSIP: 463794JV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253406.93    | 0.03%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Tulane University of Louisiana Project, Series 2017A                                                       | CUSIP: 546399EK8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252382.18    | 0.03%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coppell Independent School District                                              | Conroe Independent School District, Unlimited Tax, Series 2019                                                                                    | CUSIP: 217490AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065399.00   | 0.14%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                                 | JEA Water and Sewer System, Series 2017A                                                                                                          | CUSIP: 46613P3E4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $367434.59    | 0.05%             | 2025-10-01      | 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        |   2320000 | PA      | $2366339.22   | 0.30%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                          | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                       | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4500000 | PA      | $3817567.80   | 0.49%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Waco TX                                                                  | City of Waco, Combination Tax, Series 2024A                                                                                                       | CUSIP: 929831YF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2136465.80   | 0.27%             | 2029-02-01      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $1065245.80   | 0.14%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Infrastructure Improvement, Series 2025A                                                                                           | CUSIP: 677523KK7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078863.40   | 0.14%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bethlehem Area School District                                                   | Bethlehem Area School District, Series 2021                                                                                                       | CUSIP: 087365WT5<br>LEI: 549300PVLLD0D81XYN53 | Long             | DBT              | MUN               | US        |   4165000 | PA      | $4274373.73   | 0.55%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | Illinois Housing Development Authority, Series 2022E                                                                                              | CUSIP: 45203MHX2<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1701634.43   | 0.22%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2019A                                                                                                                | CUSIP: 25476FXF0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1536402.10   | 0.20%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Gas Supply, Series 2024C                                                                                           | CUSIP: 56035DHT2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3745000 | PA      | $3901911.76   | 0.50%             | 2054-12-01      | Variable      | 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 2024D                                                                                        | CUSIP: 79625GLD3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085978.20   | 0.14%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | Arkansas Development Finance Authority, Department of Community Correction Project                                                                | CUSIP: 040849DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $333893.63    | 0.04%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dahlonega Downtown Development Authority                                         | Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project                                                                          | CUSIP: 23378RFA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250277.08    | 0.03%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | North Carolina Housing Finance Agency, Series 2024                                                                                                | CUSIP: 65821BAM7<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3825000 | PA      | $4004253.65   | 0.52%             | 2029-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Panther Valley School District                                                   | Panther Valley School District                                                                                                                    | CUSIP: 698912PX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $731169.15    | 0.09%             | 2026-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Grundy & Kendall Counties Consolidated Grade School District No. 60-C/IL         | Grundy and Kendall Counties Consolidated Grade School District No. 60-C                                                                           | CUSIP: 400199BU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1179837.43   | 0.15%             | 2030-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                | City of Austin, Public Propertiy Finance Contractual Obligation                                                                                   | CUSIP: 052397W44<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2388032.94   | 0.31%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County Unified School District No. 202 Turner                          | Wyandotte County Unified School District No. 202 Turner, Series 2019A                                                                             | CUSIP: 982683FL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $420145.92    | 0.05%             | 2028-09-01      | Fixed         | 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        |   6790000 | PA      | $7174189.06   | 0.92%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate, Series 2017-3                                                        | CUSIP: 709224B99<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1425991.90   | 0.18%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Pace University, Series 2024A                                                                                 | CUSIP: 65000B4E5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258671.23    | 0.03%             | 2027-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                         | Maine Turnpike Authority                                                                                                                          | CUSIP: 560551SA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079341.80   | 0.14%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Isle Wight County Industrial Development Authority                               | Isle Wight County Economic Development Authority, Riverside Health System, Series 2023                                                            | CUSIP: 464637AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509491.85    | 0.07%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Astro Texas Land Projects                                                                                               | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    999550 | PA      | $979209.74    | 0.13%             | 2036-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Green Bond, Series 2018B                                                                                   | CUSIP: 59261AWX1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025702.20   | 0.13%             | 2026-11-15      | Fixed         | 5.00%                 | 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        |   2005000 | PA      | $2100832.58   | 0.27%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northville Public Schools                                                        | Northville Public Schools, School Building and Site, Series 2019-II                                                                               | CUSIP: 667230UJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $268106.78    | 0.03%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | California Community Choice Financing Authority, Clean Energy Project, Series 2023B-1                                                             | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2598659.75   | 0.33%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | U.S. Treasury Long Bond                                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        37 | NC      | $86742.15     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue        | Wisconsin Housing and Economic Development Authority Home Ownership, Series 2024C                                                                 | CUSIP: 97689QWD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1624405.50   | 0.21%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Northampton PA                                                         | County of Northampton, Series 2019A                                                                                                               | CUSIP: 663532JT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $925450.08    | 0.12%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston Combined Utility System, Series 2016B                                                                                             | CUSIP: 44244CGK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $967334.73    | 0.12%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2023-141A                                                                     | CUSIP: 70879QSZ7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1303691.56   | 0.17%             | 2053-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Dublin OH                                                                | City of Dublin, Various Purpose                                                                                                                   | CUSIP: 263713ZU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200657.90    | 0.03%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spring Independent School District                                               | Spring Independent School District, Unlimited Tax, Series 2024B                                                                                   | CUSIP: 850001BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1719950.40   | 0.22%             | 2030-08-15      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $1023232.80   | 0.13%             | 2028-09-01      | 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        |   1000000 | PA      | $1031619.50   | 0.13%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                               | Montgomery County Industrial Development Authority, Constellation Energy Generation, Series 2023B                                                 | CUSIP: 61361TAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5200000 | PA      | $5270425.68   | 0.68%             | 2029-06-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                        | Ohio Turnpike and Infrastructure Commission, Series 2018A                                                                                         | CUSIP: 67760HLR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043838.60   | 0.13%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2018A                                                                | CUSIP: 64711RMD5<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |   5080000 | PA      | $5371784.53   | 0.69%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas A&M University                                                             | Texas A&M University, Financing System, Series 2017E                                                                                              | CUSIP: 88213AKW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1492406.46   | 0.19%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                | State of Nevada Department of Business and Industry, Brighline West Passenger Rail Project, Series 2025A                                          | CUSIP: 641455AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3815015.20   | 0.49%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Johnson City Health & Educational Facilities Board                               | Johnson City Health and Educational Facilities Board, Ballad Health, Series 2023A                                                                 | CUSIP: 478271KG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $760811.07    | 0.10%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | Chicago Midway International Airport, Series 2023C                                                                                                | CUSIP: 167562SZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7115000 | PA      | $7359107.82   | 0.95%             | 2028-01-01      | 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        |   2000000 | PA      | $2105276.60   | 0.27%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Panther Valley School District                                                   | Panther Valley School District                                                                                                                    | CUSIP: 698912QA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $273752.94    | 0.04%             | 2029-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Panther Valley School District                                                   | Panther Valley School District                                                                                                                    | CUSIP: 698912PY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $650053.00    | 0.08%             | 2027-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Southeast Community College Area                                                 | Southeast Community College Area, Tax Supported                                                                                                   | CUSIP: 84134TAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $571176.68    | 0.07%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Travis County Public Utility Agency                                         | West Travis County Public Utility Agency                                                                                                          | CUSIP: 95632CDG1<br>LEI: 549300O1CP7CFGPMMX97 | Long             | DBT              | MUN               | US        |    350000 | PA      | $364653.91    | 0.05%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2023B-2                                                              | CUSIP: 45470YFM8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2153479.60   | 0.28%             | 2060-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Junior Lien, Series 2014B                                                                                               | CUSIP: 79642GPQ9<br>LEI: 549300S7VENCVRZAA322 | Long             | STIV             | MUN               | US        |   1565000 | PA      | $1564185.89   | 0.20%             | 2044-05-01      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Unlimited Tax, Series 2024-1                                                                                                    | CUSIP: 1994928L6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1641699.00   | 0.21%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Champaign County Community Unit School District No. 4 Champaign                  | Champaign County Community Unit School District No. 4 Champaign, Series 2019                                                                      | CUSIP: 158249LV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1162737.48   | 0.15%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Stadium Project, Series 2022A                                                                                          | CUSIP: 45506EEU3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506368.90    | 0.07%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2022B                                           | CUSIP: 414009RT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1556901.44   | 0.20%             | 2050-06-01      | Variable      | 5.00%                 | 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        |   1000000 | PA      | $1068533.20   | 0.14%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power, Power System, Series 2025A                                                                             | CUSIP: 544532PA6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2074522.40   | 0.27%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | Chicago Midway International Airport, Senior Lien, Series 2023A                                                                                   | CUSIP: 167562RS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3521746.18   | 0.45%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | U.S. Treasury 10 Year Note                                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       111 | NC      | $152554.55    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Highlands County Health Facilities Authority                                     | Highlands County Health Facilities Authority, Adventhealth Obligated Group, Series 2024C                                                          | CUSIP: 431022UL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087451.10   | 0.14%             | 2059-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Isle Wight County Industrial Development Authority                               | Isle Wight County Economic Development Authority, Riverside Health System, Series 2023                                                            | CUSIP: 464637AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $373926.53    | 0.05%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cuyahoga Community College District                                              | Cuyahoga Community College District, Facilities Construction Improvement, Unlimited Tax                                                           | CUSIP: 232392AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2336526.76   | 0.30%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbia County Hospital Authority/GA                                            | Columbia County Hospital Authority, Wellstart Health System Inc., Project, Series 2023B                                                           | CUSIP: 197479AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $790778.85    | 0.10%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                            | Chicago Park District, Limited Tax, Series 2023C                                                                                                  | CUSIP: 1676153J0<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2524429.00   | 0.32%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bastrop TX                                                             | County of Bastrop, Combination Tax                                                                                                                | CUSIP: 070307SF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1245772.25   | 0.16%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waukegan IL                                                              | City of Waukegan, Series 2018B                                                                                                                    | CUSIP: 942860SQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1160518.39   | 0.15%             | 2026-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                         | Arlington Higher Education Finance Corp., Uplift Education, Series 2017A                                                                          | CUSIP: 041806ML1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007489.60   | 0.13%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-146A                                                                     | CUSIP: 70879QXV0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3265404.60   | 0.42%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority (The)                                              | Atlanta Development Authority (The), New Downtown Atlanta Stadium Project, Senior Lien, Series A-1                                                | CUSIP: 04780NJA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000985.80   | 0.13%             | 2027-07-01      | 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        |   7000000 | PA      | $7247901.50   | 0.93%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Common School, Series 2023A                                                                                                        | CUSIP: 677523FV9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   7870000 | PA      | $8169627.43   | 1.05%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2023A                                                            | CUSIP: 54811BF63<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2584096.19   | 0.33%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Effingham Community Unit School District No. 40                                  | Effingham Community Unit School District No. 40, Series 2019A                                                                                     | CUSIP: 282065CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $579618.25    | 0.07%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Isle Wight County Industrial Development Authority                               | Isle Wight County Economic Development Authority, Riverside Health System, Series 2023                                                            | CUSIP: 464637AD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535117.90    | 0.07%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series 2020A                                                              | CUSIP: 65000BQU5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5065000 | PA      | $5343334.41   | 0.69%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | U.S. Treasury Ultra Bond                                                                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -12 | NC      | $-32075.92    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| County of Prince George's MD                                                     | County of Prince George's, Consolidated Public Improvement, Series 2020A                                                                          | CUSIP: 7417016K7<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055834.10   | 0.14%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norfolk Economic Development Authority                                           | Norfolk Economic Development Authority, Sentara Healthcare, Series 2018A                                                                          | CUSIP: 65588TAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2313433.88   | 0.30%             | 2048-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                                   | Central Puget Sound Regional Transit Authority, Series 2021S 1                                                                                    | CUSIP: 155048DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008606.10   | 0.13%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Series 2021A-2                                             | CUSIP: 708692BZ0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5032038.50   | 0.65%             | 2046-10-01      | Variable      | 4.60%                 | 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        |     50000 | PA      | $50983.28     | 0.01%             | 2026-06-15      | 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        |   6000000 | PA      | $6187304.40   | 0.80%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                            | Northwest Independent School District, Unlimited Tax, Series 2024A                                                                                | CUSIP: 667826FN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073972.90   | 0.14%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Various Purpose, Series 2018A                                                                                                 | CUSIP: 60412APE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058126.80   | 0.14%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                   | University of Central Arkansas, Student Housing System, Series 2019C                                                                              | CUSIP: 914115Q29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $241731.96    | 0.03%             | 2026-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Personal Income Tax, Series 2017B-2                                                                           | CUSIP: 64990FFX7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1945629.19   | 0.25%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                    | Maryland Community Development Administration, Multi- Family, Villages At Marley Station, Series 2024D-2                                          | CUSIP: 20364NCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1497886.05   | 0.19%             | 2029-01-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Dahlonega Downtown Development Authority                                         | Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project                                                                          | CUSIP: 23378RFD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $386635.50    | 0.05%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Curators of the University of Missouri (The)                                     | Curators of the University of Missouri (The), Series 2020B                                                                                        | CUSIP: 231266MK0<br>LEI: G0G4PRB87K0V5MXIV248 | Long             | DBT              | MUN               | US        |   5705000 | PA      | $6286260.77   | 0.81%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sun Prairie Area School District/WI                                              | Sun Prairie Area School District                                                                                                                  | CUSIP: 866854RR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2544327.50   | 0.33%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grady County School Finance Authority                                            | Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project                                                 | CUSIP: 384201FY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $392205.38    | 0.05%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Nebraska                                                           | University of Nebraska, Lincoln Student Fees and Facilities, Series 2015A                                                                         | CUSIP: 9146414W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250368.55    | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Lake Zurich Community Unit School District No. 95 Project                                                             | CUSIP: 45204E2C1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2140138.73   | 0.28%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Royal Oak MI                                                             | City of Royal Oak, Limited Tax, Capital Improvement                                                                                               | CUSIP: 780464LN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $258306.07    | 0.03%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Pace University, Series 2024A                                                                                 | CUSIP: 65000B4F2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    290000 | PA      | $302711.05    | 0.04%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Toledo OH                                                                | City of Toledo, Series 2023                                                                                                                       | CUSIP: 889278ZY6<br>LEI: 549300I365GIDPR4BM68 | Long             | DBT              | MUN               | US        |    445000 | PA      | $458513.85    | 0.06%             | 2026-12-01      | Fixed         | 5.00%                 | 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        |   1130000 | PA      | $1151981.55   | 0.15%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | New York State Housing Finance Agency, Sate Personal Income Tax, Series 2024B-2                                                                   | CUSIP: 649870PG1<br>LEI: 5493000LS7KCDB02O506 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1486357.95   | 0.19%             | 2054-12-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp. I                               | Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply, Senior Lien, Series 2008D                                                         | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |    615000 | PA      | $629991.12    | 0.08%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2022A                                                            | CUSIP: 54811BZD6<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    805000 | PA      | $870192.93    | 0.11%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carter County Public Facilities Authority                                        | Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project                                             | CUSIP: 146201DG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $832009.15    | 0.11%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbia County Hospital Authority/GA                                            | Columbia County Hospital Authority, Wellstart Health System Inc., Project, Series 2023B                                                           | CUSIP: 197479AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $406409.24    | 0.05%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority, Asset Improvement Program                                                                     | CUSIP: 842039FC8<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    100000 | PA      | $111886.65    | 0.01%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sandoval NM                                                            | County of Sandoval                                                                                                                                | CUSIP: 80004PEY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $664552.79    | 0.09%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Income Tax Revenue                                          | City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements, Series 2018A                                                     | CUSIP: 186387UP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262985.98    | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                             | FNMA, REMIC, Series 2002-36, Class FS                                                                                                             | CUSIP: 31392DKJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4072 | PA      | $4069.27      | 0.00%             | 2032-06-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                   | Empire State Development Corp., State Personal Income Tax, Series 2017C                                                                           | CUSIP: 6500356R4<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1151365.95   | 0.15%             | 2032-03-15      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $1064084.30   | 0.14%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Gas Prepay Project No. 7, Series 2021C-1                                                                          | CUSIP: 09182TAM9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   7515000 | PA      | $7507482.75   | 0.97%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | U.S. Treasury 10 Year Ultra Note                                                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -27 | NC      | $-37364.05    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado            | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025A                                                               | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2632596.50   | 0.34%             | 2035-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Hereford Independent School District                                             | Hereford Independent School District, School Building, Unlimited Tax                                                                              | CUSIP: 427128EC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1499139.36   | 0.19%             | 2029-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Intermediate Tax-Free Fund                                              | City of Houston, Combined Utility System, First Lien, Series 2024A                                                                                | CUSIP: 44244CS40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4357427.79   | 0.56%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series 2023A                                                                                           | CUSIP: 66285WM60<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   3740000 | PA      | $3784439.05   | 0.49%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Champaign County Community Unit School District No. 4 Champaign                  | Champaign County Community Unit School District No. 4 Champaign                                                                                   | CUSIP: 158249LR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1317371.08   | 0.17%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                    | Cypress-Fairbanks Independent School District, Unlimited Tax                                                                                      | CUSIP: 232769QB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $5230192.70   | 0.67%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Income Tax Revenue                                          | City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements, Series 2018A                                                     | CUSIP: 186387UN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262209.90    | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, DePaul University                                                                                                     | CUSIP: 45203H8H8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301502.25    | 0.04%             | 2025-10-01      | Fixed         | 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        |   1925000 | PA      | $2013842.02   | 0.26%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | Long Island Power Authority, Electric System                                                                                                      | CUSIP: 542691AG5<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524817.60    | 0.07%             | 2027-09-01      | 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      | $1094252.60   | 0.14%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | California Statewide Communities Development Authority, Marin General Hospital Project, Series 2018A                                              | CUSIP: 13080STV6<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259113.88    | 0.03%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | Utah Infrastructure Agency, Tax-Exempt Telecommunications, Series 2017A                                                                           | CUSIP: 917467AD4<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2570379.01   | 0.33%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peoria County Community Unit School District No. 309 Brimfield                   | Peoria County Community Unit School District No. 309 Brimfield                                                                                    | CUSIP: 713125BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $379347.23    | 0.05%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Pace University, Series 2024A                                                                                 | CUSIP: 65000B4G0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    300000 | PA      | $316258.92    | 0.04%             | 2029-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Peoria County Community Unit School District No. 309 Brimfield                   | Peoria County Community Unit School District No. 309 Brimfield                                                                                    | CUSIP: 713125BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $243939.24    | 0.03%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                               | Mississippi Business Finance Corp., Pollution Control, Power Co., Project                                                                         | CUSIP: 605277AL6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3983090.00   | 0.51%             | 2028-09-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Cleveland County Educational Facilities Authority                                | Cleveland County Educational Facilities Authority, Moore Public School roject, Series 2021                                                        | CUSIP: 18604TEA2<br>LEI: 549300XEV4DVO42DUA84 | Long             | DBT              | MUN               | US        |   7015000 | PA      | $7062673.94   | 0.91%             | 2026-06-01      | Fixed         | 4.00%                 | 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        |   1235000 | PA      | $1252498.47   | 0.16%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Isle Wight County Industrial Development Authority                               | Isle Wight County Economic Development Authority, Riverside Health System, Series 2023                                                            | CUSIP: 464637AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $369492.06    | 0.05%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 58-A                                                                      | CUSIP: 65820BCH7<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7864010.70   | 1.01%             | 2056-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Lone Star College System                                                         | Lone Star College System, Limited Tax, Series 2016                                                                                                | CUSIP: 542264GT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1126405.69   | 0.14%             | 2032-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series A                                                           | CUSIP: 6461363Q2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4812642.53   | 0.62%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                             | Allegheny County Higher Education Building Authority, Carnegie Mellon University, Series 2022A                                                    | CUSIP: 01729EKZ9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2488228.25   | 0.32%             | 2033-02-01      | Floating      | 3.32%                 | No            |                  2 | On Loan: No      |
| City of Rockport IN                                                              | City of Rockport, Indiana Michigan Power Co. Project, Series 2009B                                                                                | CUSIP: 773835BS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.64%             | 2025-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Bastrop Independent School District                                              | Bastrop Independent School District, Unlimited Tax, Series 2024                                                                                   | CUSIP: 070329X36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3530000 | PA      | $3837177.42   | 0.49%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi Gaming Tax Revenue                                          | State of Mississippi, Gaming Tax, Series 2019A                                                                                                    | CUSIP: 605638BF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1474838.82   | 0.19%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2025A                                                                                        | CUSIP: 485424TP0<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   3725000 | PA      | $4030042.86   | 0.52%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waukegan IL Water & Sewer System Revenue                                 | City of Waukegan, First Lien, Water and Sewer System, Series 2018C                                                                                | CUSIP: 943011JX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $701468.89    | 0.09%             | 2026-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series A                                                           | CUSIP: 6461363L3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5350000 | PA      | $5436569.96   | 0.70%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peoria County Community Unit School District No. 309 Brimfield                   | Peoria County Community Unit School District No. 309 Brimfield                                                                                    | CUSIP: 713125AZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $416767.13    | 0.05%             | 2028-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pasco County School Board                                                        | Pasco County School Board, Series 2022A                                                                                                           | CUSIP: 702528MY3<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1180801.78   | 0.15%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, University of Chicago, Series 2015A                                                                                   | CUSIP: 45204FHD0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6537841.05   | 0.84%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, College Student Loan, Series 2023A                                                                                                | CUSIP: 882724F77<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2643459.95   | 0.34%             | 2029-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series A                                                                                               | CUSIP: 66285WWG7<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2516865.25   | 0.32%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                               | Grand Parkway Transportation Corp., Series 2023                                                                                                   | CUSIP: 38611TDR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3129692.70   | 0.40%             | 2052-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Independent School District No. 52 Midwest City-Del City         | Oklahoma County Independent School District No. 52 Midwest City-Del City, Series 2024                                                             | CUSIP: 678807RQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034123.60   | 0.26%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2024-1                                                                                                       | CUSIP: 70914P3U4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5875000 | PA      | $6442652.49   | 0.83%             | 2030-08-15      | Fixed         | 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, Series A                                                                       | CUSIP: 41422EFS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027590.70   | 0.13%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Champaign County Community Unit School District No. 4 Champaign                  | Champaign County Community Unit School District No. 4 Champaign                                                                                   | CUSIP: 158249LQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029097.80   | 0.13%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024 -147A                                                                    | CUSIP: 70879QC50<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093462.00   | 0.14%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, National Charter School Revolving Loan Fund, Series 2023A                                               | CUSIP: 04052FDU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6250930.80   | 0.80%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County Unified School District No. 202 Turner                          | Wyandotte County Unified School District No. 202 Turner, Series 2019A                                                                             | CUSIP: 982683FH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $496979.16    | 0.06%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida Board of Education, Public Education Capital Outlay, Series 2020B                                                                | CUSIP: 34153QTS5<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531474.40    | 0.07%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | Port of Portland, International Airport, Series 26A                                                                                               | CUSIP: 735240T45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $339134.91    | 0.04%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Community College District Public Facility Corp.                          | Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project, Series 2018C                              | CUSIP: 052405EV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255770.55    | 0.03%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | State of Louisiana, Series 2023A                                                                                                                  | CUSIP: 546417FJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1193011.10   | 0.15%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland County Educational Facilities Authority                                | Cleveland County Educational Facilities Authority, Moore Public School roject, Series 2021                                                        | CUSIP: 18604TEC8<br>LEI: 549300XEV4DVO42DUA84 | Long             | DBT              | MUN               | US        |   5080000 | PA      | $5198793.77   | 0.67%             | 2028-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Gas Supply, Series 2024C                                                                                           | CUSIP: 56035DHN5<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031148.00   | 0.13%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025H, Sub H-1                            | CUSIP: 64972JSN9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096270.90   | 0.14%             | 2030-11-01      | 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, SSM Health Care Obligated Group, Series 2022A                               | CUSIP: 60637AVL3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    385000 | PA      | $404040.18    | 0.05%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                         | Metropolitan Transportation Authority Dedicated Tax Fund, Series B-2                                                                              | CUSIP: 59259N7D9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4016788.00   | 0.52%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Community College Area                                                 | Southeast Community College Area, Tax Supported                                                                                                   | CUSIP: 84134TAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $283280.53    | 0.04%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                             | County of Miami-Dade, Water and Sewer System, Series 2017B                                                                                        | CUSIP: 59334DKB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1887519.60   | 0.24%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District                                           | Los Angeles Community College District, Election of 2016, Series C-1                                                                              | CUSIP: 54438CYX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256668.75    | 0.03%             | 2026-08-01      | 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        |   2500000 | PA      | $2612262.00   | 0.34%             | 2027-07-01      | 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: 49151F3T5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $737382.98    | 0.09%             | 2029-10-01      | 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        |   1000000 | PA      | $1073608.90   | 0.14%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | State of California, Various Purpose                                                                                                              | CUSIP: 13063C6A3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4032806.00   | 0.52%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grady County School Finance Authority                                            | Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project                                                 | CUSIP: 384201FZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1225085.43   | 0.16%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Municipal Bond Bank                                                | New Hampshire Municipal Bond Bank, Series 2020A                                                                                                   | CUSIP: 64465QAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $2004177.74   | 0.26%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Van Wert OH                                                            | County of Van Wert, Ohio Hospital Facilities                                                                                                      | CUSIP: 921297AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3306018.60   | 0.43%             | 2049-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Series 2019B                                                                                                    | CUSIP: 20281PLC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535509.35    | 0.07%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois                                                                                                                                 | CUSIP: 4521526K2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1606386.05   | 0.21%             | 2030-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2021A                                                      | CUSIP: 64990FZK3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    535000 | PA      | $589190.10    | 0.08%             | 2031-03-15      | 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        |   2230000 | PA      | $2296641.99   | 0.30%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carter County Public Facilities Authority                                        | Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project                                             | CUSIP: 146201DH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1283849.63   | 0.17%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Louis MO Airport Revenue                                              | City of St. Louis Airport, Series 2007A                                                                                                           | CUSIP: 791638XV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2699599.92   | 0.35%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | Metropolitan Washington Airports Authority Aviation, Series 2023A                                                                                 | CUSIP: 592647LH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $879091.76    | 0.11%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority Future Tax Secured, Series 2024G, Subseries G-1                                                      | CUSIP: 64972JHJ0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3755000 | PA      | $3907989.21   | 0.50%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | Kentucky Public Energy Authority, Gas Supply, Series 2023A-1                                                                                      | CUSIP: 74440DEC4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   3335000 | PA      | $3528195.55   | 0.45%             | 2054-04-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Southwestern Illinois Development Authority                                      | Southwestern Illinois Development Authority, Hospital Sisters Services, Inc., Obligated Group, Series 2017A                                       | CUSIP: 84553AAM4<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2054517.20   | 0.26%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ                                                                  | City of Mesa, Series 2016                                                                                                                         | CUSIP: 590485G93<br>LEI: 549300L1QYAKFHSIGE94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499797.70    | 0.06%             | 2025-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Gas Supply, Series 2024C                                                                                           | CUSIP: 56035DHQ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569554.10   | 0.20%             | 2029-12-01      | 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        |   1000000 | PA      | $984565.10    | 0.13%             | 2049-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                    | Florida Housing Finance Corp., Homeowner Mortgage, Series 2025 1                                                                                  | CUSIP: 34074NBE8<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2193590.40   | 0.28%             | 2056-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Polk County Housing Finance Authority                                            | Polk County Housing Finance Authority, Episcopal Catholic Apartments, Series 2023                                                                 | CUSIP: 731903BN9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    750000 | PA      | $756108.75    | 0.10%             | 2040-12-01      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| S & S Consolidated Independent School District                                   | S&S Consolidated Independent School District                                                                                                      | CUSIP: 783852BQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $592829.83    | 0.08%             | 2028-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | Commonwealth of Puerto Rico, Series 2022A-1                                                                                                       | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1045000 | PA      | $1072424.35   | 0.14%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Austin Community College District Public Facility Corp.                          | Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project, Series 2018C                              | CUSIP: 052405EW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $208790.76    | 0.03%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Mcleod Health Projects                                                                        | CUSIP: 83703FKM3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1071691.21   | 0.14%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, Series 2021-2                                                                                                                  | CUSIP: 574193UN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2201376.00   | 0.28%             | 2030-08-01      | 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        |   5500000 | PA      | $5649454.80   | 0.73%             | 2026-09-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Wyandotte County Unified School District No. 202 Turner                          | Wyandotte County Unified School District No. 202 Turner, Series 2019A                                                                             | CUSIP: 982683FJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $327201.28    | 0.04%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                   | University of Central Arkansas, Student Housing System, Series 2019C                                                                              | CUSIP: 914115Q37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $181589.29    | 0.02%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, State Revolving Program, Series 2021A                                                                                  | CUSIP: 45506EBS1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    180000 | PA      | $198312.34    | 0.03%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                              | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series 2025A                                                                  | CUSIP: 65889BCG7<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089312.50   | 0.14%             | 2056-01-01      | Fixed         | 6.00%                 | 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      | $1008362.90   | 0.13%             | 2045-02-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025A, Subseries A-1                                   | CUSIP: 64972JJM1<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2466609.53   | 0.32%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Valley City Municipal Building Authority                                    | West Valley City Municipal Building Authority                                                                                                     | CUSIP: 95640EHX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $742165.99    | 0.10%             | 2027-02-01      | 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        |   1000000 | PA      | $1050548.40   | 0.14%             | 2062-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Department of Transportation                                       | Massachusetts Department of Transportation, Series 1997A                                                                                          | CUSIP: 576018AL9<br>LEI: 549300CGDCL8XZK3KN03 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1389600.73   | 0.18%             | 2029-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018A                                                                                                                   | CUSIP: 4521522L4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26134.03     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County Forest Preserve District                                             | Will County Forest Preservation District, Limited Tax                                                                                             | CUSIP: 968661HR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $846500.00    | 0.11%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | State of Georgia, Series 2016F                                                                                                                    | CUSIP: 3733846L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2069542.80   | 0.27%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                | Hampton Roads Sanitation District, Series 2024A                                                                                                   | CUSIP: 409327LV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3240000 | PA      | $3339934.88   | 0.43%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbia County Hospital Authority/GA                                            | Columbia County Hospital Authority, Wellstart Health System Inc., Project, Series 2023B                                                           | CUSIP: 197479AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $362570.64    | 0.05%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                            | City of Farmington, San Juan Project, Series 2010A                                                                                                | CUSIP: 311450FX3<br>LEI: 5493000GWMTI2L4AZA61 | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3836338.80   | 0.49%             | 2040-06-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                       | Duluth Independent School District No. 709, Series 2019B                                                                                          | CUSIP: 264474HL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $190804.04    | 0.02%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                                | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                                       | CUSIP: 46645V725<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  34404423 | NS      | $34407863.08  | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Kansas Development Finance Authority                                             | Kansas Development Finance Authority, AdventHealth, Series 2021B                                                                                  | CUSIP: 48542AFH9<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1898795.16   | 0.24%             | 2054-11-15      | Variable      | 5.00%                 | No            |                  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        |   3000000 | PA      | $3162285.30   | 0.41%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, St. Lucie Project, Series 2021B                                                                                   | CUSIP: 342816T54<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2685969.48   | 0.35%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ                                                              | City of Glendale                                                                                                                                  | CUSIP: 378307BL5<br>LEI: 5493002BC35ZY7XRQ949 | Long             | DBT              | MUN               | US        |   2850000 | PA      | $3030485.37   | 0.39%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017A                                                                                                                   | CUSIP: 452152S51<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2049708.80   | 0.26%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Senior Lien, Airport System, Series 2023                                                                 | CUSIP: 71883MQH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500513.10    | 0.06%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2016A                                                                                    | CUSIP: 544495R55<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503774.90    | 0.06%             | 2029-07-01      | Fixed         | 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        |   2800000 | PA      | $2944396.00   | 0.38%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane & DeKalb Counties Community Unit School District No. 301 Burlington         | Kane and DeKalb Counties Community Unit School District No. 301 Burlington                                                                        | CUSIP: 483764KA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $365894.77    | 0.05%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing                                                         | Montana Board of Housing, Single Family Mortgage, Series 2024A                                                                                    | CUSIP: 61212WXQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $924894.40    | 0.12%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series 2017B                                                                                      | CUSIP: 938782FJ3<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1162201.15   | 0.15%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Gas Supply, Series 2024C                                                                                           | CUSIP: 56035DHP0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040455.90   | 0.13%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2024A                                                                                                  | CUSIP: 65000BW79<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5800000 | PA      | $6179592.60   | 0.80%             | 2028-10-01      | 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 2022                                                                                     | CUSIP: 549203XV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1181958.62   | 0.15%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glenview Park District                                                           | Glenview Park District                                                                                                                            | CUSIP: 379028SB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $361010.20    | 0.05%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Gas Project, Series 2022B-1                                                                                       | CUSIP: 09182TBC0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2493219.75   | 0.32%             | 2053-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| General Authority of Southcentral Pennsylvania                                   | General Authority of Southcentral Pennsylvania, Hanover Hospital, Inc.                                                                            | CUSIP: 84129NKF5<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1411132.52   | 0.18%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 124, Series A                                                                        | CUSIP: 49151FL65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $549596.70    | 0.07%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2024B                                                                                                                   | CUSIP: 452153JL4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4095000 | PA      | $4311768.01   | 0.55%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025B                                                                                                                | CUSIP: 20772KB99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070499.90   | 0.14%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                           | City of Grand Forks, Altru Health System, Series 2023A                                                                                            | CUSIP: 38546WDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $379090.23    | 0.05%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                         | Chicago Transit Authority Capital Grant Receipts, Series 2021                                                                                     | CUSIP: 167723HC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2143870.60   | 0.28%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community Unit School District No. 401 Elmwood Park                  | Cook County Community Unit School District No. 401 Elmwood Park, Series 2021A                                                                     | CUSIP: 216048HG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1260388.95   | 0.16%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2024B                                                                                                                   | CUSIP: 452153JK6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1563680.40   | 0.20%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                       | Duluth Independent School District No. 709, Series 2019C                                                                                          | CUSIP: 264474HW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $366509.43    | 0.05%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | Chicago Midway International Airport, Senior Lien, Series 2023A                                                                                   | CUSIP: 167562RR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022114.50   | 0.13%             | 2027-01-01      | 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        |   3900000 | PA      | $4052772.75   | 0.52%             | 2030-06-01      | 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-1                                                                  | CUSIP: 84136FBB2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5128821.50   | 0.66%             | 2053-05-01      | Variable      | 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: 73358XNG3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5175207.00   | 0.67%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Medical Center Hospital Authority                                       | Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project, Series 2019B                                                       | CUSIP: 199124BR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1559083.95   | 0.20%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Tulane University of Louisiana Project, Series 2023A                                                       | CUSIP: 546399PZ3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    200000 | PA      | $217857.08    | 0.03%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                       | Intermountain Power Agency, Utah Power Supply, Series 2022A                                                                                       | CUSIP: 45884AA45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $348586.94    | 0.04%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Subordinate, Series 2021B                                                                                       | CUSIP: 709225DG8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1076109.27   | 0.14%             | 2027-12-01      | 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        |   1000000 | PA      | $1027601.30   | 0.13%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hereford Independent School District                                             | Hereford Independent School District, School Building, Unlimited Tax                                                                              | CUSIP: 427128EB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1441230.85   | 0.19%             | 2028-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group, Series 2018B-1                                        | CUSIP: 97712JEF6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1301565.57   | 0.17%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | State of California, Various Purpose                                                                                                              | CUSIP: 13063C6C9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4180000 | PA      | $4210386.51   | 0.54%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2018A                                                                                                                   | CUSIP: 196711QZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2261384.22   | 0.29%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waukegan IL Water & Sewer System Revenue                                 | City of Waukegan, First Lien, Water and Sewer System, Series 2018C                                                                                | CUSIP: 943011JY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $733324.28    | 0.09%             | 2027-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2024A                                                                                                                     | CUSIP: 442332DN9<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541484.35    | 0.07%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2023                                                                                                         | CUSIP: 70914P2C5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $704065.70    | 0.09%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | Metropolitan Washington Airports Authority Aviation, Series 2021A                                                                                 | CUSIP: 592647JX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5236120.50   | 0.67%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority                                            | Nebraska Investment Finance Authority, Single Family Housing, Series 2023C                                                                        | CUSIP: 63968MR76<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   4560000 | PA      | $4789301.88   | 0.62%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, St. John's University, Series 2021A                                                                           | CUSIP: 65000BAJ7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554888.15   | 0.20%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2024C                                           | CUSIP: 414009SP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2120812.40   | 0.27%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Worth Independent School District                                           | Fort Worth Independent School District                                                                                                            | CUSIP: 349461FL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2094247.16   | 0.27%             | 2029-02-15      | 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        |   5000000 | PA      | $5345620.50   | 0.69%             | 2028-12-01      | Fixed         | 5.00%                 | 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        |   2000000 | PA      | $2136511.80   | 0.27%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper St. Clair Township School District                                         | Upper St. Clair Township School District, Series 2019B                                                                                            | CUSIP: 916507RL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $581099.49    | 0.07%             | 2028-10-01      | Fixed         | 4.00%                 | 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      | $1060224.90   | 0.14%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Sales Tax, Series 2024B                                                                                       | CUSIP: 64990AWB7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   6140000 | PA      | $6722731.44   | 0.86%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Fresh Water Supply District No. 61                                 | Harris County Fresh Water Supply District No. 61, Unlimited Tax                                                                                   | CUSIP: 414150TX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $529055.06    | 0.07%             | 2025-09-01      | Fixed         | 3.00%                 | 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        |   2500000 | PA      | $2631409.50   | 0.34%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper St. Clair Township School District                                         | Upper St. Clair Township School District, Series 2019B                                                                                            | CUSIP: 916507RM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $424044.31    | 0.05%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fort Pierce Utilities Authority                                                  | Fort Pierce Utilities Authority, Series 2022A                                                                                                     | CUSIP: 348430PD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $423511.20    | 0.05%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System, Series 2024                                                                                           | CUSIP: 052477XZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2672603.50   | 0.34%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                           | City of Grand Forks, Altru Health System, Series 2023A                                                                                            | CUSIP: 38546WDW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $337894.41    | 0.04%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                               | City of Wichita, Sales Tax, River District Stadium Star Bond Project, Series 2018                                                                 | CUSIP: 967323AJ5<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    465000 | PA      | $476154.00    | 0.06%             | 2026-09-01      | 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        |   3000000 | PA      | $3107095.80   | 0.40%             | 2027-02-01      | 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        |   1000000 | PA      | $1095185.70   | 0.14%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Royal Oak MI                                                             | City of Royal Oak, Limited Tax, Capital Improvement                                                                                               | CUSIP: 780464LM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $647913.13    | 0.08%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2019                                                                                                     | CUSIP: 709224L72<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $4115974.98   | 0.53%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025F, Subseries F-1                      | CUSIP: 64972JPX0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096270.90   | 0.14%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Community College District Public Facility Corp.                          | Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project, Series 2018C                              | CUSIP: 052405EY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $338637.65    | 0.04%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson County School District No. R-IV Blue Springs                             | Jackson County School District No. R-IV Blue Springs, Missouri Direct Deposit Program, Series 2019                                                | CUSIP: 467486XC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1391897.86   | 0.18%             | 2039-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | New York City Industrial Development Agency, Yankee Stadium LLC Project, Series 2020A                                                             | CUSIP: 64971PKA2<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1719156.96   | 0.22%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston Educational Excellence Finance Corp.                                  | Charleston Educational Excellence Finance Corp., Installment Purchase, Charleston County School District, South Carolina Project, Series 2024     | CUSIP: 160131ES3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1112943.98   | 0.14%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Polk County School District                                                      | Polk County School District, Sales Tax                                                                                                            | CUSIP: 731127CZ7<br>LEI: 549300N07FMPTRZO0044 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1094071.58   | 0.14%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rappahannock Regional Jail Authority                                             | Rappahannock Regional Jail Authority, Series 2015                                                                                                 | CUSIP: 75381NCP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1097214.27   | 0.14%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Pierce Utilities Authority                                                  | Fort Pierce Utilities Authority, Series 2022A                                                                                                     | CUSIP: 348430PE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $509530.74    | 0.07%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Green Bond, Series 2017C-1                                                                                 | CUSIP: 59261APW1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2610000 | PA      | $2677082.74   | 0.34%             | 2026-11-15      | 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: 442349BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3003694.20   | 0.39%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Tulane University of Louisiana Project, Series 2023A                                                       | CUSIP: 546399PX8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    175000 | PA      | $186087.20    | 0.02%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Highway & Transportation Commission                                     | Missouri Highway and Transportation Commission, Series 2022A                                                                                      | CUSIP: 60636WTF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2685000 | PA      | $2837014.23   | 0.37%             | 2033-05-01      | Fixed         | 4.00%                 | 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        |  15000000 | PA      | $15102493.50  | 1.94%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | Michigan State Hospital Finance Authority, Trinity Health Credit Group, Series 2008C                                                              | CUSIP: 59465HUQ7<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1584136.91   | 0.20%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                             | CUSIP: 97712DB88<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    325000 | PA      | $326102.17    | 0.04%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Community College Area                                                 | Southeast Community College Area, Tax Supported                                                                                                   | CUSIP: 84134TAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $519280.05    | 0.07%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Tulane University of Louisiana Project, Series 2023A                                                       | CUSIP: 546399PY6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    175000 | PA      | $188484.61    | 0.02%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio, Series 2024                                                                                                                  | CUSIP: 79623PQW8<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    600000 | PA      | $651558.30    | 0.08%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group, Series 2019C                                                         | CUSIP: 65821DWJ6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | STIV             | MUN               | US        |  13805000 | PA      | $13692592.79  | 1.76%             | 2048-06-01      | Variable      | 2.55%                 | 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        |   1530000 | PA      | $1627213.60   | 0.21%             | 2029-11-01      | 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        |   5000000 | PA      | $5728909.70   | 0.74%             | 2049-01-01      | Fixed         | 6.25%                 | 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: 567505SP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099447.70   | 0.14%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025C, Subseries C-1                                   | CUSIP: 64972JLU0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2723113.50   | 0.35%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2024A                                                                                        | CUSIP: 485424SU0<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3725903.30   | 0.48%             | 2028-09-01      | 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        |   7660000 | PA      | $7826395.12   | 1.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dahlonega Downtown Development Authority                                         | Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project                                                                          | CUSIP: 23378RFB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $279750.54    | 0.04%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                              | Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Series 2024A                                                    | CUSIP: 544647HH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3071936.40   | 0.40%             | 2026-07-01      | 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        |   1100000 | PA      | $1151095.11   | 0.15%             | 2028-02-15      | Fixed         | 5.00%                 | 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        |   2100000 | PA      | $2297482.11   | 0.30%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Green Bond, Series A-2                                                                                     | CUSIP: 59261ADQ7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002975.80   | 0.13%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventist Health System, Series 2024A-1                                                                     | CUSIP: 19648FYN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067446.20   | 0.14%             | 2059-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Port Authority                                                  | Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023                                                                   | CUSIP: 473318AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2790000 | PA      | $2792080.22   | 0.36%             | 2028-12-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** JPMorgan Trust II

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer