# EDGAR Filing Document

**Accession Number:** 0000763852
**File Stem:** 0001752724-23-016743
**Filing Date:** 2023-1
**Character Count:** 537497
**Document Hash:** 585f32b152cffa70c5355d3d4a47020a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016743.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016743

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN TRUST II
- **CENTRAL INDEX KEY:** 0000763852
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04236
- **FILM NUMBER:** 23563208

**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 Tax Free Bond Fund (Series ID: S000003500)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000009695 | Class C      | JTFCX           |
| C000009696 | Class I      | PRBIX           |
| C000009697 | Class A      | PMBAX           |
| C000205208 | Class R6     | RUNFX           |

## Nport-Ex

**JPMorgan Tax Free Bond Fund**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 97.0%** (a) | **Municipal Bonds — 97.0%** (a) | **Municipal Bonds — 97.0%** (a) |
| **Alabama — 1.0%** | **Alabama — 1.0%** | **Alabama — 1.0%** |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project No. 8 Series 2022A, Rev., 4.00%, 12/1/2029 (b) | 1300 | 1244 |
| &nbsp;&nbsp;&nbsp; Montgomery County Public Building Authority, Facilities Project Rev., 5.00%, 3/1/2024 (c) | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp; Montgomery Water Works and Sanitary Sewer Board Series 2019A, Rev., 4.00%, 9/1/2038 | 730 | 744 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District (The), Project No. 1 Series 2018A, Rev., 4.00%, 4/1/2024 (b) | 300 | 300 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2031 (b) | 2000 | 1924 |
| &nbsp;&nbsp;&nbsp; UAB Medicine Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-2, Rev., 3.50%, 9/1/2035 | 160 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-2, Rev., 5.00%, 9/1/2037 | 30 | 31 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 5424 |
| **Alaska — 0.3%** | **Alaska — 0.3%** | **Alaska — 0.3%** |
| &nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046 | 290 | 288 |
| &nbsp;&nbsp;&nbsp; Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2044 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1374 |
| &nbsp;&nbsp;&nbsp; Total Alaska |  | &nbsp;&nbsp;&nbsp;&nbsp; 1662 |
| **Arizona — 2.1%** | **Arizona — 2.1%** | **Arizona — 2.1%** |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project Series 2021A, Rev., 4.00%, 12/15/2051 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Children's National Medical Center Series 2020A, Rev., 3.00%, 9/1/2050 | &nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project Series 2021A, Rev., 4.00%, <br> 7/15/2051 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Equitable School Revolving Fund LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2051 | &nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.25%, 11/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 4.50%, <br> 1/1/2049<br>| &nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 2369 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Macombs Facility Project Series 2021A, Rev., 4.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Phoenix Children's Hospital Series 2020A, Rev., 3.00%, 2/1/2045 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Pinecrest Academy, Canyon Campus Project Rev., 5.00%, 7/15/2040 (d) | &nbsp;&nbsp;&nbsp; 2515 | &nbsp;&nbsp;&nbsp;&nbsp; 2438 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Civic Plaza Expansion Series 2005B, Rev., BHAC - CR, FGIC, 5.50%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Junior Lien, Airport System Series 2019A, Rev., 4.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; County of Pinal Rev., 4.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University <br> Project<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; Maricopa County Special Health Care District, Integrated Health Services Series 2018C, GO, 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District, Electric System Series A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; University of Arizona (The) Rev., 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp; 11629 |
| **Arkansas — 0.1%** | **Arkansas — 0.1%** | **Arkansas — 0.1%** |
| &nbsp;&nbsp;&nbsp; County of Pulaski, Arkansas Children's Hospital Rev., 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp; University of Arkansas, Student Fee, UALR Campus Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; University of Arkansas, Various Facility Fayetteville Campus Series 2016A, Rev., 5.00%, 11/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp; University of Arkansas, Various Facility Monticello Campus Series 2017A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Total Arkansas |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782 |
| **California — 5.1%** | **California — 5.1%** | **California — 5.1%** |
| &nbsp;&nbsp;&nbsp; Alta Loma School District, Election of 2016 Series 2017A, GO, 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority, Toll Bridge Series S-7, Rev., 4.00%, 4/1/2032 | 35 | 37 |
| &nbsp;&nbsp;&nbsp; Calexico Unified School District Series 2022, GO, 4.00%, 8/1/2043 | 2065 | 2073 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2029 | 110 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 6/1/2034 | 510 | 494 |
| &nbsp;&nbsp;&nbsp; California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2026 (c) | 500 | 520 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, On Lok Senior Health Service Rev., 5.00%, 8/1/2050 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Sutter Health Series 2016A, Rev., 5.00%, 11/15/2025 (c) | 250 | 267 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Community Health System Series 2021A, Rev., 4.00%, 2/1/2051 | 365 | 326 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Enso Village Project Series 2021A, Rev., 5.00%, 11/15/2046 (d) | 500 | 423 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Henry Mayo Newhall Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2047 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Green Dot Public School Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 8/1/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 8/1/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 8/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 8/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 8/1/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 8/1/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp; California State University, Systemwide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Marin General Hospital Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 8/1/2045 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1290 |
| &nbsp;&nbsp;&nbsp; Campbell Union High School District GO, 3.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; City of Irvine 5.00%, 9/2/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, International Airport Subordinate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 5/15/2038 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019E, Rev., AMT, 5.00%, 5/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp; Clovis Unified School District COP, 4.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Oceanaire-Long Beach Series 2021A-2, Rev., 4.00%, <br> 9/1/2056 (d)<br>| &nbsp;&nbsp;&nbsp; 2115 | &nbsp;&nbsp;&nbsp;&nbsp; 1605 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Rev., 4.00%, 8/1/2056 (d) | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1142 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio Series 2021A-1, Rev., 2.65%, 12/1/2046 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp; Dixon Unified School District COP, 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District, Wastewater System Series 2015A-1, Rev., 5.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp; 1850 | &nbsp;&nbsp;&nbsp;&nbsp; 1951 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District, Water System Series B, Rev., 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp; Fontana Redevelopment Agency, Successor Agency, Tax Allocation Series 2017A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Franklin-Mckinley School District, Election of 2020 Series A, GO, 4.00%, 8/1/2049 | &nbsp;&nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 |
| &nbsp;&nbsp;&nbsp; Fresno Joint Powers Financing Authority, Master Lease Project Series 2017A, Rev., AGM, 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Hartnell Community College District, Election of 2016 Series B, GO, 4.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Power System Series 2019D, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District, Election of 2008 Series 2018B-1, GO, 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; Moulton-Niguel Water District Public Facilities Corp. Rev., 5.00%, 9/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; Mount San Antonio Community College District, Election of 2008 Series A, GO, Zero Coupon, 8/1/2043 | 7150 | 6445 |
| &nbsp;&nbsp;&nbsp; Mountain View Shoreline Regional Park Community Series 2018A, Rev., AGM, 5.00%, 8/1/2034 | 25 | 27 |
| &nbsp;&nbsp;&nbsp; Ontario Public Financing Authority, Civic Center Improvements Series 2022A, Rev., AGM, 5.00%, 11/1/2037 | 200 | 228 |
| &nbsp;&nbsp;&nbsp; Rim of the World Unified School District Series 2010B, GO, AGM, Zero Coupon, 8/1/2039 | 25 | 12 |
| &nbsp;&nbsp;&nbsp; Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project COP, AGM, 5.00%, 6/1/2033 | 1500 | 1516 |
| &nbsp;&nbsp;&nbsp; Santa Clara Valley Transportation Authority, Sales Tax Series 2018A, Rev., 5.00%, 6/1/2024 | 30 | 31 |
| &nbsp;&nbsp;&nbsp; State of California, Various Purpose GO, 5.00%, 11/1/2029 | 1020 | 1131 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp; 27855 |
| **Colorado — 4.3%** | **Colorado — 4.3%** | **Colorado — 4.3%** |
| &nbsp;&nbsp;&nbsp; Brighton Crossing Metropolitan District No. 6, Limited Tax Series 2020A, GO, 5.00%, 12/1/2050 | 670 | 561 |
| &nbsp;&nbsp;&nbsp; Broadway Park North Metropolitan District No. 2, Limited Tax GO, 5.00%, 12/1/2049 (d) | 650 | 586 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Airport System Series A, Rev., AMT, 5.50%, 11/15/2053 | &nbsp;&nbsp;&nbsp; 3465 | &nbsp;&nbsp;&nbsp;&nbsp; 3693 |
| &nbsp;&nbsp;&nbsp; City of Colorado Springs, Utilities System Improvement Series 2020A, Rev., 4.00%, 11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp; Colorado Crossing Metropolitan District No. 2, Limited Tax Series 2020A-2, GO, 5.00%, 12/1/2050 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1686 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project Rev., 4.00%, 5/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project Rev., 5.00%, 12/1/2050 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, James Irwin Educational Foundation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 9/1/2057 | &nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1734 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Children's Hospital Colorado Project Series C, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CommonSpirit Health Series A, Rev., 4.00%, 8/1/2044 | &nbsp;&nbsp;&nbsp; 2565 | &nbsp;&nbsp;&nbsp;&nbsp; 2225 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 9/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045 | &nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991 |
| &nbsp;&nbsp;&nbsp; County of Adams COP, 4.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp; 2815 | &nbsp;&nbsp;&nbsp;&nbsp; 2797 |
| &nbsp;&nbsp;&nbsp; County of El Paso, The Colorado College Project Series 2020A, Rev., 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp; Denver Health and Hospital Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp; 1635 | &nbsp;&nbsp;&nbsp;&nbsp; 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 12/1/2045 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 |
| &nbsp;&nbsp;&nbsp; Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.25%, 12/1/2050 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876 |
| &nbsp;&nbsp;&nbsp; Sky Ranch Community Authority Board, Metropolitan District No. 3 Series A, Rev., 5.75%, 12/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456 |
| &nbsp;&nbsp;&nbsp; State of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, COP, 4.00%, 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement COP, <br> 5.00%, 6/15/2041<br>| &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051 |
| &nbsp;&nbsp;&nbsp; Transport Metropolitan District No. 3, Limited Tax Series 2021A-1, GO, 5.00%, 12/1/2041 | &nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1481 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp; 23505 |
| **Connecticut — 1.0%** | **Connecticut — 1.0%** | **Connecticut — 1.0%** |
| &nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Housing Mortgage Finance Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 4.00%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries A-1, Rev., 4.00%, 11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Connecticut — continued** | **Connecticut — continued** | **Connecticut — continued** |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Sacred Heart University Series K, Rev., 4.00%, 7/1/2045 | 2475 | 2276 |
| &nbsp;&nbsp;&nbsp; Stamford Housing Authority Rev., BAN, 11.00%, 12/1/2027 (d) (e) | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp; State of Connecticut |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, GO, 5.00%, 8/15/2026 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012G, GO, 4.00%, 10/15/2027 | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 4/15/2029 | 150 | 163 |
| &nbsp;&nbsp;&nbsp; State of Connecticut, Special Tax Transportation Infrastructure Purposes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 9/1/2027 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/1/2033 | 55 | 61 |
| &nbsp;&nbsp;&nbsp; Town of New Canaan GO, 4.00%, 10/1/2036 | 40 | 41 |
| &nbsp;&nbsp;&nbsp; Town of Stratford GO, 5.00%, 5/15/2028 | 245 | 269 |
| &nbsp;&nbsp;&nbsp; University of Connecticut Series 2015A, Rev., 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 5190 |
| **Delaware — 1.0%** | **Delaware — 1.0%** | **Delaware — 1.0%** |
| &nbsp;&nbsp;&nbsp; County of New Castle GO, 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2018-B, Rev., <br> 5.00%, 11/15/2048<br>| &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965 |
| &nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Newark Charter School, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2050 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1512 |
| &nbsp;&nbsp;&nbsp; Delaware State Health Facilities Authority, Bayhealth Medical Center Project Series 2017A, Rev., 4.00%, 7/1/2043 | &nbsp;&nbsp;&nbsp; 1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1214 |
| &nbsp;&nbsp;&nbsp; University of Delaware Series 2019A, Rev., 5.00%, 11/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576 |
| &nbsp;&nbsp;&nbsp; Total Delaware |  | &nbsp;&nbsp;&nbsp;&nbsp; 5310 |
| **District of Columbia — 2.1%** | **District of Columbia — 2.1%** | **District of Columbia — 2.1%** |
| &nbsp;&nbsp;&nbsp; District of Columbia, Georgetown University Issue Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Kipp DC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp; 1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1785 |
| &nbsp;&nbsp;&nbsp; District of Columbia, National Public Radio, Inc. Rev., 5.00%, 4/1/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Rocketship Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2051 (d) | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 913 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Rev., AMT, 4.00%, 10/1/2040 | &nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3094 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp; 5010 | &nbsp;&nbsp;&nbsp;&nbsp; 5252 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp; 11434 |
| **Florida — 4.3%** | **Florida — 4.3%** | **Florida — 4.3%** |
| &nbsp;&nbsp;&nbsp; City of Lakeland, Capital Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; City of Leesburg, Electric System Rev., 5.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; City of Miami Beach, Stormwater Rev., 4.00%, 9/1/2045 | 25 | 24 |
| &nbsp;&nbsp;&nbsp; City of Pompano Beach, John Knox Village of Florida, Inc. Series A, Rev., 4.00%, 9/1/2056 | 3400 | 2538 |
| &nbsp;&nbsp;&nbsp; City of Port St. Lucie, Utility System Rev., 5.00%, 9/1/2028 | 25 | 28 |
| &nbsp;&nbsp;&nbsp; City of South Miami Health Facilities Authority, Inc., Baptist Health South Florida Obligated Group Rev., 4.00%, 8/15/2042 | 20 | 19 |
| &nbsp;&nbsp;&nbsp; City of Tampa, H. Lee Moffitt Cancer Center Project Series 2020B, Rev., 5.00%, 7/1/2050 | 2790 | 2819 |
| &nbsp;&nbsp;&nbsp; City of Tampa, The University of Tampa Project Series 2020A, Rev., 4.00%, 4/1/2050 | 2000 | 1777 |
| &nbsp;&nbsp;&nbsp; County of Hillsborough, Parks and Recreation Program GO, NATL - RE, 5.25%, 7/1/2025 | 2415 | 2499 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Subordinate Special Obligation Rev., 4.00%, 10/1/2040 | 105 | 101 |
| &nbsp;&nbsp;&nbsp; County of Sarasota, Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2038 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 10/1/2043 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; Florida Department of Management Services Series 2021A, COP, 5.00%, 11/1/2033 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1425 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, Rev., 5.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Mater Academy Project Series 2022A, Rev., 4.00%, 6/15/2042 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1320 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Mayflower Retirement Community |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2041 (d) | &nbsp;&nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2046 (d) | &nbsp;&nbsp;&nbsp; 1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727 |
| &nbsp;&nbsp;&nbsp; Florida Governmental Utility Authority, North Fort Myers Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp; Florida Gulf Coast University Financing Corp., Housing Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 2/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508 |
| &nbsp;&nbsp;&nbsp; Florida Municipal Power Agency, All-Requirements Power Supply Project Series 2016A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Florida State Board of Governors, Florida International University Dormitory Series 2021A, Rev., 4.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Health Facilities Authority, Variety Children's Hospital Series 2021A, Rev., 4.00%, 8/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751 |
| &nbsp;&nbsp;&nbsp; Middleton Community Development District A 6.10%, 5/1/2042 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007 |
| &nbsp;&nbsp;&nbsp; Monroe County School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; Orange County Convention Center, Tourist Development Tax Series 2016A, Rev., 4.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Orlando Health Obligated Group Series B, Rev., 4.00%, 10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020B, Rev., <br> 4.00%, 11/15/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System Series 2018A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Volusia County Educational Facility Authority, Embry Riddle Aeronautical University, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 10/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 10/15/2039 | &nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp; 23436 |
| **Georgia — 1.6%** | **Georgia — 1.6%** | **Georgia — 1.6%** |
| &nbsp;&nbsp;&nbsp; Carroll City-County Hospital Authority Rev., 4.00%, 7/1/2045 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 |
| &nbsp;&nbsp;&nbsp; Dalton Whitfield County Joint Development Authority, Hamilton Health Care System Rev., 4.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 982 |
| &nbsp;&nbsp;&nbsp; Downtown Development Authority of The City of Dalton, Hamilton Health Care System Rev., NATL - RE, 5.50%, 8/15/2026 | &nbsp;&nbsp;&nbsp; 1520 | &nbsp;&nbsp;&nbsp;&nbsp; 1582 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| &nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 4.00%, 1/1/2054 | 500 | 405 |
| &nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel Second Series 2021B, Rev., 5.00%, 1/1/2054 (d) | 1145 | 949 |
| &nbsp;&nbsp;&nbsp; Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects Rev., 4.00%, 6/15/2038 | 2000 | 1961 |
| &nbsp;&nbsp;&nbsp; Georgia Housing and Finance Authority, Single Family Mortgage Subseries A-1, Rev., AMT, 4.00%, 6/1/2044 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; Georgia Ports Authority Rev., 4.00%, 7/1/2052 | 800 | 755 |
| &nbsp;&nbsp;&nbsp; Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 4.00%, 8/1/2038 | 1000 | 918 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 8807 |
| **Hawaii — 0.4%** | **Hawaii — 0.4%** | **Hawaii — 0.4%** |
| &nbsp;&nbsp;&nbsp; City and County Honolulu Series A, GO, 5.00%, 10/1/2037 | 1970 | 2065 |
| **Idaho — 0.0% ^** | **Idaho — 0.0% ^** | **Idaho — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, Trinity Health Credit Group Series 2016ID, Rev., 5.00%, 12/1/2045 | 75 | 76 |
| **Illinois — 6.3%** | **Illinois — 6.3%** | **Illinois — 6.3%** |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, General Airport, Senior Lien Series C, Rev., 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp; City of Evanston, Corporate Purpose Series 2018B, GO, 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; City of Fairview Park GO, 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; City of Rockford, Waterworks System Series 2018B, GO, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; City of St Charles Series B, GO, 4.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458 |
| &nbsp;&nbsp;&nbsp; City of Sterling Series B, GO, 4.00%, 11/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 99 Cicero, Limited Tax Series 2019B, GO, 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp; County of Cook |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737 |
| &nbsp;&nbsp;&nbsp; County of Du Page, The Morton Abroretum Project Rev., 3.00%, 5/15/2047 | &nbsp;&nbsp;&nbsp; 3335 | &nbsp;&nbsp;&nbsp;&nbsp; 2506 |
| &nbsp;&nbsp;&nbsp; DuPage and Cook Counties Township High School District No. 86 Hinsdale, School Building GO, 4.00%, 1/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 706 |
| &nbsp;&nbsp;&nbsp; Hoffman Estates Park District GO, 4.00%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Clean Water Initiative Revolving Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Memorial Health System Series 2019, Rev., 5.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Mercy Health System Rev., 5.00%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwest community Hospital Rev., 5.00%, 7/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, OSF Healthcare System Series 2018A, Rev., 5.00%, 5/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2016A, Rev., 5.00%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presence Health Network Series 2016C, Rev., 4.00%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 891 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Social Bonds-Learn Chapter School Project Rev., 4.00%, 11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority Series 2019A, Rev., 4.00%, 1/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; Kendall & Kane Counties Community Unit School District No. 115 Series 2021, GO, 4.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; Lake County Community Consolidated School District No. 3 Beach Park GO, AGM, 4.00%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project Series 2002A, Rev., AGM-CR, NATL - RE, Zero <br> Coupon, 12/15/2040<br>| &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 2148 |
| &nbsp;&nbsp;&nbsp; Northern Illinois University, Board of Trustees, Auxiliary Facilities System Rev., 4.00%, 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3684 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.25%, 1/1/2043 | 1500 | 1568 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 5/1/2024 | 205 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 11/1/2024 | 325 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 8/1/2025 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 5/1/2027 | 175 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2027 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/1/2028 | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, GO, 4.00%, 1/1/2029 | 45 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, GO, 4.00%, 1/1/2030 | 225 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 1/1/2030 | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 5/1/2030 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.13%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 3/1/2033 | &nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 3/1/2036 | &nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 7/1/2038 | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3016 |
| &nbsp;&nbsp;&nbsp; State of Illinois, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Rev., 5.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Village of Arlington Heights GO, 4.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Village of Bolingbrook Series 2018A, GO, AGM, 5.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1102 |
| &nbsp;&nbsp;&nbsp; Will County Forest Preserve District GO, 5.00%, 12/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Will County School District No. 86 Joliet, Limited Tax Series A, GO, 4.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp; Winnebago and Boone Counties School District No. 205 Rockford Series B, GO, 3.75%, 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp; 34234 |
| **Indiana — 0.8%** | **Indiana — 0.8%** | **Indiana — 0.8%** |
| &nbsp;&nbsp;&nbsp; City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387 |
| &nbsp;&nbsp;&nbsp; City of Lafayette, Local Income Tax Rev., 4.00%, 6/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp; Greencastle Community School Building Corp. Rev., 4.00%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Ascension Senior Credit Group Series 2006 B-1, Rev., 4.00%, 11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Butler University Project Rev., 4.00%, 2/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Goshen Health Series 2019A, Rev., 4.00%, 11/1/2043 | &nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Marian University Project Series A, Rev., 5.00%, 9/15/2034 | &nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1153 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Parkview Health System, Inc. Series 2018A, Rev., 4.00%, 11/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Indiana Municipal Power Agency, Power Supply System Series 2016A, Rev., 5.00%, 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Indiana State University Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank Series 2022B, Rev., 5.00%, 2/1/2031 | 160 | 185 |
| &nbsp;&nbsp;&nbsp; Merrillville Building Corp. Rev., 4.00%, 7/15/2034 | 35 | 36 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 4362 |
| **Iowa — 0.1%** | **Iowa — 0.1%** | **Iowa — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series 2016D, Rev., AMT, GNMA / FNMA / FHLMC <br> COLL, 3.50%, 7/1/2046<br>| 215 | 214 |
| &nbsp;&nbsp;&nbsp; Waukee Community School District Infrastructure Sales Services & Use Tax Series 2021A, Rev., 5.00%, 6/1/2028 | 60 | 66 |
| &nbsp;&nbsp;&nbsp; Total Iowa |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| **Kansas — 0.0% ^** | **Kansas — 0.0% ^** | **Kansas — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Kansas Power Pool, Electric Utility Series 2021A, Rev., 5.00%, 12/1/2029 | 15 | 17 |
| **Kentucky — 1.1%** | **Kentucky — 1.1%** | **Kentucky — 1.1%** |
| &nbsp;&nbsp;&nbsp; City of Ashland, Kings Daughters Medical Center Series 2016A, Rev., 4.00%, 2/1/2036 | 1750 | 1624 |
| &nbsp;&nbsp;&nbsp; City of Hermiston Series 2022A, Rev., AMT, 4.45%, 1/1/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Kentucky, State Office Building Project COP, 4.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply Series 2022A-1, Rev., 4.00%, 8/1/2030 (b) | &nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3888 |
| &nbsp;&nbsp;&nbsp; Pike County School District Finance Corp., School Building Rev., 4.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 6071 |
| **Louisiana — 1.1%** | **Louisiana — 1.1%** | **Louisiana — 1.1%** |
| &nbsp;&nbsp;&nbsp; Lafourche Parish School Board, Parish Wide GO, 4.00%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2051 (d) | &nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Louisiana Children's Medical Center Project Series 2015A1, Rev., 5.00%, 6/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Mentorship Steam Academy Project Series 2021A, Rev., 5.00%, 6/1/2056 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Series 2015, Rev., 5.00%, 5/15/2047 | &nbsp;&nbsp;&nbsp; 1055 | &nbsp;&nbsp;&nbsp;&nbsp; 1068 |
| &nbsp;&nbsp;&nbsp; St. Tammany Parish Hospital Service District No. 1, St. Tammany Parish Hospital Project Series A, Rev., 4.00%, 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp; State of Louisiana Series 2019A, GO, 5.00%, 3/1/2035 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2214 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. Series 2013A, Rev., 5.25%, 5/15/2035 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 6014 |
| **Maine — 0.5%** | **Maine — 0.5%** | **Maine — 0.5%** |
| &nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AGM, 4.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 7/1/2045 | &nbsp;&nbsp;&nbsp; 2355 | &nbsp;&nbsp;&nbsp;&nbsp; 2076 |
| &nbsp;&nbsp;&nbsp; Maine Municipal Bond Bank Series 2018A, Rev., GAN, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; Maine State Housing Authority, Mortgage Purchase Series A, Rev., 4.00%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp; Total Maine |  | &nbsp;&nbsp;&nbsp;&nbsp; 2606 |
| **Maryland — 1.5%** | **Maryland — 1.5%** | **Maryland — 1.5%** |
| &nbsp;&nbsp;&nbsp; City of Baltimore, Water Projects Series B, Rev., 4.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Port Covington Project Rev., 4.00%, 9/1/2050 | &nbsp;&nbsp;&nbsp; 1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue Series 2017-A, Rev., 5.00%, 5/15/2042 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5138 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Stevenson University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp; Montgomery County Housing Opportunities Commission, Single Family Mortgage Series 2013A, Rev., 4.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 8013 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — 1.9%** | **Massachusetts — 1.9%** | **Massachusetts — 1.9%** |
| &nbsp;&nbsp;&nbsp; City of Methuen GO, 5.00%, 9/1/2030 | 685 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund, Rail Enhancement and Accelerated Bridge Programs Series B, Rev., <br> 4.00%, 6/1/2046<br>| 2480 | 2466 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2016 Series J, GO, 4.00%, 12/1/2039 | 3690 | 3717 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Berklee College Music Rev., 5.00%, 10/1/2026 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Boston College Issue Series 2017T, Rev., 4.00%, 7/1/2042 | 35 | 34 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Emerson College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2036 | 825 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2037 | 315 | 324 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 3.00%, 10/1/2045 | 1000 | 747 |
| &nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Single Family Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 177, Rev., AMT, 4.00%, 6/1/2039 | 155 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 167, Rev., 4.00%, 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 169, Rev., 4.00%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp; Town of Bellingham, Municipal Purpose Loan GO, 4.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Town of Westwood, Unlimited Tax GO, 5.00%, 8/15/2037 | &nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 |
| &nbsp;&nbsp;&nbsp; University of Massachusetts Building Authority Series 2017-1, Rev., 5.25%, 11/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp; 10515 |
| **Michigan — 2.5%** | **Michigan — 2.5%** | **Michigan — 2.5%** |
| &nbsp;&nbsp;&nbsp; Berkley School District, Michigan 2015 School Building and Site Bonds, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; City of Detroit, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 4.00%, 4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 4.00%, 4/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp; Dundee Community Schools, Limited Tax GO, AGM, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project Rev., 5.00%, 5/15/2044 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1849 |
| &nbsp;&nbsp;&nbsp; Grand Rapids Public Schools, Unlimited Tax GO, AGM, 5.00%, 11/1/2043 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068 |
| &nbsp;&nbsp;&nbsp; Grand Traverse County Hospital Finance Authority, Munson Healthcare Obligated Group Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Hanover Horton School District GO, AGM, 4.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Kentwood Economic Development Corp., Holland Home Obligated Group Rev., 4.00%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Bronson Healthcare Group, Inc. Series A, Rev., 5.00%, 5/15/2054 | &nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp;&nbsp;&nbsp; 1538 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Henry Ford Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Rev., 4.00%, 11/15/2050 | &nbsp;&nbsp;&nbsp; 4890 | &nbsp;&nbsp;&nbsp;&nbsp; 4355 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Lawrence Technological University Rev., 4.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Trinity Health Credit Group Series 2016MI, Rev., 5.25%, 12/1/2041 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority, Facilities Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 I, Rev., 4.00%, 10/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015I, Rev., 4.00%, 4/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Single Family Mortgage Series 2015A, Rev., AMT, 4.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Holland Home Obligated Group Rev., 5.00%, 11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project <br> Rev., 5.00%, 5/15/2044<br>| &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 924 |
| &nbsp;&nbsp;&nbsp; Niles Community Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; West Ottawa Public Schools, School Building and Site, Unlimited Tax Series 2014-1, GO, 4.00%, 5/1/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Whitehall District Schools, Unlimited Tax GO, AGM, 5.00%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp; 13522 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Minnesota — 1.5%** | **Minnesota — 1.5%** | **Minnesota — 1.5%** |
| &nbsp;&nbsp;&nbsp; Aurora Independent School District No. 2711, School Building, Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, Zero Coupon, 2/1/2026 | 150 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, Zero Coupon, 2/1/2027 | 400 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, Zero Coupon, 2/1/2028 | 225 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, Zero Coupon, 2/1/2030 | 880 | 682 |
| &nbsp;&nbsp;&nbsp; City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 4.00%, 11/15/2048 | 3000 | 2687 |
| &nbsp;&nbsp;&nbsp; City of Rochester, Health Care Facilities, Mayo Clinic Series 2016B, Rev., 5.00%, 11/15/2036 | 30 | 35 |
| &nbsp;&nbsp;&nbsp; City of Woodbury, Charter School Lease Rev., 4.00%, 12/1/2050 | 250 | 208 |
| &nbsp;&nbsp;&nbsp; Greenway Independent School District No. 316, Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019F, GO, Zero Coupon, 2/1/2030 | 700 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019F, GO, Zero Coupon, 2/1/2031 | 545 | 414 |
| &nbsp;&nbsp;&nbsp; Minneapolis Special School District No. 1 Series 2020A, COP, 4.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs Series 2007A-2, Rev., GNMA / <br> FNMA / FHLMC, 5.52%, 3/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Minnesota Higher Education Facilities Authority, Carleton College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 3/1/2032 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Residential Housing Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., AMT, 4.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, GNMA / FNMA / FHLMC, 4.00%, 1/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, GNMA / FNMA / FHLMC COLL, 4.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp; Nashwauk Keewatin Independent School District No. 319 Series A, GO, 4.00%, 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 7960 |
| **Mississippi — 0.6%** | **Mississippi — 0.6%** | **Mississippi — 0.6%** |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Community College Improvement Project Rev., 4.00%, 3/1/2050 | &nbsp;&nbsp;&nbsp; 2335 | &nbsp;&nbsp;&nbsp;&nbsp; 2161 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Sales Tax Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Special Obligation, Water and Sewer System Project Rev., AGM, 6.88%, 12/1/2040 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp; Total Mississippi |  | &nbsp;&nbsp;&nbsp;&nbsp; 3308 |
| **Missouri — 1.0%** | **Missouri — 1.0%** | **Missouri — 1.0%** |
| &nbsp;&nbsp;&nbsp; City of Excelsior Springs Series 2020B, COP, 4.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; City of Sedalia COP, 4.00%, 7/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp; County of Pulaski COP, 4.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Coxhealth and Obligated Group Series 2019A, Rev., 5.00%, <br> 11/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2034 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 4.00%, 2/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, SSM Health System Series 2018A, Rev., 4.00%, 6/1/2048 | &nbsp;&nbsp;&nbsp; 2160 | &nbsp;&nbsp;&nbsp;&nbsp; 2042 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, St. Luke's Health System, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2106B, Rev., AMT, GNMA / FNMA / FHLMC COLL, 3.50%, 5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B-2, Rev., GNMA / FNMA / FHLMC, 4.00%, 11/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 5256 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Montana — 0.0% ^** | **Montana — 0.0% ^** | **Montana — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Gallatin County School District No. 72 Ophir, Big Sky GO, 4.00%, 7/1/2027 | 100 | 104 |
| &nbsp;&nbsp;&nbsp; Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; Total Montana |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| **Nebraska — 0.8%** | **Nebraska — 0.8%** | **Nebraska — 0.8%** |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project Series A, Rev., 5.00%, 9/1/2035 | 1500 | 1569 |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Gas Project No. 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2034 | 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2042 | 750 | 776 |
| &nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 11/15/2040 | 575 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 11/15/2041 | 300 | 290 |
| &nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. 2, Health Facilities, Nebraska Medicine Rev., 5.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Public Power Generation Agency, Whelan Energy Center Unit 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp;&nbsp;&nbsp; 4584 |
| **Nevada — 1.2%** | **Nevada — 1.2%** | **Nevada — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, <br> 6/1/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344 |
| &nbsp;&nbsp;&nbsp; County of Clark, Southern California Edison Co. Series 2008-A, Rev., 2.10%, 6/1/2031 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4088 |
| &nbsp;&nbsp;&nbsp; Las Vegas Convention and Visitors Authority, Convention Center Expansion Series B, Rev., 4.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2254 |
| &nbsp;&nbsp;&nbsp; Truckee Meadows Water Authority Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Total Nevada |  | &nbsp;&nbsp;&nbsp;&nbsp; 6702 |
| **New Hampshire — 0.2%** | **New Hampshire — 0.2%** | **New Hampshire — 0.2%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Springpoint Senior Living Project Rev., 4.00%, 1/1/2041 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846 |
| **New Jersey — 5.2%** | **New Jersey — 5.2%** | **New Jersey — 5.2%** |
| &nbsp;&nbsp;&nbsp; Borough of Dumont, County of Bergen GO, 4.00%, 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506 |
| &nbsp;&nbsp;&nbsp; Monmouth County Improvement Authority (The), Governmental Pooled Loan Series B, Rev., GTD, 4.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NN, Rev., 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021QQQ, Rev., 4.00%, 6/15/2050 | &nbsp;&nbsp;&nbsp; 2375 | &nbsp;&nbsp;&nbsp;&nbsp; 2139 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039 | &nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2802 |
| &nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Capital Improvement Series 2016B, Rev., 5.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, Rev., 4.00%, 6/15/2038 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020AA, Rev., 4.00%, 6/15/2050 | &nbsp;&nbsp;&nbsp; 1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1238 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp; 2670 | &nbsp;&nbsp;&nbsp;&nbsp; 2821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A-1, Rev., 4.10%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/15/2031 | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3150 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation System Series A, Rev., Zero Coupon, 12/15/2036 | 10355 | &nbsp;&nbsp;&nbsp;&nbsp; 5269 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority Series 2017G, Rev., 4.00%, 1/1/2043 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp; State of New Jersey, COVID-19 Emergency Bonds GO, 4.00%, 6/1/2031 | 3000 | 3177 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 6/1/2037 | 1000 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2046 | 1000 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.25%, 6/1/2046 | 1500 | 1511 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp; 28142 |
| **New Mexico — 0.1%** | **New Mexico — 0.1%** | **New Mexico — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series B-1, Class I, Rev., AMT, GNMA / FNMA / FHLMC, <br> 3.75%, 3/1/2048<br>| 305 | 303 |
| **New York — 12.3%** | **New York — 12.3%** | **New York — 12.3%** |
| &nbsp;&nbsp;&nbsp; Buffalo and Erie County Industrial Land Development Corp., D'youville College Project Rev., 4.00%, 11/1/2045 | 2300 | 2100 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Global Community Charter School Series 2022A, Rev., 5.00%, 6/15/2052 | 635 | 582 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Grand Concourse Academy Charter School Series 2022-A, Rev., 5.00%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2020 Series D, Subseries D-1, GO, 4.00%, 3/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613 |
| &nbsp;&nbsp;&nbsp; County of Suffolk, Public Improvement Series 2021A, GO, 4.00%, 6/15/2031 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038 |
| &nbsp;&nbsp;&nbsp; Dutchess County Local Development Corp., Millbrook School Series 2021, Rev., 4.00%, 9/1/2051 | &nbsp;&nbsp;&nbsp; 1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 941 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Dedicated Tax Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries B-3B, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B-1, Rev., 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B-1, Rev., 5.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project Series 2020A, Rev., <br> 5.00%, 6/1/2059 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., University of Rochester Series 2017C, Rev., 4.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., University of Rochester Project Series 2017C, Rev., 4.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority Fiscal Year 2022 Series BB, Subseries BB-1, Rev., 4.00%, 6/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Series 2016S-1, Rev., 4.00%, 7/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019 Series S-3, Subseries S-3A, Rev., 5.00%, <br> 7/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured Series B-1, Rev., 4.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 Series 2017F-1, Rev., 4.00%, 5/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series 2019C-1, Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-3, Rev., 5.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-3, Rev., 5.00%, 5/1/2041 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2020 Series A, Subseries A-2, Rev., <br> 5.00%, 5/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019 Subseries 2019FF-2, Rev., 5.00%, <br> 6/15/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020AA, Rev., 5.00%, 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022FF, Rev., 4.00%, 6/15/2041 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2496 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., Secured by Port Authority Rev., 2.75%, 2/15/2044 | &nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1383 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Barnard College Series 2020A, Rev., 4.00%, 7/1/2045 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Langone Hospitals Series 2020-A, Rev., 4.00%, 7/1/2053 | 2500 | 2267 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, New York University Series 2019A, Rev., 4.00%, 7/1/2045 | 2000 | 1954 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2031 | 50 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2032 | 35 | 37 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, St. John's University Series 2021A, Rev., 4.00%, 7/1/2035 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 3/15/2030 | 1000 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 A, Rev., 4.00%, 3/15/2044 | 2000 | 1933 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 3/15/2036 | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 3/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State University Dormitory Facilities Series 2015B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, The Rockefeller University Series 2020-A, Rev., 5.00%, 7/1/2053 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance <br> Authority Projects - Second Resolution Series 2017A, Rev., 5.00%, 6/15/2037<br>| &nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1876 |
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 3/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 3/15/2042 | &nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3718 |
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Sales Tax Series 2021-A, Rev., 4.00%, 3/15/2046 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1918 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc. Rev., AMT, 4.38%, 10/1/2045 | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1092 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp; 4255 | &nbsp;&nbsp;&nbsp;&nbsp; 4138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1395 |
| &nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp., Le Moyne College Project Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey Rev., 4.00%, 6/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated Series 93, Rev., 6.13%, 6/1/2094 | &nbsp;&nbsp;&nbsp; 7320 | &nbsp;&nbsp;&nbsp;&nbsp; 7594 |
| &nbsp;&nbsp;&nbsp; State of New York Mortgage Agency, Homeowner Mortgage Series 197, Rev., 3.50%, 10/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp; Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.13%, 11/1/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.38%, 11/1/2054 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594 |
| &nbsp;&nbsp;&nbsp; Tompkins County Development Corp., Tax Exempt Ithaca College Project Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp; Town of Clarence GO, 4.00%, 7/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612 |
| &nbsp;&nbsp;&nbsp; Town of Harrison, Public Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp; Town of Orangetown, Rockland County, Sparkill-Palisades Fire District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 5/15/2041 | &nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, Rev., 4.00%, 5/15/2046 | 1000 | 962 |
| &nbsp;&nbsp;&nbsp; United Nations Development Corp. Series 2019A, Rev., 5.00%, 7/1/2025 | 200 | 212 |
| &nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority Series 2013TE, Rev., 5.00%, 12/15/2041 | 4250 | 4337 |
| &nbsp;&nbsp;&nbsp; Village of Tuxedo Park, Public Improvement GO, 4.00%, 8/1/2031 | 45 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project Series 2021C, Rev., 3.20%, <br> 7/1/2028<br>| 1375 | 1301 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., The Bethel Methodist Home D/B/A, The Knolls Project Rev., 5.13%, 7/1/2055 | 1100 | 870 |
| &nbsp;&nbsp;&nbsp; Westchester Tobacco Asset Securitization Corp., Tobacco Settlement Series 2016B, Rev., 5.00%, 6/1/2025 | 130 | 134 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp; 66721 |
| **North Carolina — 2.0%** | **North Carolina — 2.0%** | **North Carolina — 2.0%** |
| &nbsp;&nbsp;&nbsp; County of Burke, Limited Obligation Rev., 5.00%, 4/1/2031 | 25 | 27 |
| &nbsp;&nbsp;&nbsp; North Carolina Capital Facilities Finance Agency, Meredith College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420 |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership Series A, Rev., AMT, 3.50%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; Raleigh Durham Airport Authority Series 2020A, Rev., AMT, 5.00%, 5/1/2033 | &nbsp;&nbsp;&nbsp; 1645 | &nbsp;&nbsp;&nbsp;&nbsp; 1774 |
| &nbsp;&nbsp;&nbsp; State of North Carolina |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 3/1/2032 | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2034 | &nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4442 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp; 11071 |
| **North Dakota — 0.7%** | **North Dakota — 0.7%** | **North Dakota — 0.7%** |
| &nbsp;&nbsp;&nbsp; City of Grand Forks, Altru Health System Rev., 4.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp; 3800 | &nbsp;&nbsp;&nbsp;&nbsp; 3413 |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2016D, Rev., 3.50%, 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp; Total North Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp; 3631 |
| **Ohio — 4.5%** | **Ohio — 4.5%** | **Ohio — 4.5%** |
| &nbsp;&nbsp;&nbsp; Athens City School District, School Facilities Construction and Improvement Series 2019A, GO, 4.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-2, Rev., 4.00%, 6/1/2048 | &nbsp;&nbsp;&nbsp; 3210 | &nbsp;&nbsp;&nbsp;&nbsp; 2793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., 5.00%, 6/1/2055 | &nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp;&nbsp; 3024 |
| &nbsp;&nbsp;&nbsp; Butler County Port Authority, Community First Solutions Rev., 4.00%, 5/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project Rev., 4.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881 |
| &nbsp;&nbsp;&nbsp; County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc. Series A, Rev., 4.25%, 11/1/2045 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1988 |
| &nbsp;&nbsp;&nbsp; County of Franklin, Health Care Facilities, Ohio Living Communities Series 2020B, Rev., 5.00%, 7/1/2045 | &nbsp;&nbsp;&nbsp; 5565 | &nbsp;&nbsp;&nbsp;&nbsp; 5513 |
| &nbsp;&nbsp;&nbsp; County of Hardin, Economic Development Facilities Improvement, Ohio Northern University Rev., 5.25%, 5/1/2040 | &nbsp;&nbsp;&nbsp; 1425 | &nbsp;&nbsp;&nbsp;&nbsp; 1268 |
| &nbsp;&nbsp;&nbsp; County of Union, Memorial Hospital GO, 4.00%, 12/1/2041 | &nbsp;&nbsp;&nbsp; 1825 | &nbsp;&nbsp;&nbsp;&nbsp; 1823 |
| &nbsp;&nbsp;&nbsp; County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.50%, 7/1/2039 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017 |
| &nbsp;&nbsp;&nbsp; Delaware City School District, School Facilities Construction and Improvement, Unlimited Tax GO, 4.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp; Hillsdale Local School District COP, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licking Heights Local School District, School Facilities Construction and Improvement, Unlimited Tax Series A, GO, 4.00%, <br> 10/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Miami University, General Receipts Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp; Northeast Ohio Medical University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 3.00%, 12/1/2040 | 250 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/1/2045 | 115 | 102 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, University of Dayton 2018 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 12/1/2024 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 12/1/2031 | 75 | 80 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 12/1/2037 (e) | 600 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 12/1/2039 (e) | 560 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 12/1/2040 (e) | 1250 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 12/1/2042 (e) | 1000 | 1126 |
| &nbsp;&nbsp;&nbsp; Olmsted Falls City School District Series 2017-A, GO, 4.00%, 12/1/2051 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 924 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp; 24623 |
| **Oklahoma — 0.4%** | **Oklahoma — 0.4%** | **Oklahoma — 0.4%** |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., AGM, 4.00%, 8/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654 |
| &nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority, Second Senior Series 2017A, Rev., 5.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp; 1665 | &nbsp;&nbsp;&nbsp;&nbsp; 1753 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 2407 |
| **Oregon — 0.2%** | **Oregon — 0.2%** | **Oregon — 0.2%** |
| &nbsp;&nbsp;&nbsp; City of Eugene, Electric Utility System Series 2016A, Rev., 4.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp; Deschutes County Hospital Facilities Authority, St. Charles Health System Series 2020A, Rev., 4.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp; Lane Community College Series 2020A, GO, 4.00%, 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp; Medford Hospital Facilities Authority, Asante Project Series 2020A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority, Capital Manor Project Rev., 4.00%, 5/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Department of Transportation Highway User Subordinate Lien, Tax-Exempt Series 2019A, Rev., 5.00%, <br> 11/15/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; Yamhill County School District No. 40 McMinnville GO, 4.00%, 6/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 1308 |
| **Pennsylvania — 9.8%** | **Pennsylvania — 9.8%** | **Pennsylvania — 9.8%** |
| &nbsp;&nbsp;&nbsp; Abington School District, Limited Tax Series 2017A, GO, 4.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, <br> 4/1/2044<br>| &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1818 |
| &nbsp;&nbsp;&nbsp; Berks County Industrial Development Authority, Tower Health Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319 |
| &nbsp;&nbsp;&nbsp; Berks County Municipal Authority (The), Tower Health Project Series 2020B-3, Rev., 5.00%, 2/1/2030 (b) | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1670 |
| &nbsp;&nbsp;&nbsp; Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 4.00%, 7/1/2046 | &nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852 |
| &nbsp;&nbsp;&nbsp; Chester County Health and Education Facilities Authority, Main Line Health System Series 2017A, Rev., 4.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Chester County Industrial Development Authority, Longwood Gardens Project Rev., 4.00%, 12/1/2049 | &nbsp;&nbsp;&nbsp; 3345 | &nbsp;&nbsp;&nbsp;&nbsp; 3101 |
| &nbsp;&nbsp;&nbsp; City of Pittsburgh GO, 4.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp; 1155 | &nbsp;&nbsp;&nbsp;&nbsp; 1204 |
| &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; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 6/1/2039 | &nbsp;&nbsp;&nbsp; 9950 | &nbsp;&nbsp;&nbsp;&nbsp; 9973 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania Series 2018A, COP, 4.00%, 7/1/2046 | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1148 |
| &nbsp;&nbsp;&nbsp; County of Cambria Series 2020B, GO, AGM, 4.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 713 |
| &nbsp;&nbsp;&nbsp; DuBois Hospital Authority, Penn Highlands Healthcare Rev., 4.00%, 7/15/2048 | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp; Erie City Water Authority Series 2018A, Rev., AGM, 5.00%, 12/1/2043 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1581 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority, Health Center, Masonic Villages Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2034 | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2036 | 510 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2037 | 250 | 256 |
| &nbsp;&nbsp;&nbsp; Lancaster Industrial Development Authority, Landis Homes Retirement Community Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2037 | 175 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2046 | 675 | 532 |
| &nbsp;&nbsp;&nbsp; Mifflinburg Area School District Series 2020A, GO, 4.00%, 6/15/2039 | 235 | 235 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Thomas Jefferson University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 9/1/2038 | 3725 | 3589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 9/1/2043 | 3740 | 3475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2020C, <br> Rev., 5.00%, 11/15/2045<br>| &nbsp;&nbsp;&nbsp; 1770 | &nbsp;&nbsp;&nbsp;&nbsp; 1702 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509 |
| &nbsp;&nbsp;&nbsp; Northampton County General Purpose Authority, Moravian College Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Single Family Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 118A, Rev., AMT, 3.50%, 4/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 122, Rev., AMT, 4.00%, 10/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A, Rev., 4.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1991 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax Series 2021-B, Rev., 4.00%, 12/1/2051 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, MAST Community Charter School II Project Series 2020A, Rev., 5.00%, <br> 8/1/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp; Pittsburgh Water and Sewer Authority Series B, Rev., AGM, 5.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1162 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia (The) Series B, GO, AGM, 4.00%, 9/1/2043 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 |
| &nbsp;&nbsp;&nbsp; Swarthmore Borough Authority, Swarthmore College Series 2016B, Rev., 4.00%, 9/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Upper Merion Area School District GO, 5.00%, 1/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp; West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717 |
| &nbsp;&nbsp;&nbsp; West Mifflin School District, Limited Tax GO, 3.00%, 4/1/2038 | &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1149 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp; 53125 |
| **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Public School Financing Program Series A, Rev., AGM, 5.00%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| **South Carolina — 0.2%** | **South Carolina — 0.2%** | **South Carolina — 0.2%** |
| &nbsp;&nbsp;&nbsp; Lexington County Health Services District, Inc., LexMed Obligated Group Rev., 4.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; South Carolina Ports Authority Rev., AMT, 4.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance and Development Authority Series 2017A, Rev., 4.00%, 1/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 1182 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; South Dakota Board of Regents Housing and Auxiliary Facilities System Series 2019A, Rev., 4.00%, 4/1/2036 | 65 | 66 |
| &nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority, Homeownership Mortgage Series 2015D, Rev., 4.00%, 11/1/2045 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; Total South Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236 |
| **Tennessee — 4.6%** | **Tennessee — 4.6%** | **Tennessee — 4.6%** |
| &nbsp;&nbsp;&nbsp; City of Cleveland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 6/1/2027 | 245 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 6/1/2028 | 260 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 6/1/2030 | 285 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 4.00%, 6/1/2031 | 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 4.00%, 6/1/2032 | 310 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 4.00%, 6/1/2038 | 395 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 4.00%, 6/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp; City of Oak Ridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757 |
| &nbsp;&nbsp;&nbsp; County of Hamilton Series 2018A, GO, 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; County of Wilson Series 2017A, GO, 4.00%, 4/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group Series 2018A, Rev., 4.00%, 7/1/2040 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3719 |
| &nbsp;&nbsp;&nbsp; Knox County Health Educational and Housing Facility Board, East Tennessee Children's Hospital Rev., 4.00%, 11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Belmon University Rev., <br> 5.00%, 5/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Green Hills Series 2020A, Rev., <br> 4.00%, 11/1/2038<br>| &nbsp;&nbsp; 1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University <br> Project Series 2021B, Rev., 4.00%, 10/1/2051<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Vanderbilt University Medical <br> Center Series A, Rev., 5.00%, 7/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County Series 2021A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., AMT, 5.00%, 7/1/2052 (e) | &nbsp;&nbsp; 1975 | &nbsp;&nbsp;&nbsp;&nbsp; 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., AMT, 5.50%, 7/1/2052 (e) | &nbsp;&nbsp; 4165 | &nbsp;&nbsp;&nbsp;&nbsp; 4441 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The), Subordinate Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2044 | &nbsp;&nbsp; 3690 | &nbsp;&nbsp;&nbsp;&nbsp; 3860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2049 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, <br> 10/1/2054<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 873 |
| &nbsp;&nbsp;&nbsp; Tennessee State School Bond Authority, Higher Educational Facilities Second Program Series B, Rev., 5.00%, 11/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp; 25180 |
| **Texas — 4.9%** | **Texas — 4.9%** | **Texas — 4.9%** |
| &nbsp;&nbsp;&nbsp; Calallen Independent School District, School Building GO, PSF-GTD, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Senior Lien Series 2021D, Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; City of Bryan, Electric System Rev., AGM, 4.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; City of Conroe Series 2018A, GO, 5.00%, 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; City of Dallas Series 2019-A, GO, 4.00%, 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; City of EI Paso, Combination Tax GO, 4.00%, 8/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; City of El Paso GO, 4.00%, 8/15/2042 | 145 | 143 |
| &nbsp;&nbsp;&nbsp; City of Houston, Airport System, Subordinate Lien Series 2021A, Rev., AMT, 4.00%, 7/1/2046 | 1000 | 912 |
| &nbsp;&nbsp;&nbsp; City of Houston, Airport System, United Airlines, Inc., Terminal E Project Rev., AMT, 5.00%, 7/1/2029 | 2500 | 2504 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., AGM, 5.75%, 12/1/2032 (c) | 2500 | 3128 |
| &nbsp;&nbsp;&nbsp; City of Laredo GO, 5.00%, 2/15/2032 | 40 | 44 |
| &nbsp;&nbsp;&nbsp; City of Mission, Combination Tax, Certificates of Obligation GO, AGM, 5.00%, 2/15/2031 | 575 | 625 |
| &nbsp;&nbsp;&nbsp; City of Pearland, Certificates of Obligation GO, 4.00%, 3/1/2032 | 35 | 36 |
| &nbsp;&nbsp;&nbsp; City of Plano Series 2017-A, GO, 4.00%, 9/1/2028 | 45 | 47 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, Electric and Gas Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2031 | 230 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2032 | 35 | 37 |
| &nbsp;&nbsp;&nbsp; City of San Marcos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 8/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Idea Public Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 8/15/2033 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1273 |
| &nbsp;&nbsp;&nbsp; Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 4.00%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp; County of Galveston, Unlimited Tax GO, 4.00%, 2/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; County of Hidalgo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 8/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; El Paso County Hospital District GO, AGM-CR, 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Baylor Medical Project Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No. 433 Series 2019-A, GO, 4.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Midlothian Independent School District, Unlimited Tax Series 2017A, GO, PSF-GTD, 4.00%, 2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Westminster Project Rev., 4.00%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627 |
| &nbsp;&nbsp;&nbsp; Newark Higher Education Finance Corp., The Hughen Center, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., PSF-GTD, 5.00%, 8/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., PSF-GTD, 5.00%, 8/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., PSF-GTD, 5.00%, 8/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System Rev., 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Second Tier Rev., 4.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - University of Texas System Series 2016A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., Hallmark University Project Series 2021A, Rev., 5.00%, 10/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., University of The Incarnate Word Series 2021A, Rev., 4.00%, 4/1/2051 | &nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1386 |
| &nbsp;&nbsp;&nbsp; San Antonio Water System, Junior Lien Series 2017A, Rev., 4.00%, 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; Stafford Municipal School District, School Building, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Christus Health Series A, Rev., 4.00%, 7/1/2053 | &nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1577 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center Rev., 5.50%, 9/1/2023 (c) | &nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project Series 2020A, Rev., <br> 6.75%, 11/15/2051<br>| &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2789 |
| &nbsp;&nbsp;&nbsp; Texas Public Finance Authority Rev., 4.00%, 2/1/2035 | &nbsp;&nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1278 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, Water Implementation Fund Series 2019A, Rev., 4.00%, 10/15/2044 | &nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2101 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; Texas Woman's University, Financing System Rev., 4.00%, 7/1/2030 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; West Harris County Regional Water Authority Rev., 4.00%, 12/15/2045 | 1000 | 917 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp; 26656 |
| **Utah — 0.5%** | **Utah — 0.5%** | **Utah — 0.5%** |
| &nbsp;&nbsp;&nbsp; City of Lehi, Sales Tax Rev., 4.00%, 6/1/2039 | 480 | 481 |
| &nbsp;&nbsp;&nbsp; City of Provo GO, 5.00%, 1/1/2032 | 10 | 11 |
| &nbsp;&nbsp;&nbsp; City of Salt Lake, International Airport Series 2017B, Rev., 5.00%, 7/1/2042 | 235 | 243 |
| &nbsp;&nbsp;&nbsp; City of South Jordan, Sales Tax Rev., 5.00%, 8/15/2038 | 25 | 27 |
| &nbsp;&nbsp;&nbsp; City of St George Rev., 4.00%, 6/1/2028 | 35 | 37 |
| &nbsp;&nbsp;&nbsp; Tooele County Municipal Building Authority, Cross-Over Lease Rev., 4.00%, 12/15/2042 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; University of Utah (The) Series 2018A, Rev., 5.00%, 8/1/2044 | 60 | 65 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Tax-Exempt Telecommunications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Telecommunications and Franchise Rev., 4.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp; Utah Transit Authority Rev., 4.00%, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 2753 |
| **Vermont — 0.3%** | **Vermont — 0.3%** | **Vermont — 0.3%** |
| &nbsp;&nbsp;&nbsp; Vermont Housing Finance Agency, Multiple Purpose Series A, Rev., AMT, 4.00%, 11/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; Vermont Student Assistance Corp., Education Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 3.63%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 3.75%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 4.00%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 4.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 4.00%, 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 4.00%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; Total Vermont |  | &nbsp;&nbsp;&nbsp;&nbsp; 1482 |
| **Virginia — 1.3%** | **Virginia — 1.3%** | **Virginia — 1.3%** |
| &nbsp;&nbsp;&nbsp; Capital Region Airport Commission, Richmond International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319 |
| &nbsp;&nbsp;&nbsp; City of Richmond, Public Improvement Series 2018A, GO, 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Norfolk Economic Development Authority, Sentara Healthcare Series B, Rev., 4.00%, 11/1/2048 | &nbsp;&nbsp;&nbsp; 4375 | &nbsp;&nbsp;&nbsp;&nbsp; 4180 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board Series 2022, Rev., 4.00%, 5/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512 |
| &nbsp;&nbsp;&nbsp; Virginia Resources Authority, Infrastructure Moral Obligation, Pooled Financing Program Series B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien Rev., AMT, 3.00%, 1/1/2041 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1529 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 6901 |
| **Washington — 1.5%** | **Washington — 1.5%** | **Washington — 1.5%** |
| &nbsp;&nbsp;&nbsp; City of Lynnwood, Utility System Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; County of King, Sewer Series 2018B, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 416 White River, Unlimited Tax GO, 4.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Port of Seattle, Intermediate Lien Series 2022B, Rev., AMT, 4.00%, 8/1/2047 | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Commonspirit Health Series 2019A-2, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Seattle Cancer Care Alliance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 5.00%, 12/1/2028 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2029 | 250 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2040 | 860 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2045 | 2500 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2045 (d) | 880 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2048 | 1190 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Rockwood Retirement Communities Project Series 2020A, Rev., 5.00%, <br> 1/1/2041<br>| 2000 | 1590 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Single Family Program Series 2A-R, Rev., AMT, 3.50%, 12/1/2046 | 90 | 89 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 8149 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| &nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, United Health System Series A, Rev., 4.00%, 6/1/2051 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863 |
| **Wisconsin — 3.8%** | **Wisconsin — 3.8%** | **Wisconsin — 3.8%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Blue Ridge Healthcare Facilities Series 2020A, Rev., 3.00%, 1/1/2050 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Coral Academy of Science Series 2021A, Rev., 4.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, ENO River Academy Project Series 2020A, Rev., 5.00%, 6/15/2054 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, KU Campus Development Corp. - Central District Development Project Rev., 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Rev., 4.75%, 11/15/2053 (d) | &nbsp;&nbsp;&nbsp; 2740 | &nbsp;&nbsp;&nbsp;&nbsp; 2072 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Renown Medical Center Project Series 2016A, Rev., 4.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Renown Regional Medical Center Project Rev., 5.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Roseman University of Health Sciences Project Rev., 4.00%, 4/1/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 5.00%, 1/1/2040 | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2980 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2057 (d) | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1222 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Triad Educational Services, Inc. Series 2021A, Rev., 4.00%, 6/15/2051 | &nbsp;&nbsp;&nbsp; 4575 | &nbsp;&nbsp;&nbsp;&nbsp; 3615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018A, Rev., 5.00%, <br> 8/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Beloit Health System, Inc. Rev., 4.00%, 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Children's Hospital of Wisconsin, Inc. Rev., 4.00%, 8/15/2047 | &nbsp;&nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp;&nbsp; 4555 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries Rev., 4.00%, 1/1/2047 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1490 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Thedacare, Inc. Rev., 4.00%, 12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Rev., 4.00%, 8/15/2046 | &nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1111 |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership Series B, Rev., 4.00%, 3/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp; 20884 |
| **Wyoming — 0.1%** | **Wyoming — 0.1%** | **Wyoming — 0.1%** |
| &nbsp;&nbsp;&nbsp; University of Wyoming Series 2021-C, Rev., 4.00%, 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $561,194)<br>|  | 527820 |

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**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** |
| **Investment Companies — 2.8%** | **Investment Companies — 2.8%** | **Investment Companies — 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.77% (f) (g) <br>(Cost $15,080)<br>| 15077 | 15084 |
| **Total Investments — 99.8%** <br>**(Cost $576,274)**<br>|  | **542904** |
| **Other Assets Less Liabilities — 0.2%** |  | **1039** |
| **NET ASSETS — 100.0%** |  | **543943** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AGM | Insured by Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| BHAC | Insured by Berkshire Hathaway Assurance Corp. |
| COLL | Collateral |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FGIC | Insured by Financial Guaranty Insurance Co. |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GAN | Grant Anticipation Notes |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| MTA | Metropolitan Transportation Authority |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| Q-SBLF | Qualified School Bond Loan Fund |
| RE | Reinsured |
| Rev. | Revenue |

---

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

---

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

---

**Futures contracts outstanding as of November 30, 2022 (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>|
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | (37) | 03/22/2023 | USD | (4210) | &nbsp;&nbsp; (32) |
| U.S. Treasury 10 Year Ultra Note | (66) | 03/22/2023 | USD | (7933) | &nbsp;&nbsp; (81) |
|  |  |  |  |  | (113) |

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

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**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

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

---

**Centrally Cleared Credit default swap contracts outstanding - buy protection**<sup>(\*)</sup> **as of November 30, 2022 (amounts in thousands):**

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.HY.39-V1 | 5.00 | Quarterly | 12/20/2027 | 4.79 | USD 21,400 | 848 | (1463) | (615) |

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

---

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

---

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

---

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

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

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

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

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

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

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

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

Futures contracts are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | $— | $527820 | $— | $527820 |

---

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | $15084 | $— | $— | $15084 |
| **Total Investments in Securities** | $15084 | $527820 | $— | $542904 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $(113) | $— | $— | $(113) |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1463) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1463) |
| **Total Depreciation in Other Financial Instruments** | $(113) | $(1463) | $— | $(1576) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2022**<br>| **Shares at** <br>**November 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money <br> Market Fund Class IM Shares, 1.77% <br> (a) (b)<br>| $24536 | $161480 | $170937 | $5 | $—(c) | $15084 | 15077 | $121 | $— |

---

&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 November 30, 2022.

(c) Amount rounds to less than one thousand.

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

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

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

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

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

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

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

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

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

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

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

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

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

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

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

<u>Credit Default Swaps</u>

The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

------

**JPMorgan Tax Free Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

------

## 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 Tax Free Bond Fund

- **b. EDGAR series identifier (if any):** S000003500

- **c. LEI of Series:** C2FBU9YCW7ZC5833BZ12

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $558400780.21

**Total Liabilities:** $13010794.28

**Net Assets:** $545389985.93

**Cash Not Reported:** $788368.24

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 307.43520000 | **1-Year:** 7399.99590000 | **5-Year:** 77747.35502000 | **10-Year:** 174048.68027000 | **30-Year:** 173731.80995000

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

- **3-Month:** -8450.74872000 | **1-Year:** 938.61992000 | **5-Year:** 4360.37215000 | **10-Year:** 14909.26758000 | **30-Year:** 40780.42865000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009697 | -5.24%               | -1.55%               | 6.39%                |
| Class ID C000009696 | -5.16%               | -1.54%               | 6.44%                |
| Class ID C000205208 | -5.15%               | -1.53%               | 6.34%                |
| Class ID C000009695 | -5.24%               | -1.61%               | 6.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2244041.48             | $-29806055.17                              |
| Month 2  | $-5085678.16             | $-3704826.29                               |
| Month 3  | $-5330505.75             | $36631878.30                               |

**Designated Index Information**

- **Index Name:** Municipal Bond

- **Index Identifier:** 730TRUSD0

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bucks County Industrial Development Authority                                             | Bucks County Industrial Development Authority, Grand View Hospital Project                                                                             | CUSIP: 11861MBL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $851643.62    | 0.16%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                              | Mississippi Development Bank, Sales Tax                                                                                                                | CUSIP: 60534XBZ8<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    110000 | PA      | $120409.45    | 0.02%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenfield Middle School Building Corp.                                                   | Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage                                                                        | CUSIP: 39501PGK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $361466.91    | 0.07%             | 2032-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project                                                                    | CUSIP: 45506EAB9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    170000 | PA      | $161778.82    | 0.03%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mountain View Shoreline Regional Park Community                                           | Mountain View Shoreline Regional Park Community                                                                                                        | CUSIP: 624410HC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27329.48     | 0.01%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Region Airport Commission                                                         | Capital Region Airport Commission, Richmond International Airport, Series 2016A                                                                        | CUSIP: 140442FV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $319065.02    | 0.06%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                                    | Utah Transit Authority                                                                                                                                 | CUSIP: 917567CF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41439.66     | 0.01%             | 2030-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                          | Raleigh Durham Airport Authority                                                                                                                       | CUSIP: 751073MB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1774312.46   | 0.33%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                                        | Denver Health and Hospital Authority                                                                                                                   | CUSIP: 24918EEJ5<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1428581.09   | 0.26%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group                                            | CUSIP: 61360PCM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1702190.24   | 0.31%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                                    | San Antonio Education Facilities Corp., Hallmark University Project, Series 2021A                                                                      | CUSIP: 796247DY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $405025.25    | 0.07%             | 2051-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Gulf Coast University Financing Corp.                                             | Florida Gulf Coast University Financing Corp., Housing Project, Series 2020A                                                                           | CUSIP: 34073XJJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $217127.48    | 0.04%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Conroe Local Government Corp.                                                             | Conroe Local Government Corp., Conroe Convention Center Hotel, Series 2021A                                                                            | CUSIP: 208419AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $442793.62    | 0.08%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                                  | San Antonio Water System, Junior Lien, Series 2017A                                                                                                    | CUSIP: 79642B7N7<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61478.96     | 0.01%             | 2034-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Kentucky                                                                  | Commonwealth of Kentucky, State Office Building Project                                                                                                | CUSIP: 491449AQ7<br>LEI: 549300F6MON81PRPVJ50 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30646.96     | 0.01%             | 2032-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Health and Educational Facilities Financing Authority, Ascension Senior Credit Group                                                           | CUSIP: 454795FF7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     15000 | PA      | $13626.43     | 0.00%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                    | University of Arkansas, Various Facility Monticello Campus, Series 2017A                                                                               | CUSIP: 914072L43<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108478.89    | 0.02%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis/St. Paul Housing Finance Board/MN                                             | Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs, Series 2007A-2                                          | CUSIP: 603798AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35069.80     | 0.01%             | 2041-03-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, University of Dayton 2018 Project                                                                         | CUSIP: 67756DPL4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10365.52     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lehi UT Sales Tax Revenue                                                         | City of Lehi, Sales Tax                                                                                                                                | CUSIP: 52469PCS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $481116.91    | 0.09%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 99 Cicero                                                 | Cook County School District No. 99 Cicero, Limited Tax                                                                                                 | CUSIP: 214381JZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $192564.72    | 0.04%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge & Tunnel Authority                                                                                                                   | CUSIP: 89602HAA5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961955.60    | 0.18%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                        | County of Clark, Southern California Edison Co.                                                                                                        | CUSIP: 181008BD4<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4087468.50   | 0.75%             | 2031-06-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                  | State of Connecticut, Special Tax Transportation Infrastructure Purposes                                                                               | CUSIP: 207758VP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27026.01     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Public Facilities Authority/AL                                          | Montgomery County Public Building Authority, Facilities Project                                                                                        | CUSIP: 613209CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029755.90   | 0.19%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, ENO River Academy Project                                                                                                    | CUSIP: 744396FN7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    690000 | PA      | $604212.37    | 0.11%             | 2054-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Minneapolis MN                                                                    | City of Minneapolis, Health Care System, Fairview Health Services, Series 2018A                                                                        | CUSIP: 60374VEE9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2686802.10   | 0.49%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Industrial Development Authority                                                | Lancaster Industrial Development Authority, Landis Homes Retirement Community Project                                                                  | CUSIP: 51434NAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $531576.00    | 0.10%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc., Series 2017C                                                               | CUSIP: 45204EZA9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    205000 | PA      | $213798.29    | 0.04%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Green Hills, Series 2020A                               | CUSIP: 592041YW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1122826.83   | 0.21%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152M32<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20693.98     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 544532AN4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |     35000 | PA      | $38513.80     | 0.01%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                                                                             | CUSIP: 45204EK64<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51456.48     | 0.01%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Children's Hospital Colorado Project                                                                             | CUSIP: 19648A7W9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    160000 | PA      | $169501.62    | 0.03%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cambria PA                                                                      | County of Cambria                                                                                                                                      | CUSIP: 132033JM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $712677.84    | 0.13%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Global Community Charter School                                                                                              | CUSIP: 12008ETE6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    635000 | PA      | $581971.53    | 0.11%             | 2052-06-15      | 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        |       -37 | NC      | $-32452.70    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                                   | City of Phoenix Civic Improvement Corp., Junior Lien, Airport System                                                                                   | CUSIP: 71883MPA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $46509.02     | 0.01%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UAB Medicine Finance Authority                                                            | UAB Medicine Finance Authority                                                                                                                         | CUSIP: 902562CF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $150961.22    | 0.03%             | 2035-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                        | City of Detroit, Unlimited Tax                                                                                                                         | CUSIP: 2510935D8<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    350000 | PA      | $304006.43    | 0.06%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Waukee Community School District Infrastructure Sales Services & Use Tax                  | Waukee Community School District Infrastructure Sales Services & Use Tax                                                                               | CUSIP: 94283NEC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $66263.53     | 0.01%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency, Telecommunications and Franchise                                                                                           | CUSIP: 917466DG6<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    360000 | PA      | $374830.20    | 0.07%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                                    | City of Grand Forks, Altru Health System                                                                                                               | CUSIP: 38546WDM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3412665.62   | 0.63%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990FYM0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1933058.20   | 0.35%             | 2044-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | CDI                                                                                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |  21400000 | PA      | $-1463466.31  | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc.                                                                     | CUSIP: 20774Y6S1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029878.60   | 0.19%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                                   | Bay Area Toll Authority, Toll Bridge, Series S-7                                                                                                       | CUSIP: 072024VG4<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36666.76     | 0.01%             | 2032-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp.                                                     | Newark Higher Education Finance Corp., Hughen Center Inc., Project                                                                                     | CUSIP: 650346FS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $609854.28    | 0.11%             | 2057-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019                                                                     | CUSIP: 64971XKE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $110877.66    | 0.02%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX                                                                        | City of El Paso                                                                                                                                        | CUSIP: 283734D32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $142760.00    | 0.03%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Rockefeller University                                                                                             | CUSIP: 64990GF31<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2659406.00   | 0.49%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Macombs Facility Project, Series 2021A                                                                       | CUSIP: 04052BQG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $885996.23    | 0.16%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                    | Clifton Higher Education Finance Corp., Idea Public Schools                                                                                            | CUSIP: 187145GA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $355100.60    | 0.07%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abington School District                                                                  | Abington School District, Limited Tax                                                                                                                  | CUSIP: 003554R79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15066.55     | 0.00%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                              | Michigan State Housing Development Authority, Single Family Mortgage, Series 2015A                                                                     | CUSIP: 5946536J1<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35054.60     | 0.01%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Bolingbrook IL                                                                 | Village of Bolingbrook, Series 2018A                                                                                                                   | CUSIP: 097552TM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101960.30   | 0.20%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Boston College Issue                                                                                         | CUSIP: 57584XK42<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     35000 | PA      | $33716.85     | 0.01%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Wastewater System Revenue                             | East Bay Municipal Utility District, Wastewater System, Series 2015A-1                                                                                 | CUSIP: 271012FA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1951012.04   | 0.36%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                         | Idaho Health Facilities Authority, Trinity Health Credit Group                                                                                         | CUSIP: 451295YB9<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76129.15     | 0.01%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Clean Water Initiative Revolving Fund                                                                                      | CUSIP: 45204EV88<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104847.61    | 0.02%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenfield Middle School Building Corp.                                                   | Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage                                                                        | CUSIP: 39501PGH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $248290.58    | 0.05%             | 2031-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                       | Maryland Economic Development Corp., Port Covington Project                                                                                            | CUSIP: 57422FAF3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1009816.45   | 0.19%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                          | Minnesota Housing Finance Agency, Residential Housing Finance                                                                                          | CUSIP: 60416SHX1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    245000 | PA      | $244086.44    | 0.04%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Reno NV                                                                           | City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project, Series B                                                | CUSIP: 759861EG8<br>LEI: 549300M4R5WWSUWY8D52 | Long             | DBT              | MUN               | US        |    375000 | PA      | $343827.53    | 0.06%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Riverside Public Financing Authority Loc Measure A Sales Tax Revenue                      | Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project                                                                        | CUSIP: 76904CAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516001.85   | 0.28%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Triad Educational Services, Inc., Series 2021A                                                                               | CUSIP: 74442EHQ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4575000 | PA      | $3614845.21   | 0.66%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Arizona (The)                                                               | University of Arizona (The)                                                                                                                            | CUSIP: 040484NT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42488.66     | 0.01%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project                                                           | CUSIP: 95737TEX0<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1300957.76   | 0.24%             | 2028-07-01      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                | Virginia Commonwealth Transportation Board                                                                                                             | CUSIP: 927793Q36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511758.75    | 0.09%             | 2037-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Green Dot Public School Projects, Series 2018A                                                                    | CUSIP: 13059TFA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $176510.18    | 0.03%             | 2023-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                               | Washington State Housing Finance Commission, Single Family Program                                                                                     | CUSIP: 93978TVD8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |     90000 | PA      | $89469.83     | 0.02%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                            | County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc.                                                                                   | CUSIP: 01757LFF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1988449.40   | 0.36%             | 2045-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Sarasota FL Utility System Revenue                                              | County of Sarasota, Utility System                                                                                                                     | CUSIP: 803321PH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27229.69     | 0.00%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                              | New Jersey Housing and Mortgage Finance Agency, Single Family Housing, Series 2018A                                                                    | CUSIP: 64613AAC6<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    515000 | PA      | $522187.03    | 0.10%             | 2048-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                                          | Vermont Student Assistance Corp., Education Loan, Series 2018A                                                                                         | CUSIP: 92428CLN2<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |    190000 | PA      | $188631.22    | 0.03%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, St. John's University                                                                                              | CUSIP: 65000BAP3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125478.01    | 0.02%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue                     | State of Florida Department of Transportation Turnpike System, Series 2018A                                                                            | CUSIP: 343137DM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $99741.38     | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp./LA                                                     | Tobacco Settlement Financing Corp., Series 2013A                                                                                                       | CUSIP: 88880PCN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015456.50   | 0.19%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Lynnwood WA Utility Revenue                                                       | City of Lynnwood, Utility System                                                                                                                       | CUSIP: 551702CP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27800.01     | 0.01%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project                                                                           | CUSIP: 19648FDV3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    200000 | PA      | $209462.58    | 0.04%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                                       | County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group, Series 2013A                                                                 | CUSIP: 93515PAY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016735.50   | 0.19%             | 2039-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects                                                         | CUSIP: 34061UJN9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    195000 | PA      | $190654.13    | 0.03%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Mercy Health System                                                                                                        | CUSIP: 45204EBX5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    305000 | PA      | $306086.11    | 0.06%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moulton-Niguel Water District Public Facilities Corp.                                     | Moulton-Niguel Water District Public Facilities Corp.                                                                                                  | CUSIP: 620223AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38664.54     | 0.01%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of South Miami Health Facilities Authority, Inc.                                     | City of South Miami Health Facilities Authority, Inc., Baptist Health South Florida Obligated Group                                                    | CUSIP: 838810EC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19364.21     | 0.00%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Harrison/Village of Harrison NY                                                   | Town of Harrison, Public Improvement                                                                                                                   | CUSIP: 415361FB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $751610.22    | 0.14%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brighton Crossing Metropolitan District No. 6                                             | Brighton Crossing Metropolitan District No. 6, Limited Tax                                                                                             | CUSIP: 10933PAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $560767.96    | 0.10%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hoffman Estates Park District                                                             | Hoffman Estates Park District                                                                                                                          | CUSIP: 434462PE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25033.32     | 0.00%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, School Facilities Construction, Series 2021QQQ                                                              | CUSIP: 64577XCU8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2139031.16   | 0.39%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                        | City of Detroit, Unlimited Tax                                                                                                                         | CUSIP: 2510935C0<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    300000 | PA      | $262552.71    | 0.05%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Truckee Meadows Water Authority                                                           | Truckee Meadows Water Authority                                                                                                                        | CUSIP: 897825GN9<br>LEI: 549300GC367BYY1WT202 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16015.54     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc.                                                                             | CUSIP: 45204EYZ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    305000 | PA      | $319062.42    | 0.06%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Rocketship Obligated Group                                                                                                       | CUSIP: 25483VYA6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $238392.40    | 0.04%             | 2041-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Mifflinburg Area School District                                                          | Mifflinburg Area School District                                                                                                                       | CUSIP: 598575HL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235498.60    | 0.04%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hillsborough FL                                                                 | County of Hillsborough, Parks and Recreation Program                                                                                                   | CUSIP: 432290KP8<br>LEI: 549300L0R7XNYJEJGF23 | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2499438.54   | 0.46%             | 2025-07-01      | Fixed         | 5.25%                 | 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        |    110000 | PA      | $120401.96    | 0.02%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                        | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510666.05   | 0.28%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mayflower Retirement Community                                                                                      | CUSIP: 34061WBM5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $727417.69    | 0.13%             | 2046-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement                                                                          | CUSIP: 6461362B6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2670000 | PA      | $2821366.57   | 0.52%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                     | North Carolina Housing Finance Agency, Homeownership                                                                                                   | CUSIP: 658207SL0<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |     95000 | PA      | $94047.27     | 0.02%             | 2039-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Henry Ford Health System                                                                                                   | CUSIP: 59447TMQ3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    430000 | PA      | $389969.32    | 0.07%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rim of the World Unified School District                                                  | Rim of the World Unified School District                                                                                                               | CUSIP: 766719BD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $12021.42     | 0.00%             | 2039-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152M65<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     20000 | PA      | $19555.03     | 0.00%             | 2031-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Sparkill-Palisades Fire District                                                          | Town of Orangetown, Rockland County, Sparkill-Palisades Fire District                                                                                  | CUSIP: 84652EBA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $311509.25    | 0.06%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pearland TX                                                                       | City of Pearland, Certificates of Obligation                                                                                                           | CUSIP: 704865GY4<br>LEI: 549300UYAWZP0LF3EF82 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36381.32     | 0.01%             | 2032-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                     | Connecticut Housing Finance Authority, Housing Mortgage Finance Program                                                                                | CUSIP: 20775CDD3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25020.12     | 0.00%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berkley School District                                                                   | Berkley School District, Michigan 2015 School Building and Site Bonds, Unlimited Tax                                                                   | CUSIP: 084482BR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30057.31     | 0.01%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greenway Independent School District No. 316                                              | Greenway Independent School District No. 316, Capital Appreciation                                                                                     | CUSIP: 39678LGL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $552392.89    | 0.10%             | 2030-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dundee Community Schools                                                                  | Dundee Community Schools, Limited Tax                                                                                                                  | CUSIP: 265201HV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $75224.54     | 0.01%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                        | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $941574.00    | 0.17%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lafayette IN Local Income Tax Revenue                                             | City of Lafayette, Local Income Tax                                                                                                                    | CUSIP: 50630PAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $187723.30    | 0.03%             | 2028-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monmouth County Improvement Authority (The)                                               | Monmouth County Improvement Authority (The), Governmental Pooled Loan Project                                                                          | CUSIP: 60956PVZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25774.84     | 0.00%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                     | Connecticut Housing Finance Authority, Housing Mortgage Finance Program                                                                                | CUSIP: 20775CQB3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155121.99    | 0.03%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland TN                                                                      | City of Cleveland, Series 2018B                                                                                                                        | CUSIP: 186523CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $288535.49    | 0.05%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County School District No. 40 McMinnville                                         | Yamhill County School District No. 40 McMinnville                                                                                                      | CUSIP: 984674JG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30305.07     | 0.01%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels                                                                                        | CUSIP: 89602REW1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37448.39     | 0.01%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                     | CSCDA Community Improvement Authority, Essential Housing, Oceanaire-Long Beach                                                                         | CUSIP: 126292AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $1604482.57   | 0.29%             | 2056-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Town of Harrison/Village of Harrison NY                                                   | Town of Harrison, Public Improvement                                                                                                                   | CUSIP: 415361FC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $334900.93    | 0.06%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Olmsted Falls City School District                                                        | Olmsted Falls City School District                                                                                                                     | CUSIP: 681233DW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923946.20    | 0.17%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Pulaski MO                                                                      | County of Pulaski                                                                                                                                      | CUSIP: 745533AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52129.77     | 0.01%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Evanston IL                                                                       | City of Evanston                                                                                                                                       | CUSIP: 299228EE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26086.63     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis Special School District No. 1                                                 | Minneapolis Special School District No. 1                                                                                                              | CUSIP: 603792VC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $132632.05    | 0.02%             | 2032-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                                   | Orange County Convention Center, Tourist Development Tax, Series 2016A                                                                                 | CUSIP: 684545ZM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40180.07     | 0.01%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Eugene OR Electric Utility System Revenue                                         | City of Eugene, Electric Utility System, Series 2016A                                                                                                  | CUSIP: 298191M46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $339010.85    | 0.06%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Volusia County Educational Facility Authority                                             | Volusia County Educational Facility Authority, Embry Riddle Aeronautical University, Inc., Project                                                     | CUSIP: 928836NC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $986789.82    | 0.18%             | 2039-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority, Series 2020AA                                                                                          | CUSIP: 6461367L9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1238386.46   | 0.23%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Coral Academy of Science, Series 2021A                                                                                       | CUSIP: 74442EGU8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $786345.20    | 0.14%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority                                                                                                                  | CUSIP: 59261ALK1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20300.65     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                                 | Maine Municipal Bond Bank                                                                                                                              | CUSIP: 56045RE96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $86138.34     | 0.02%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Westminster Project                                                                              | CUSIP: 64542UFN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $627336.81    | 0.12%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, School Districts Financing Program                                                                                 | CUSIP: 64990BJ53<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37293.18     | 0.01%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aurora Independent School District No. 2711                                               | Aurora Independent School District No. 2711, School Building, Capital Appreciation, Series 2017B                                                       | CUSIP: 051820FS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $190134.81    | 0.03%             | 2028-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                                 | University of Connecticut, Series 2015A                                                                                                                | CUSIP: 914233A68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15708.19     | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County School District/FL                                                          | Monroe County School District, Series 2018A                                                                                                            | CUSIP: 61051PBU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43535.93     | 0.01%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152XT3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    205000 | PA      | $209265.85    | 0.04%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Merion Area School District/PA                                                      | Upper Merion Area School District                                                                                                                      | CUSIP: 915899PJ1<br>LEI: 549300VSHSYXQGHRSD87 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267657.83    | 0.05%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix (The)                             | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A         | CUSIP: 71885DCX8<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    350000 | PA      | $358712.31    | 0.07%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                                                   | CUSIP: 20772J6Q0<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    150000 | PA      | $163392.72    | 0.03%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hidalgo TX                                                                      | County of Hidalgo                                                                                                                                      | CUSIP: 429326ZP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86677.14     | 0.02%             | 2035-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                                    | San Antonio Education Facilities Corp., University of The Incarnate Word, Series 2021A                                                                 | CUSIP: 796247DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1385894.83   | 0.25%             | 2051-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas Power Pool                                                                         | Kansas Power Pool, Electric Utility                                                                                                                    | CUSIP: 485321BY8<br>LEI: 549300VXQ23S44LCWF08 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16788.80     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series 2018A                                                     | CUSIP: 613603YV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3589506.85   | 0.66%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Berklee College Music                                                                                        | CUSIP: 57584XUG4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15988.37     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                         | City of Dallas                                                                                                                                         | CUSIP: 235219PS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15395.24     | 0.00%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                                     | Illinois State Toll Highway Authority                                                                                                                  | CUSIP: 452252NQ8<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     65000 | PA      | $62949.27     | 0.01%             | 2044-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                                    | Oklahoma Development Finance Authority, Health System, OU Medicine Project, Series 2018B                                                               | CUSIP: 67884XCJ4<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    700000 | PA      | $654457.09    | 0.12%             | 2048-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Niles Community Schools/MI                                                                | Niles Community Schools, Unlimited Tax                                                                                                                 | CUSIP: 654271BW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25052.67     | 0.00%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sparkill-Palisades Fire District                                                          | Town of Orangetown, Rockland County, Sparkill-Palisades Fire District                                                                                  | CUSIP: 84652EAZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $302486.06    | 0.06%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                             | Berks County Industrial Development Authority, Tower Health Project                                                                                    | CUSIP: 08451PAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $318988.66    | 0.06%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, Biomedical Research Facilities, Series 2016A                                                                | CUSIP: 64577BSF2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    240000 | PA      | $254908.27    | 0.05%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd          | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Belmon University                                       | CUSIP: 592029AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527445.95    | 0.10%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Volusia County Educational Facility Authority                                             | Volusia County Educational Facility Authority, Embry Riddle Aeronautical University, Inc., Project                                                     | CUSIP: 928836NA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $709631.31    | 0.13%             | 2037-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                           | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp.                                                               | CUSIP: 13016NES9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $493530.52    | 0.09%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152TC5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3015971.10   | 0.55%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Emerson College                                                                                              | CUSIP: 57584YFG9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    315000 | PA      | $323759.96    | 0.06%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Bronson Healthcare Group, Inc.                                                                                             | CUSIP: 59447TWP4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1538155.57   | 0.28%             | 2054-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hanover Horton School District                                                            | Hanover Horton School District, Unlimited tax                                                                                                          | CUSIP: 410810GF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47166.44     | 0.01%             | 2028-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Delaware                                                                    | University of Delaware                                                                                                                                 | CUSIP: 914245DV4<br>LEI: KPIOJCFMR70NWLS6O145 | Long             | DBT              | MUN               | US        |    500000 | PA      | $576213.60    | 0.11%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries                                                              | CUSIP: 97712JED1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1489702.20   | 0.27%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 6500357Y8<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26835.81     | 0.00%             | 2039-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                            | Indiana Municipal Power Agency, Power Supply System                                                                                                    | CUSIP: 454898TX5<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31427.81     | 0.01%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nashwauk Keewatin Independent School District No. 319                                     | Nashwauk Keewatin Independent School District No. 319                                                                                                  | CUSIP: 631500CT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518087.85    | 0.09%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project                                                                           | CUSIP: 19648FPY4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    675000 | PA      | $551998.19    | 0.10%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority                                                                                                                  | CUSIP: 59261AJR9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    400000 | PA      | $409222.20    | 0.08%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hardin OH                                                                       | County of Hardin, Economic Development Facilities Improvement, Ohio Northern University                                                                | CUSIP: 412003AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1268059.34   | 0.23%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, CommonSpirit Health                                                                                              | CUSIP: 19648FKA1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2224805.59   | 0.41%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                                    | Lancaster County Hospital Authority, Health Center, Masonic Villages Project                                                                           | CUSIP: 514045P80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36174.78     | 0.01%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                                | CUSIP: 650116CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1395450.45   | 0.26%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland TN                                                                      | City of Cleveland, Series 2018B                                                                                                                        | CUSIP: 186523DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $411356.40    | 0.08%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                                   | City of Phoenix Civic Improvement Corp., Civic Plaza Expansion                                                                                         | CUSIP: 71884WCJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $150662.10    | 0.03%             | 2036-07-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Oak Ridge TN                                                                      | City of Oak Ridge                                                                                                                                      | CUSIP: 671783UQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $728431.42    | 0.13%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland TN                                                                      | City of Cleveland, Series 2018B                                                                                                                        | CUSIP: 186523CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $315875.70    | 0.06%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United Nations Development Corp.                                                          | United Nations Development Corp.                                                                                                                       | CUSIP: 911157LT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211885.78    | 0.04%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                               | California State University, Systemwide                                                                                                                | CUSIP: 13077DBD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31725.09     | 0.01%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                                     | Tennessee State School Bond Authority, Higher Educational Facilities Second Program, Series B                                                          | CUSIP: 880558HW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37320.18     | 0.01%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC                                                                          | CUSIP: 04052FCT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1140198.41   | 0.21%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                            | Florida Municipal Power Agency, All-Requirements Power Supply Project                                                                                  | CUSIP: 342816H81<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26890.45     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington County Health Services District, Inc.                                           | Lexington County Health Services District, Inc., LexMed Obligated Group                                                                                | CUSIP: 529050ER3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15355.64     | 0.00%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                                | City of Los Angeles Department of Airports, International Airport Subordinate                                                                          | CUSIP: 5444352P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1253381.63   | 0.23%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Methuen MA                                                                        | City of Methuen                                                                                                                                        | CUSIP: 591537F59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $791395.78    | 0.15%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Presbyterian Villages of Michigan Obligated Group                                                                            | CUSIP: 74442PQJ7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $2071904.70   | 0.38%             | 2053-11-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels                                                                                        | CUSIP: 89602HCB1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2121611.19   | 0.39%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                    | Maine Health and Higher Educational Facilities Authority                                                                                               | CUSIP: 56042RH39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $348771.36    | 0.06%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, Coxhealth and Obligated Group                                                    | CUSIP: 60637ANK4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27044.13     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Children's National Medical Center                                                                           | CUSIP: 04052HBH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $1802942.18   | 0.33%             | 2050-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project                                                      | CUSIP: 19645UER1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    740000 | PA      | $606693.51    | 0.11%             | 2050-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sparkill-Palisades Fire District                                                          | Town of Orangetown, Rockland County, Sparkill-Palisades Fire District                                                                                  | CUSIP: 84652EAX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $215684.68    | 0.04%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                           | Minnesota Higher Education Facilities Authority, Carleton College                                                                                      | CUSIP: 60416H3K8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515952.25    | 0.09%             | 2033-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, School Facilities Construction                                                                              | CUSIP: 645918T78<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150753.15    | 0.03%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                       | State of Illinois, Sales Tax                                                                                                                           | CUSIP: 452227SG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21064.17     | 0.00%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Kipp DC Project                                                                                                                  | CUSIP: 25483VTQ7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31630.39     | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                              | City and County of Honolulu, Series A                                                                                                                  | CUSIP: 438670X22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1970000 | PA      | $2064643.73   | 0.38%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Community Consolidated School District No. 3 Beach Park                       | Lake County Community Consolidated School District No. 3 Beach Park                                                                                    | CUSIP: 508444EU6<br>LEI: 549300OXP7UXKVRQI587 | Long             | DBT              | MUN               | US        |    120000 | PA      | $124740.58    | 0.02%             | 2034-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                         | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019                                                                           | CUSIP: 64972HY48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $258491.28    | 0.05%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990FZJ6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1147286.50   | 0.21%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Conroe TX                                                                         | City of Conroe                                                                                                                                         | CUSIP: 208399N92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11012.05     | 0.00%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                              | Alaska Housing Finance Corp., General Mortgage, Series 2016A                                                                                           | CUSIP: 01170RFN7<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    290000 | PA      | $288459.87    | 0.05%             | 2046-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Erie City Water Authority                                                                 | Erie City Water Authority, Series 2018A                                                                                                                | CUSIP: 295542NU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1581498.45   | 0.29%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                                  | Chester County Health and Education Facilities Authority, Main Line Health System, Series 2017A                                                        | CUSIP: 16557HDY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25052.08     | 0.00%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                          | North Carolina Capital Facilities Finance Agency, Meredith College                                                                                     | CUSIP: 65818PMC0<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    805000 | PA      | $847944.50    | 0.16%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Thedacare, Inc.                                                                                 | CUSIP: 97712DKB1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $487764.55    | 0.09%             | 2039-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152XW6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    175000 | PA      | $177527.51    | 0.03%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                          | North Carolina Capital Facilities Finance Agency, Meredith College                                                                                     | CUSIP: 65818PMB2<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    105000 | PA      | $110751.14    | 0.02%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Special Health Care District                                              | Maricopa County Special Health Care District, Integrated Health Services                                                                               | CUSIP: 56756TAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10974.24     | 0.00%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                                     | School District of Philadelphia (The)                                                                                                                  | CUSIP: 717883VG4<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1225147.00   | 0.22%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                               | Oklahoma Turnpike Authority, Second Senior, Series 2017A                                                                                               | CUSIP: 679111WR1<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1752915.16   | 0.32%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                                | Middleton Community Development District A                                                                                                             | CUSIP: 596681AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007414.90   | 0.18%             | 2042-05-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                       | Pennsylvania Housing Finance Agency, Single Family Mortgage                                                                                            | CUSIP: 708796X51<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    135000 | PA      | $134544.23    | 0.02%             | 2040-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sky Ranch Community Authority Board                                                       | Sky Ranch Community Authority Board, Metropolitan District No. 3                                                                                       | CUSIP: 83086SAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $456273.60    | 0.08%             | 2052-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                            | Washington Metropolitan Area Transit Authority                                                                                                         | CUSIP: 938782FT1<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   5010000 | PA      | $5251992.52   | 0.96%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project                                                                     | CUSIP: 19645UGG3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    175000 | PA      | $139616.44    | 0.03%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency, Tax-Exempt Telecommunications                                                                                              | CUSIP: 917467CD2<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    350000 | PA      | $296030.60    | 0.05%             | 2041-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152JQ5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    225000 | PA      | $219958.18    | 0.04%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                  | State of Connecticut, Special Tax Transportation Infrastructure Purposes, Series 2018B                                                                 | CUSIP: 207758YH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $60987.06     | 0.01%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp.                                   | Buffalo and Erie County Industrial Land Development Corp., D'youville College Project                                                                  | CUSIP: 11943KEB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2099765.22   | 0.39%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp.                                                     | Newark Higher Education Finance Corp., Hughen Center Inc., Project                                                                                     | CUSIP: 650346FQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258961.80    | 0.05%             | 2047-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Merrillville Building Corp.                                                               | Merrillville Building Corp.                                                                                                                            | CUSIP: 59027DAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35852.69     | 0.01%             | 2034-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project                                | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1133666.21   | 0.21%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Licking Heights Local School District                                                     | Licking Heights Local School District, School Facilities Construction and Improvement, Unlimited Tax                                                   | CUSIP: 531677MQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10417.27     | 0.00%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                                    | Lancaster County Hospital Authority, Health Center, Masonic Villages Project                                                                           | CUSIP: 514045Q30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256413.65    | 0.05%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                                      | City of Colorado Springs, Utilities System Improvement                                                                                                 | CUSIP: 196632U35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $335474.86    | 0.06%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                             | New Jersey Turnpike Authority                                                                                                                          | CUSIP: 646140CT8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980433.10    | 0.18%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Pulaski AR                                                                      | County of Pulaski, Arkansas Children's Hospital                                                                                                        | CUSIP: 745392JD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $372679.93    | 0.07%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                        | Montgomery County Housing Opportunities Commission, Single Family Mortgage, Series 2013A                                                               | CUSIP: 6133492F5<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85132.52     | 0.02%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado Department of Transportation                                            | State of Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement                               | CUSIP: 19645TBR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051170.60   | 0.19%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Project No. 2, Series 2021B                                                                         | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1923882.40   | 0.35%             | 2031-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of South Jordan UT Sales Tax Revenue                                                 | City of South Jordan, Sales Tax                                                                                                                        | CUSIP: 83854RDX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27472.14     | 0.01%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix (The)                             | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A         | CUSIP: 71885DCY6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    150000 | PA      | $153065.91    | 0.03%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Green Dot Public School Projects, Series 2018A                                                                    | CUSIP: 13059TFC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154415.63    | 0.03%             | 2025-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                         | Northeast Ohio Medical University                                                                                                                      | CUSIP: 66433RBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $101545.92    | 0.02%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Campbell Union High School District                                                       | County of Santa Clara, Campbell Union High School District                                                                                             | CUSIP: 134159VB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $29680.40     | 0.01%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                                        | State of Louisiana                                                                                                                                     | CUSIP: 546417CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2213924.40   | 0.41%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                     | City of San Antonio, Electric and Gas Systems                                                                                                          | CUSIP: 7962534U3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37115.62     | 0.01%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Henry Mayo Newhall Hospital                                                                                       | CUSIP: 13057EAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009450.30   | 0.19%             | 2047-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                                | Stamford Housing Authority                                                                                                                             | CUSIP: 852640AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001385.30   | 0.18%             | 2027-12-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| University of Arkansas                                                                    | University of Arkansas, Student Fee, UALR Campus                                                                                                       | CUSIP: 914072ZG1<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106245.78    | 0.02%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency, Tax-Exempt Telecommunications                                                                                              | CUSIP: 917467CA8<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    400000 | PA      | $360666.96    | 0.07%             | 2035-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Health Facilities Authority                                             | Miami-Dade County Health Facilities Authority, Variety Children's Hospital                                                                             | CUSIP: 59334NFB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $751226.43    | 0.14%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland TN                                                                      | City of Cleveland, Series 2018B                                                                                                                        | CUSIP: 186523CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $313031.10    | 0.06%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton TN                                                                     | County of Hamilton, Series 2018A                                                                                                                       | CUSIP: 4073246N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27944.83     | 0.01%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                                 | DuBois Hospital Authority, Penn Highlands Healthcare                                                                                                   | CUSIP: 263804BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1031445.36   | 0.19%             | 2048-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project                                                                    | CUSIP: 45506EAC7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    460000 | PA      | $412538.67    | 0.08%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greencastle Community School Building Corp.                                               | Greencastle Community School Building Corp.                                                                                                            | CUSIP: 394082CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26189.05     | 0.00%             | 2031-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                           | Minnesota Higher Education Facilities Authority, Carleton College                                                                                      | CUSIP: 60416H3J1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036865.10   | 0.19%             | 2032-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                      | Massachusetts Housing Finance Agency, Single Family Housing                                                                                            | CUSIP: 57587ABA5<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    135000 | PA      | $135055.58    | 0.02%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, New York University, Series 2019A                                                                                  | CUSIP: 64990GJS2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1953490.20   | 0.36%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, School Districts Financing Program                                                                                 | CUSIP: 64990GBB7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53762.10     | 0.01%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452153DN6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6374373.60   | 1.17%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Marcos TX                                                                     | City of San Marcos                                                                                                                                     | CUSIP: 798765DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27184.92     | 0.00%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue           | Metropolitan Government of Nashville and Davidson County, Water and Sewer                                                                              | CUSIP: 5920982E6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $128093.36    | 0.02%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Midlothian Independent School District                                                    | Midlothian Independent School District, Unlimited Tax                                                                                                  | CUSIP: 5978513U6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25217.52     | 0.00%             | 2037-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Trinity Health Credit Group                                                                                                | CUSIP: 59447THA4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034722.50   | 0.19%             | 2041-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Volusia County Educational Facility Authority                                             | Volusia County Educational Facility Authority, Embry Riddle Aeronautical University, Inc., Project                                                     | CUSIP: 928836NB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $729303.68    | 0.13%             | 2038-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project, Series 2021A                                                       | CUSIP: 04052BPS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $184448.15    | 0.03%             | 2051-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Monroe County School District/FL                                                          | Monroe County School District, Series 2018A                                                                                                            | CUSIP: 61051PBS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108991.31    | 0.02%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester Tobacco Asset Securitization Corp.                                            | Westchester Tobacco Asset Securitization Corp., Tobacco Settlement, Series 2016B                                                                       | CUSIP: 957480BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $134324.00    | 0.02%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                                   | Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group                                                                           | CUSIP: 259230PF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $289822.71    | 0.05%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Wilson TN                                                                       | County of Wilson, Series 2017A                                                                                                                         | CUSIP: 97217PNS4<br>LEI: 549300N6BIU7YJ1ESV95 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25222.23     | 0.00%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                                | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4255000 | PA      | $4137581.57   | 0.76%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                             | Delaware State Economic Development Authority, Newark Charter School, Inc., Project                                                                    | CUSIP: 246387RS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503220.25    | 0.09%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, KU Campus Development Corp. - Central District Development Project                                                           | CUSIP: 74444YAK0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    280000 | PA      | $298344.06    | 0.05%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                                 | City of Salt Lake, International Airport                                                                                                               | CUSIP: 795576GR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $243254.59    | 0.04%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                  | Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project                                                              | CUSIP: 18610PBR8<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $880677.60    | 0.16%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Excelsior Springs MO                                                              | City of Excelsior Springs                                                                                                                              | CUSIP: 300788CP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105147.78    | 0.02%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Project                                                              | CUSIP: 57421CCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1077105.63   | 0.20%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Rapids Charter Township Economic Development Corp.                                  | Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project                                                    | CUSIP: 386211BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1848834.20   | 0.34%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix (The)                             | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A         | CUSIP: 71885DDC3<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201443.36    | 0.04%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                          | Ohio Water Development Authority                                                                                                                       | CUSIP: 67765QME3<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |    600000 | PA      | $691941.54    | 0.13%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Aliante and Skye Canyon Campus Project                                                                       | CUSIP: 04052BMT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $262022.78    | 0.05%             | 2051-12-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                                 | Commonwealth of Massachusetts Transportation Fund, Rail Enhancement and Accelerated Bridge Programs                                                    | CUSIP: 57604TEU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2465804.48   | 0.45%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                       | Georgia Housing and Finance Authority, Single Family Mortgage                                                                                          | CUSIP: 373539L52<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30036.51     | 0.01%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects, Series 2019A                                  | CUSIP: 60635H2S7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971124.50    | 0.18%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hartnell Community College District                                                       | Hartnell Community College District, Election of 2016                                                                                                  | CUSIP: 417123GG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $436359.53    | 0.08%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Traverse County Hospital Finance Authority                                          | Grand Traverse County Hospital Finance Authority, Munson Healthcare Obligated Group                                                                    | CUSIP: 386523JF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27468.65     | 0.01%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609K62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508795.30    | 0.09%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                       | State of California, Various Purpose                                                                                                                   | CUSIP: 13063DBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1131199.28   | 0.21%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mount San Antonio Community College District                                              | Mount San Antonio Community College District, Election of 2008                                                                                         | CUSIP: 623040FW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7150000 | PA      | $6445439.72   | 1.18%             | 2043-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Florida Governmental Utility Authority                                                    | Florida Governmental Utility Authority, North Fort Myers Utility System                                                                                | CUSIP: 34281PUU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $411714.96    | 0.08%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2020                                                         | CUSIP: 64971XLC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55257.57     | 0.01%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, University of Dayton 2018 Project                                                                         | CUSIP: 67756DQR0<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |     75000 | PA      | $80403.70     | 0.01%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                             | Delaware State Economic Development Authority, Newark Charter School, Inc., Project                                                                    | CUSIP: 246387RR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512713.95    | 0.09%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                            | South Carolina Ports Authority                                                                                                                         | CUSIP: 837123GK8<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1036565.22   | 0.19%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kendall & Kane Counties Community Unit School District No. 115                            | Kendall and Kane Counties Community Unit School District No. 115                                                                                       | CUSIP: 488575LP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67060.42     | 0.01%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine State Housing Authority                                                             | Maine State Housing Authority, Mortgage Purchase                                                                                                       | CUSIP: 56052FEA9<br>LEI: 549300SO05LH6D240016 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95171.76     | 0.02%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                                       | State of New Jersey, COVID-19 Emergency Bonds                                                                                                          | CUSIP: 646039YQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3177393.00   | 0.58%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Union OH                                                                        | County of Union, Memorial Hospital                                                                                                                     | CUSIP: 906412RS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1823408.05   | 0.33%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                         | Salem Hospital Facility Authority, Capital Manor Project                                                                                               | CUSIP: 794458GK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $383153.80    | 0.07%             | 2047-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Rapids Public Schools                                                               | Grand Rapids Public Schools, Unlimited Tax                                                                                                             | CUSIP: 386280RW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068122.80   | 0.20%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Roseman University of Health Sciences Project                                                                                | CUSIP: 74442PVU6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $78743.59     | 0.01%             | 2042-04-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Greenway Independent School District No. 316                                              | Greenway Independent School District No. 316, Capital Appreciation                                                                                     | CUSIP: 39678LGM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $413907.23    | 0.08%             | 2031-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of San Marcos TX                                                                     | City of San Marcos                                                                                                                                     | CUSIP: 798765ED1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401418.44    | 0.07%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                                   | Douglas County Hospital Authority No. 2, Health Facilities, Nebraska Medicine                                                                          | CUSIP: 259230MN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10655.93     | 0.00%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Lawrence Technological University                                                                                          | CUSIP: 594479HP5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    375000 | PA      | $311623.84    | 0.06%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Project                                                              | CUSIP: 57421CCK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $418522.50    | 0.08%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                                   | Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program, Series 2106B                                  | CUSIP: 60637BMC1<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    155000 | PA      | $153994.41    | 0.03%             | 2041-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Dedicated Tax Fund                                                                                              | CUSIP: 59259N4C4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26833.76     | 0.00%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Barnard College                                                                                                    | CUSIP: 64990GYY2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $895690.50    | 0.16%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                               | CUSIP: 34061UKK3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1319548.80   | 0.24%             | 2042-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Oak Ridge TN                                                                      | City of Oak Ridge                                                                                                                                      | CUSIP: 671783UR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $757011.08    | 0.14%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                          | City of Tampa, H. Lee Moffitt Cancer Center Project                                                                                                    | CUSIP: 875161DD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2790000 | PA      | $2818866.74   | 0.52%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects                                                         | CUSIP: 34061UJT6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    325000 | PA      | $308448.24    | 0.06%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Blue Ridge Healthcare Facilities                                                                                             | CUSIP: 74444KBK9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $704545.80    | 0.13%             | 2050-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Renown Regional Medical Center Project                                                                                       | CUSIP: 74442CBQ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    105000 | PA      | $104788.80    | 0.02%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                                        | Port of Seattle, Intermediate Lien                                                                                                                     | CUSIP: 735389W20<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1048470.84   | 0.19%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                             | Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group                                                 | CUSIP: 246371AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964760.70    | 0.18%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mission TX                                                                        | City of Mission, Combination Tax, Certificates of Obligation                                                                                           | CUSIP: 605128UF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $625343.09    | 0.11%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                     | New Mexico Mortgage Finance Authority, Single Family Mortgage Program, Class I                                                                         | CUSIP: 6472006Y5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $303429.43    | 0.06%             | 2048-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Public Power Generation Agency                                                            | Public Power Generation Agency, Whelan Energy Center Unit 2                                                                                            | CUSIP: 744434EG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26215.57     | 0.00%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019                                                                      | CUSIP: 64972GTE4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32553.05     | 0.01%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                  | West Virginia Hospital Finance Authority, United Health System, Series A                                                                               | CUSIP: 956622N91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $862623.60    | 0.16%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Du Page IL                                                                      | County of Du Page, The Morton Abroretum Project                                                                                                        | CUSIP: 262668AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3335000 | PA      | $2506170.79   | 0.46%             | 2047-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Emerson College                                                                                              | CUSIP: 57584YFF1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    825000 | PA      | $851409.32    | 0.16%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                            | Texas Public Finance Authority                                                                                                                         | CUSIP: 882669BK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1277777.59   | 0.23%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group                                                 | CUSIP: 69650MAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $340848.32    | 0.06%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Dedicated Tax Fund                                                                                              | CUSIP: 59259N8D8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     95000 | PA      | $101157.56    | 0.02%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                          | Ohio Water Development Authority                                                                                                                       | CUSIP: 67765QMH6<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1418965.63   | 0.26%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA                                                                       | City of Richmond, Public Improvement, Series 2018A                                                                                                     | CUSIP: 76541VTT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5568.85      | 0.00%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority Future Tax Secured, Tax Exempt, Fiscal Year 2022                                                          | CUSIP: 64971XDQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5310406.00   | 0.97%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Suffolk County Economic Development Corp.                                                 | Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project                                                                  | CUSIP: 86476RDN1<br>LEI: 5493003FN78GO4R0BJ89 | Long             | DBT              | MUN               | US        |    750000 | PA      | $593638.58    | 0.11%             | 2054-11-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Butler County Port Authority                                                              | Butler County Port Authority, Community First Solutions                                                                                                | CUSIP: 12355RAP1<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    250000 | PA      | $234832.10    | 0.04%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                              | Northampton County General Purpose Authority, Moravian College Project                                                                                 | CUSIP: 66353LCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $140129.43    | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series 2018A                                                     | CUSIP: 613603YW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3740000 | PA      | $3475016.14   | 0.64%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Sarasota FL Utility System Revenue                                              | County of Sarasota, Utility System, Series 2016A                                                                                                       | CUSIP: 803321NU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65152.26     | 0.01%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152MN8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25004.10     | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Glynn-Brunswick Memorial Hospital Authority                                               | Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project                                                                   | CUSIP: 380037HC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $917705.70    | 0.17%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2018                                                         | CUSIP: 64971XDN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26716.52     | 0.00%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                          | Ohio Water Development Authority                                                                                                                       | CUSIP: 67765QMG8<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |    560000 | PA      | $639144.58    | 0.12%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland TN                                                                      | City of Cleveland, Series 2018B                                                                                                                        | CUSIP: 186523CU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $267433.62    | 0.05%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                                 | CUSIP: 45471ATA0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1055252.59   | 0.19%             | 2043-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pittsburgh PA                                                                     | City of Pittsburgh                                                                                                                                     | CUSIP: 725209LK4<br>LEI: 549300EZQQVTL1QEIU17 | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1203639.48   | 0.22%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                    | Maine Health and Higher Educational Facilities Authority, MaineHealth                                                                                  | CUSIP: 56042RYH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2075542.28   | 0.38%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                         | State of Colorado, Series 2018A                                                                                                                        | CUSIP: 196711QK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21984.07     | 0.00%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Suffolk County Economic Development Corp.                                                 | Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project                                                                  | CUSIP: 86476RDM3<br>LEI: 5493003FN78GO4R0BJ89 | Long             | DBT              | MUN               | US        |    850000 | PA      | $691898.39    | 0.13%             | 2041-11-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2018B                                                                          | CUSIP: 89602REN1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     75000 | PA      | $87829.37     | 0.02%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152E23<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     15000 | PA      | $14417.20     | 0.00%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sterling IL                                                                       | City of Sterling                                                                                                                                       | CUSIP: 859332HS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $570939.70    | 0.10%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Seattle Cancer Care Alliance                                                                              | CUSIP: 93978HYF6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1063106.49   | 0.19%             | 2048-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, St. Luke's Health System, Inc.                                                   | CUSIP: 60637AKQ4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53116.39     | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Seattle Cancer Care Alliance                                                                              | CUSIP: 93978HXW0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    250000 | PA      | $271775.65    | 0.05%             | 2029-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Henderson KY                                                                      | City of Henderson                                                                                                                                      | CUSIP: 425099AA6<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    560000 | PA      | $508275.66    | 0.09%             | 2042-01-01      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, Single Family Mortgage-Backed Securities Program, Series 2016D                                                                 | CUSIP: 462467RY9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    215000 | PA      | $213659.56    | 0.04%             | 2046-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Green Dot Public School Projects, Series 2018A                                                                    | CUSIP: 13059TFB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $162917.60    | 0.03%             | 2024-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| West Cornwall Township Municipal Authority                                                | West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project                                                                 | CUSIP: 95235TAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $716517.83    | 0.13%             | 2038-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC                                                                          | CUSIP: 04052FDS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $729836.24    | 0.13%             | 2052-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels                                                                                        | CUSIP: 89602RDX0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    105000 | PA      | $110203.30    | 0.02%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                            | Buckeye Tobacco Settlement Financing Authority, Class 1                                                                                                | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3210000 | PA      | $2792634.20   | 0.51%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Memorial Health System                                                                                                     | CUSIP: 45204ET81<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    380000 | PA      | $399558.75    | 0.07%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Miami Beach FL Stormwater Revenue                                                 | City of Miami Beach, Stormwater                                                                                                                        | CUSIP: 59324PDC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24329.57     | 0.00%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority                                                                                                                     | CUSIP: 64990GYC0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2266873.25   | 0.42%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Renown Regional Medical Center Project                                                                                       | CUSIP: 74442CCS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    230000 | PA      | $246381.70    | 0.05%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                           | Chester County Industrial Development Authority, Longwood Gardens Project                                                                              | CUSIP: 165588EN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3345000 | PA      | $3100518.97   | 0.57%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Clean Water Initiative Revolving Fund                                                                                      | CUSIP: 45204EY77<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    105000 | PA      | $114181.57    | 0.02%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 416 White River                                         | Pierce County School District No. 416 White River, Unlimited Tax                                                                                       | CUSIP: 720628KR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10393.27     | 0.00%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational and Housing Facility Board, East Tennessee Children's Hospital                                                          | CUSIP: 499527DC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $98836.22     | 0.02%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Power Generation Agency                                                            | Public Power Generation Agency, Whelan Energy Center Unit 2, Series 2015A                                                                              | CUSIP: 744434DJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103632.38    | 0.02%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                          | Ohio Water Development Authority                                                                                                                       | CUSIP: 67765QMK9<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126248.50   | 0.21%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ashland KY                                                                        | City of Ashland, Kings Daughters Medical Center, Series 2016A                                                                                          | CUSIP: 044293BE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1623815.55   | 0.30%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                                     | Utility Debt Securitization Authority                                                                                                                  | CUSIP: 91802RAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4336953.30   | 0.80%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., The Bethel Methodist Home D/B/A, The Knolls Project                                                        | CUSIP: 95737TEN2<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $870359.05    | 0.16%             | 2055-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                                      | City of Rochester, Health Care Facilities, Mayo Clinic                                                                                                 | CUSIP: 771902HE6<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |     30000 | PA      | $35378.31     | 0.01%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                                | South Dakota Housing Development Authority, Homeownership Mortgage, Series 2015D                                                                       | CUSIP: 83756CLL7<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170142.97    | 0.03%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                             | Central Plains Energy Project, Gas Project No. 3, Series 2017A                                                                                         | CUSIP: 154871CP0<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    750000 | PA      | $775825.20    | 0.14%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                          | Minnesota Housing Finance Agency, Residential Housing Finance                                                                                          | CUSIP: 60416SUC2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155127.46    | 0.03%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St George UT                                                                      | City of St George                                                                                                                                      | CUSIP: 789557CT0<br>LEI: 5493000P9OIY2JDS4K57 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36642.31     | 0.01%             | 2028-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bryan TX Electric System Revenue                                                  | City of Bryan, Electric System                                                                                                                         | CUSIP: 117569JC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51393.36     | 0.01%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                        | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979690.50    | 0.18%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                              | Mississippi Development Bank, Community College Improvement Project                                                                                    | CUSIP: 60534W5K0<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2161232.10   | 0.40%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Beloit Health System, Inc.                                                                      | CUSIP: 97712DRD0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     15000 | PA      | $13589.75     | 0.00%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Oak Ridge TN                                                                      | City of Oak Ridge                                                                                                                                      | CUSIP: 671783UP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $704225.57    | 0.13%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series A                                                                | CUSIP: 6461363Q2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3149888.70   | 0.58%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                    | Clifton Higher Education Finance Corp., Idea Public Schools, Series 2016B                                                                              | CUSIP: 187145GB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $479602.90    | 0.09%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL                                                                       | City of Lakeland, Capital Improvement, Series 2021A                                                                                                    | CUSIP: 511662CY2<br>LEI: XRPK4ZALF4437WO3JQ94 | Long             | DBT              | MUN               | US        |    275000 | PA      | $311605.11    | 0.06%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fontana Redevelopment Agency Successor Agency                                             | Fontana Redevelopment Agency, Successor Agency, Tax Allocation                                                                                         | CUSIP: 34461CAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53169.13     | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hidalgo TX                                                                      | County of Hidalgo                                                                                                                                      | CUSIP: 429326YN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10756.07     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                     | CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio, Series 2021A-1                                                           | CUSIP: 126292AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $276306.46    | 0.05%             | 2046-12-01      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| Aurora Independent School District No. 2711                                               | Aurora Independent School District No. 2711, School Building, Capital Appreciation, Series 2017B                                                       | CUSIP: 051820FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $136600.88    | 0.03%             | 2026-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                         | Northeast Ohio Medical University                                                                                                                      | CUSIP: 66433RBD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $194378.28    | 0.04%             | 2040-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Dixon Unified School District                                                             | Dixon Unified School District                                                                                                                          | CUSIP: 255654DY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10975.90     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020                                                                      | CUSIP: 64972GUE2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     55000 | PA      | $59392.14     | 0.01%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                                 | Central Texas Regional Mobility Authority, Senior Lien                                                                                                 | CUSIP: 155498MZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11004.07     | 0.00%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland TN                                                                      | City of Cleveland, Series 2018B                                                                                                                        | CUSIP: 186523DF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $398098.62    | 0.07%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Social Bonds-Learn Chapter School Project                                                                                  | CUSIP: 45204FLG8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $418638.65    | 0.08%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The), Subordinate Airport                                                                                    | CUSIP: 592190NK4<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   3690000 | PA      | $3860342.21   | 0.71%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                          | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9950000 | PA      | $9973152.66   | 1.83%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp./NY                                             | Monroe County Industrial Development Corp., University of Rochester Project, Series 2017C                                                              | CUSIP: 61075TSE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61194.08     | 0.01%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project, Series 2021B      | CUSIP: 592029AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1595538.20   | 0.29%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Henry Mayo Newhall Hospital                                                                                       | CUSIP: 13057EAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511208.00    | 0.09%             | 2037-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022                                                                     | CUSIP: 64971XF78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $469961.88    | 0.09%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Board of Regents Housing & Auxiliary Facilities System                       | South Dakota Board of Regents Housing and Auxiliary Facilities System                                                                                  | CUSIP: 837542JW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65761.54     | 0.01%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                              | South Carolina State Housing Finance and Development Authority, Series 2017A                                                                           | CUSIP: 83712DXJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130109.33    | 0.02%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                              | State of Oregon, Department of Transportation Highway User Subordinate Lien, Tax-Exempt                                                                | CUSIP: 68607DUN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37968.99     | 0.01%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2369261.20   | 0.43%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority                                                                                                                             | CUSIP: 59447TUJ0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4890000 | PA      | $4354907.84   | 0.80%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Mifflin School District                                                              | West Mifflin School District, Limited Tax                                                                                                              | CUSIP: 954498TR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1148762.30   | 0.21%             | 2038-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority                                                                                                         | CUSIP: 6461365K3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1447659.90   | 0.27%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                                   | Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program, Series 2015B-2                                | CUSIP: 60637BHH6<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165137.48    | 0.03%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Butler University Project                                                                                                   | CUSIP: 45506D3L7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     25000 | PA      | $23466.95     | 0.00%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Wyoming                                                                     | University of Wyoming                                                                                                                                  | CUSIP: 915268G91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $585905.82    | 0.11%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority                                                                   | Georgia Ports Authority                                                                                                                                | CUSIP: 373586HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $755477.12    | 0.14%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                        | Rhode Island Health and Educational Building Corp., Public School Financing Program                                                                    | CUSIP: 762196RY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27891.93     | 0.01%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                          | City of Tampa, The University of Tampa Project                                                                                                         | CUSIP: 875231LV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1776612.20   | 0.33%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                               | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project                                                     | CUSIP: 82170KAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $873156.40    | 0.16%             | 2054-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California State University                                                               | California State University, Systemwide                                                                                                                | CUSIP: 13077DGY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33254.83     | 0.01%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                            | Buckeye Tobacco Settlement Financing Authority                                                                                                         | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3023548.11   | 0.55%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Ottawa Public Schools                                                                | West Ottawa Public Schools, School Building and Site, Unlimited Tax                                                                                    | CUSIP: 955023RL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25487.80     | 0.00%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                     | CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim                                                                             | CUSIP: 126292AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1141909.05   | 0.21%             | 2056-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Louisiana Children's Medical Center Project, Series 2015A1                                                      | CUSIP: 546395S47<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25648.70     | 0.00%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Municipal Water Finance Authority Fiscal Year 2022                                                                                       | CUSIP: 64972GZP2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    180000 | PA      | $174284.84    | 0.03%             | 2045-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Lincoln Preparatory School Project                                                                              | CUSIP: 546399KX3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $948521.27    | 0.17%             | 2051-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Kipp DC Project                                                                                                                  | CUSIP: 25483VWB6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1785115.06   | 0.33%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Suffolk NY                                                                      | County of Suffolk, Public Improvement                                                                                                                  | CUSIP: 86476PH43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037535.50   | 0.19%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Children's Hospital of Wisconsin, Inc.                                                          | CUSIP: 97712DE77<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4555116.96   | 0.84%             | 2047-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland TN                                                                      | City of Cleveland, Series 2018B                                                                                                                        | CUSIP: 186523CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $322008.59    | 0.06%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana State University                                                                  | Indiana State University                                                                                                                               | CUSIP: 455114QJ0<br>LEI: 5493004D3AY6L1VGGU46 | Long             | DBT              | MUN               | US        |     30000 | PA      | $33265.56     | 0.01%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of New Canaan CT                                                                     | Town of New Canaan                                                                                                                                     | CUSIP: 643136S39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40981.12     | 0.01%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                                          | Vermont Student Assistance Corp., Education Loan, Series 2018A                                                                                         | CUSIP: 92428CLP7<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |     75000 | PA      | $74459.69     | 0.01%             | 2032-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group                                                             | CUSIP: 97712DM60<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     55000 | PA      | $59304.44     | 0.01%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois, Series 2021A                                                                                                                        | CUSIP: 452153AQ2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3366040.93   | 0.62%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                               | George L Smith II Congress Center Authority, Convention Center Hotel First                                                                             | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $405009.05    | 0.07%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Swarthmore Borough Authority                                                              | Swarthmore Borough Authority, Swarthmore College                                                                                                       | CUSIP: 870000LV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15045.02     | 0.00%             | 2041-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Will County Forest Preserve District                                                      | Will County Forest Preserve District                                                                                                                   | CUSIP: 968661HD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36648.28     | 0.01%             | 2024-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement                                                                          | CUSIP: 6461362F7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    115000 | PA      | $116766.94    | 0.02%             | 2031-06-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Gallatin County School District No. 72 Ophir                                              | Gallatin County School District No. 72 Ophir, Big Sky                                                                                                  | CUSIP: 363674BF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104474.05    | 0.02%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                      | Massachusetts Housing Finance Agency, Single Family Housing                                                                                            | CUSIP: 57587AHY7<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    155000 | PA      | $154786.97    | 0.03%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Seattle Cancer Care Alliance                                                                              | CUSIP: 93978HYD1<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    860000 | PA      | $822674.62    | 0.15%             | 2040-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Springpoint Senior Living Project                                                                            | CUSIP: 63608SAL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $845800.40    | 0.16%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                                        | Pittsburgh Water and Sewer Authority                                                                                                                   | CUSIP: 725304VD8<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1161927.10   | 0.21%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Green Dot Public School Projects, Series 2018A                                                                    | CUSIP: 13059TFE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156451.32    | 0.03%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| St. Tammany Parish Hospital Service District No. 1                                        | St. Tammany Parish Hospital Service District No. 1, St. Tammany Parish Hospital Project                                                                | CUSIP: 793556CL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $47878.56     | 0.01%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of New Castle DE                                                                   | County of New Castle                                                                                                                                   | CUSIP: 64327TFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27423.70     | 0.01%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Leesburg FL Electric System Revenue                                               | City of Leesburg, Electric System                                                                                                                      | CUSIP: 52435PBN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16100.46     | 0.00%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                                  | Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project                                                                          | CUSIP: 592248GM4<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $2147832.00   | 0.39%             | 2040-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Georgetown University Issue                                                                                                      | CUSIP: 25484JCW8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15948.96     | 0.00%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                         | New York City Transitional Finance Authority Building Aid, Fiscal Year 2016                                                                            | CUSIP: 64972HXY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $404358.15    | 0.07%             | 2040-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                 | Harris County Cultural Education Facilities Finance Corp., Baylor College of Medicine Project                                                          | CUSIP: 414008BW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25486.18     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso County Hospital District                                                          | El Paso County Hospital District                                                                                                                       | CUSIP: 283590GZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10141.56     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152JP7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     45000 | PA      | $44165.08     | 0.01%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center                                                                    | CUSIP: 87638QJX8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2347853.11   | 0.43%             | 2043-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alta Loma School District                                                                 | Alta Loma School District, Election of 2016, Series 2017A                                                                                              | CUSIP: 021321JU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $65919.33     | 0.01%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152D40<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25851.34     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Gulf Coast University Financing Corp.                                             | Florida Gulf Coast University Financing Corp., Housing Project                                                                                         | CUSIP: 34073XJK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $507761.49    | 0.09%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aurora Independent School District No. 2711                                               | Aurora Independent School District No. 2711, School Building, Capital Appreciation, Series 2017B                                                       | CUSIP: 051820FG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $681963.83    | 0.13%             | 2030-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL                                                                       | City of Lakeland, Capital Improvement, Series 2021A                                                                                                    | CUSIP: 511662CZ9<br>LEI: XRPK4ZALF4437WO3JQ94 | Long             | DBT              | MUN               | US        |    290000 | PA      | $329084.29    | 0.06%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                                | City of Los Angeles Department of Airports, International Airport Subordinate                                                                          | CUSIP: 544445MW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $167804.92    | 0.03%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 433                                          | Harris County Municipal Utility District No. 433, Unlimited Tax                                                                                        | CUSIP: 41422SJQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77396.40     | 0.01%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                               | California State University, Systemwide                                                                                                                | CUSIP: 13077C4C5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26016.57     | 0.00%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990AGJ8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106440.38    | 0.02%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Seattle Cancer Care Alliance                                                                              | CUSIP: 93978HXV2<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27029.22     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Provo UT                                                                          | City of Provo                                                                                                                                          | CUSIP: 744142HE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11055.29     | 0.00%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware City School District                                                             | Delaware City School District, School Facilities Construction and Improvement, Unlimited Tax                                                           | CUSIP: 246199KG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160988.90    | 0.03%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Stratford CT                                                                      | Town of Stratford                                                                                                                                      | CUSIP: 862812AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $269095.31    | 0.05%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                         | County of Cook, Series 2021A                                                                                                                           | CUSIP: 213185LV1<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |     35000 | PA      | $38493.84     | 0.01%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Cornwall Township Municipal Authority                                                | West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project                                                                 | CUSIP: 95235TAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $939481.20    | 0.17%             | 2028-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 4521526K2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2182501.60   | 0.40%             | 2030-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Plano TX                                                                          | City of Plano                                                                                                                                          | CUSIP: 727177TY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47083.79     | 0.01%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lafourche Parish School Board                                                             | Lafourche Parish School Board, Parish Wide                                                                                                             | CUSIP: 507012YE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $131254.29    | 0.02%             | 2033-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission, Series 2016A                                                                                                         | CUSIP: 709224SN0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10202.07     | 0.00%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Arlington Heights IL                                                           | Village of Arlington Heights                                                                                                                           | CUSIP: 041447D34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $131485.54    | 0.02%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                        | New York Liberty Development Corp., Secured by Port Authority                                                                                          | CUSIP: 649519ER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1382492.44   | 0.25%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                                                         | CUSIP: 592190LU4<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20775.29     | 0.00%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                     | City of San Antonio, Electric and Gas Systems                                                                                                          | CUSIP: 7962535Q1<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    230000 | PA      | $246344.31    | 0.05%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery Water Works & Sanitary Sewer Board                                             | Montgomery Water Works and Sanitary Sewer Board                                                                                                        | CUSIP: 613105KP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $743797.80    | 0.14%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Downtown Development Authority of The City of Dalton                                      | Dalton Development Authority of The City of Dalton, Hamilton Health Care System                                                                        | CUSIP: 235550DV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1582018.89   | 0.29%             | 2026-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Airport System, United Airlines, Inc., Terminal E Project                                                                             | CUSIP: 4423487H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2504032.00   | 0.46%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Health Facilities Authority                                                | Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series 2017A                                                             | CUSIP: 246388SR4<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1214207.11   | 0.22%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                                | Pennsylvania Turnpike Commission Oil Franchise Tax                                                                                                     | CUSIP: 709221WU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9554189.00   | 1.75%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hidalgo TX                                                                      | County of Hidalgo                                                                                                                                      | CUSIP: 429326E64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40179.91     | 0.01%             | 2038-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stafford Municipal School District                                                        | Stafford Municipal School District, School Building, Unlimited Tax                                                                                     | CUSIP: 852519JY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $39231.49     | 0.01%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach, John Knox Village of Florida, Inc.                                                                                              | CUSIP: 732203BJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $2537896.68   | 0.47%             | 2056-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152E56<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     25000 | PA      | $23387.80     | 0.00%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational & Cultural Facilities Authority, James Irwin Educational Foundation                                                               | CUSIP: 19645UNR1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1734042.98   | 0.32%             | 2057-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                             | Central Plains Energy Project                                                                                                                          | CUSIP: 154871CL9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569268.80   | 0.29%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                              | Northern Illinois University, Board of Trustees, Auxiliary Facilities System                                                                           | CUSIP: 665245ZN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $255516.86    | 0.05%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                                    | Permanent University Fund - University of Texas System, Series 2016A                                                                                   | CUSIP: 9151156Z7<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |    210000 | PA      | $221510.98    | 0.04%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                         | Michigan State Building Authority, Facilities Program                                                                                                  | CUSIP: 594615BQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120155.47    | 0.02%             | 2040-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc.                                                                     | CUSIP: 20775DER9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53479.15     | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority Aviation                                                                                                    | CUSIP: 592647CX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52463.76     | 0.01%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152E64<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     45000 | PA      | $41706.46     | 0.01%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Sutter Health, Series 2016A                                                                          | CUSIP: 13032UCL0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267376.18    | 0.05%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority, Transportation System                                                                                  | CUSIP: 646136WH0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10355000 | PA      | $5269086.87   | 0.97%             | 2036-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                         | State of Colorado                                                                                                                                      | CUSIP: 196711SE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31036.02     | 0.01%             | 2034-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                                        | Denver Health and Hospital Authority                                                                                                                   | CUSIP: 24918EDA5<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005880.20   | 0.18%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Gas Project No. 8, Series 2022A                                                                                        | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | STIV             | MUN               | US        |   1300000 | PA      | $1244358.31   | 0.23%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Laredo TX                                                                         | City of Laredo                                                                                                                                         | CUSIP: 516824GK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43837.42     | 0.01%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Community Health System                                                                                        | CUSIP: 13048VZJ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    365000 | PA      | $325817.43    | 0.06%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 709225DT0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1990563.20   | 0.36%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                       | Pennsylvania Housing Finance Agency, Single Family Mortgage                                                                                            | CUSIP: 7087964R5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200168.46    | 0.04%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                                          | Vermont Student Assistance Corp., Education Loan, Series 2018A                                                                                         | CUSIP: 92428CLR3<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |     80000 | PA      | $79341.88     | 0.01%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                          | North Carolina Capital Facilities Finance Agency, Meredith College                                                                                     | CUSIP: 65818PME6<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    400000 | PA      | $420174.44    | 0.08%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452151YE7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21759.11     | 0.00%             | 2030-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                                    | Lancaster County Hospital Authority, Health Center, Masonic Villages Project                                                                           | CUSIP: 514045Q22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $523923.26    | 0.10%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sparkill-Palisades Fire District                                                          | Town of Orangetown, Rockland County, Sparkill-Palisades Fire District                                                                                  | CUSIP: 84652EAY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $198292.67    | 0.04%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, State House Project, Series 2017B                                                                           | CUSIP: 64578EME4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2801819.16   | 0.51%             | 2039-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152P88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    325000 | PA      | $333552.96    | 0.06%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tooele County Municipal Building Authority                                                | Tooele County Municipal Building Authority, Cross-Over Lease                                                                                           | CUSIP: 890342BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24618.58     | 0.00%             | 2042-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017                                                                     | CUSIP: 64971W7C8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $360875.96    | 0.07%             | 2044-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Westwood MA                                                                       | Town of Westwood, Unlimited Tax                                                                                                                        | CUSIP: 961777K32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1190291.75   | 0.22%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                                   | County of Miami-Dade, Subordinate Special Obligation                                                                                                   | CUSIP: 59333NYW7<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    105000 | PA      | $101356.53    | 0.02%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                      | Chicago O'Hare International Airport, General Airport, Senior Lien                                                                                     | CUSIP: 167593VG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $109828.93    | 0.02%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Crossing Metropolitan District No. 2                                             | Colorado Crossing Metropolitan District No. 2, Limited Tax                                                                                             | CUSIP: 19645YAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1685751.60   | 0.31%             | 2050-12-01      | 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 System, Series 2018A                                                  | CUSIP: 60637AMP4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2042303.11   | 0.37%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Winnebago & Boone Counties School District No. 205 Rockford                               | Winnebago and Boone Counties School District No. 205 Rockford, Series B                                                                                | CUSIP: 974535LW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35135.39     | 0.01%             | 2033-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                              | Northampton County General Purpose Authority, Moravian College Project                                                                                 | CUSIP: 66353LCY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101801.38    | 0.02%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State University Dormitory Facilities, Series 2015B                                                                | CUSIP: 64990BUN1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15826.05     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, National Public Radio, Inc.                                                                                                      | CUSIP: 25483VRC0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25791.79     | 0.00%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                           | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp.                                                               | CUSIP: 13016NHL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $117224.98    | 0.02%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority                                                                                                            | CUSIP: 93978HYE9<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    880000 | PA      | $797460.58    | 0.15%             | 2045-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority, Senior Lien                                                                                               | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1528998.40   | 0.28%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities                                                         | CUSIP: 97712D7S9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1111448.93   | 0.20%             | 2046-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District (The)                                               | Southeast Alabama Gas Supply District (The), Project No. 1, Series 2018A                                                                               | CUSIP: 84131TAF9<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    300000 | PA      | $299638.74    | 0.05%             | 2049-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Grand Concourse Academy Charter School                                                                                       | CUSIP: 12008ESZ0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    350000 | PA      | $348084.80    | 0.06%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority                                                                                            | CUSIP: 5742182P7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5138474.50   | 0.94%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Parkview Health System, Inc., Series 2018A                                                                                  | CUSIP: 45471ARM6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     50000 | PA      | $46442.14     | 0.01%             | 2048-11-01      | Fixed         | 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        |       -66 | NC      | $-80576.10    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Commonwealth of Massachusetts                                                             | Commonwealth of Massachusetts, Consolidated Loan of 2016                                                                                               | CUSIP: 57582RME3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3690000 | PA      | $3716790.14   | 0.68%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                             | North Texas Tollway Authority, Second Tier                                                                                                             | CUSIP: 66285WXY7<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    200000 | PA      | $199118.82    | 0.04%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Calallen Independent School District                                                      | Calallen Independent School District, School Building                                                                                                  | CUSIP: 128109RV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10863.96     | 0.00%             | 2028-02-15      | 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        |  14289010 | NS      | $14296154.34  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Phoenix Children's Hospital                                                                                  | CUSIP: 04052EAX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $762899.50    | 0.14%             | 2045-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                          | Onondaga Civic Development Corp., Le Moyne College Project                                                                                             | CUSIP: 682832EG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26275.30     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Rocketship Obligated Group                                                                                                       | CUSIP: 25483VYB4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $912505.80    | 0.17%             | 2051-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., The Mayflower Retirement Community Project, Series 2021A                                                            | CUSIP: 34061WBL7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1013893.06   | 0.19%             | 2041-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| State of North Carolina                                                                   | State of North Carolina                                                                                                                                | CUSIP: 658268ED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3354648.30   | 0.62%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 6500358B7<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3718134.70   | 0.68%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project                            | CUSIP: 594698RS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924417.10    | 0.17%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                    | University of Arkansas, Various Facility Fayetteville Campus, Series 2016A                                                                             | CUSIP: 914072D26<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    185000 | PA      | $194637.02    | 0.04%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Presence Health Network                                                                                                    | CUSIP: 45204E6H6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    930000 | PA      | $891279.36    | 0.16%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, St. Luke's Health System, Inc.                                                   | CUSIP: 60637AQC9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    260000 | PA      | $279495.84    | 0.05%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                             | Delaware State Economic Development Authority, Newark Charter School, Inc., Project                                                                    | CUSIP: 246372AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511893.50   | 0.28%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                           | Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Series 2018A                                                | CUSIP: 01728A3Z7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1817926.40   | 0.33%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                           | County of King, Sewer                                                                                                                                  | CUSIP: 495290AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11108.69     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Dumont NJ                                                                      | Borough of Dumont, County of Bergen                                                                                                                    | CUSIP: 264759KT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $506410.06    | 0.09%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe County School District/FL                                                          | Monroe County School District                                                                                                                          | CUSIP: 61051PBQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $164076.17    | 0.03%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentwood Economic Development Corp.                                                       | Kentwood Economic Development Corp., Holland Home Obligated Group                                                                                      | CUSIP: 491740EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $296777.44    | 0.05%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Woodbury MN                                                                       | City of Woodbury, Charter School Lease                                                                                                                 | CUSIP: 979134AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $208114.25    | 0.04%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Pinecrest Academy, Canyon Campus Project                                                                     | CUSIP: 04052BMF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2437527.94   | 0.45%             | 2040-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Green Dot Public School Projects, Series 2018A                                                                    | CUSIP: 13059TFD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155503.25    | 0.03%             | 2026-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Tompkins County Development Corp.                                                         | Tompkins County Development Corp., Tax Exempt Ithaca College Project                                                                                   | CUSIP: 890096CT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $84589.85     | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                                                   | CUSIP: 20772JKV3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45026.78     | 0.01%             | 2027-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York and New Jersey, Consolidated                                                                                                | CUSIP: 73358WSK1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     50000 | PA      | $48660.84     | 0.01%             | 2044-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                                         | State of New York Mortgage Agency, Homeowner Mortgage                                                                                                  | CUSIP: 649883R72<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    150000 | PA      | $148919.70    | 0.03%             | 2044-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project                                                                               | CUSIP: 5463983E6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1068115.97   | 0.20%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Tower Health Project                                                                                           | CUSIP: 084538JC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1669757.40   | 0.31%             | 2040-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Kipp DC Project                                                                                                                  | CUSIP: 25483VTR5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25764.12     | 0.00%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX                                                                        | City of EI Paso, Combination Tax                                                                                                                       | CUSIP: 283734VR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $472130.57    | 0.09%             | 2040-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                   | State of North Carolina                                                                                                                                | CUSIP: 658268EF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4442283.60   | 0.81%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of El Paso CO                                                                      | County of El Paso, The Colorado College Project                                                                                                        | CUSIP: 28337LEE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $112668.96    | 0.02%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                                  | East Bay Municipal Utility District, Water System                                                                                                      | CUSIP: 271014ZV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $544315.76    | 0.10%             | 2033-06-01      | 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: 13080SUG7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1290345.45   | 0.24%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                                 | Florida Department of Management Services                                                                                                              | CUSIP: 34160PES4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1425448.13   | 0.26%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fairview Heights IL                                                               | City of Fairview Park                                                                                                                                  | CUSIP: 305719DP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25550.17     | 0.00%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development, MAST Community Charter School II Project                                                            | CUSIP: 71780CAJ9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    315000 | PA      | $316966.95    | 0.06%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp.                                                   | Dutchess County Local Development Corp., Millbrook School                                                                                              | CUSIP: 267045PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $941207.31    | 0.17%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                                          | Vermont Student Assistance Corp., Education Loan, Series 2018A                                                                                         | CUSIP: 92428CLM4<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |    550000 | PA      | $544821.86    | 0.10%             | 2030-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp.                                                     | Newark Higher Education Finance Corp., Hughen Center Inc., Project                                                                                     | CUSIP: 650346FR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256842.20    | 0.05%             | 2052-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                    | Clifton Higher Education Finance Corp., Idea Public Schools                                                                                            | CUSIP: 187145BZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1273320.13   | 0.23%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UAB Medicine Finance Authority                                                            | UAB Medicine Finance Authority                                                                                                                         | CUSIP: 902562CH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31442.81     | 0.01%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                          | Kentucky Public Energy Authority, Gas Supply, Series 2022A-1                                                                                           | CUSIP: 74440DDS0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3887668.00   | 0.71%             | 2052-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                              | Commonwealth of Pennsylvania, Series 2018A                                                                                                             | CUSIP: 709144PB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1147781.04   | 0.21%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority Aviation                                                                                                    | CUSIP: 592647KK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3094138.78   | 0.57%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Charles IL                                                                     | City of St Charles                                                                                                                                     | CUSIP: 787758ZX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $457572.76    | 0.08%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                      | City of Baltimore, Water Projects                                                                                                                      | CUSIP: 059231R51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $283609.11    | 0.05%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Upper East Fork Wastewater Interceptor System        | North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System                                                                    | CUSIP: 662842MY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10886.66     | 0.00%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                                       | County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group, Series 2016A                                                                 | CUSIP: 93515PCL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $121042.13    | 0.02%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deschutes County Hospital Facilities Authority                                            | Deschutes County Hospital Facilities Authority, St. Charles Health System                                                                              | CUSIP: 250336ET7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $206822.05    | 0.04%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                             | Texas Water Development Board, Water Implementation Fund                                                                                               | CUSIP: 882854Z62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2101181.67   | 0.39%             | 2044-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Enso Village Project, Series 2021A                                                                                | CUSIP: 13057GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $422881.35    | 0.08%             | 2046-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Green Dot Public School Projects, Series 2018A                                                                    | CUSIP: 13059TFF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $199212.00    | 0.04%             | 2028-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project                                            | CUSIP: 87638RKG1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2788614.30   | 0.51%             | 2051-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020                                                                      | CUSIP: 64972GWZ3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2495878.50   | 0.46%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                       | State of Illinois, Sales Tax                                                                                                                           | CUSIP: 452227LV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15622.12     | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                               | New Jersey Educational Facilities Authority, Capital Improvement                                                                                       | CUSIP: 646066F54<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    105000 | PA      | $108293.86    | 0.02%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                                          | Vermont Student Assistance Corp., Education Loan, Series 2018A                                                                                         | CUSIP: 92428CLQ5<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99206.55     | 0.02%             | 2033-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                              | Virginia Resources Authority, Infrastructure Moral Obligation, Pooled Financing Program                                                                | CUSIP: 92818L5L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5009.95      | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority, Marin General Hospital Project                                                                 | CUSIP: 13080STR5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46289.54     | 0.01%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                              | Mississippi Development Bank, Special Obligation, Water and Sewer System Project                                                                       | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026545.90   | 0.19%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Miami University/Oxford OH                                                                | Miami University, General Receipts                                                                                                                     | CUSIP: 593791HN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26706.94     | 0.00%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County School District No. 86 Joliet                                                 | Will County School District No. 86 Joliet, Limited Tax                                                                                                 | CUSIP: 968767MF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $222861.19    | 0.04%             | 2024-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                                       | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series 2016D                                                                       | CUSIP: 658877FQ3<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    220000 | PA      | $218198.16    | 0.04%             | 2046-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 1 Non-Potable Water System Revenue                    | Raindance Metropolitan District No. 1, Non-Potable Water System                                                                                        | CUSIP: 75087GAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $875941.80    | 0.16%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                                    | Los Angeles Unified School District, Election of 2008                                                                                                  | CUSIP: 5446466U1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32479.65     | 0.01%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Irvine CA                                                                         | City of Irvine                                                                                                                                         | CUSIP: 46360RD53<br>LEI: 549300PJ9FL2XGFR8J79 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16221.61     | 0.00%             | 2027-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida State Board of Governors Florida International University Dormitory               | Florida State Board of Governors, Florida International University Dormitory                                                                           | CUSIP: 34114CEC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $68481.10     | 0.01%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Goshen IN                                                                         | City of Goshen, Multi-Family, Green Oaks of Goshen Project, Series 2021A                                                                               | CUSIP: 38327MAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $387125.80    | 0.07%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Public Power Generation Agency                                                            | Public Power Generation Agency, Whelan Energy Center Unit 2                                                                                            | CUSIP: 744434EF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $194631.34    | 0.04%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pike County School District Finance Corp.                                                 | Pike County School District Finance Corp., School Building                                                                                             | CUSIP: 721174M72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20577.78     | 0.00%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greeneville Health & Educational Facilities Board                                         | Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group, Series 2018A                                                       | CUSIP: 396649EW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3718884.00   | 0.68%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aurora Independent School District No. 2711                                               | Aurora Independent School District No. 2711, School Building, Capital Appreciation, Series 2017B                                                       | CUSIP: 051820FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $351429.96    | 0.06%             | 2027-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Whitehall District Schools                                                                | Whitehall District Schools, Unlimited Tax                                                                                                              | CUSIP: 965084LW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27263.74     | 0.00%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Seco | CUSIP: 64986DDW2<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1876445.73   | 0.34%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency, Tax-Exempt Telecommunications                                                                                              | CUSIP: 917467CB6<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    400000 | PA      | $356491.12    | 0.07%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609K54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $358186.85    | 0.07%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lane Community College                                                                    | Lane Community College                                                                                                                                 | CUSIP: 515182EY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203380.86    | 0.04%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                          | Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project                                                                   | CUSIP: 011903GK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1374131.40   | 0.25%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing                                                                  | Montana Board of Housing, Single Family Homeownership                                                                                                  | CUSIP: 61212RX76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19992.63     | 0.00%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue                 | Wisconsin Housing and Economic Development Authority, Home Ownership                                                                                   | CUSIP: 97689QHL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $455361.18    | 0.08%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Clarence NY                                                                       | Town of Clarence                                                                                                                                       | CUSIP: 180306SP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $612129.84    | 0.11%             | 2037-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Medford Hospital Facilities Authority                                                     | Medford Hospital Facilities Authority, Asante Project                                                                                                  | CUSIP: 584283GK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107301.46    | 0.02%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project                                | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1092414.24   | 0.20%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                                   | Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group                                                                           | CUSIP: 259230PE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $557047.35    | 0.10%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2020                                                                                                                     | CUSIP: 64966QKD1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    650000 | PA      | $613360.15    | 0.11%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                                                         | CUSIP: 592190QZ8<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   4165000 | PA      | $4440545.99   | 0.81%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Franklin-Mckinley School District                                                         | Franklin-Mckinley School District, Election of 2020                                                                                                    | CUSIP: 3538562P1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1299991.22   | 0.24%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Vanderbilt University Medical Center                    | CUSIP: 592041WF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103043.94    | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                            | Sales Tax Securitization Corp.                                                                                                                         | CUSIP: 79467BCJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1567899.60   | 0.29%             | 2043-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Las Vegas Convention & Visitors Authority                                                 | Las Vegas Convention and Visitors Authority, Convention Center Expansion                                                                               | CUSIP: 51771FAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2254373.50   | 0.41%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182QX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3465000 | PA      | $3693041.70   | 0.68%             | 2053-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                                | Monroe County Industrial Development Corp., University of Rochester Project                                                                            | CUSIP: 61075TSD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $92451.94     | 0.02%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, On Lok Senior Health Service                                                                         | CUSIP: 13032UYJ1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027171.80   | 0.19%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Sacred Heart University                                                                 | CUSIP: 20775DJT0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2475000 | PA      | $2275588.76   | 0.42%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency, Tax-Exempt Telecommunications                                                                                              | CUSIP: 917467CC4<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $435174.75    | 0.08%             | 2038-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                                     | County of Franklin, Health Care Facilities, Ohio Living Communities                                                                                    | CUSIP: 353180KV3<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   5565000 | PA      | $5512735.75   | 1.01%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                      | Massachusetts Housing Finance Agency, Single Family Housing                                                                                            | CUSIP: 57586P8H2<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25012.41     | 0.00%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Industrial Development Authority                                                | Lancaster Industrial Development Authority, Landis Homes Retirement Community Project                                                                  | CUSIP: 51434NAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $150964.61    | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rockford IL                                                                       | City of Rockford, Waterworks System, Series 2018B                                                                                                      | CUSIP: 77316QB65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105052.67    | 0.02%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Norfolk Economic Development Authority                                                    | Norfolk Economic Development Authority, Sentara Healthcare                                                                                             | CUSIP: 65588TAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4375000 | PA      | $4180208.81   | 0.77%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Harris County Regional Water Authority                                               | West Harris County Regional Water Authority                                                                                                            | CUSIP: 95308RRF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $916849.10    | 0.17%             | 2045-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The), Subordinate Airport                                                                                    | CUSIP: 592190NL2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2077826.80   | 0.38%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                              | Salt River Project Agricultural Improvement & Power District, Electric System, Series A                                                                | CUSIP: 79574CCM3<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |     35000 | PA      | $38896.79     | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund, Holland Home Obligated Group                                                                                                  | CUSIP: 594698RM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $724474.43    | 0.13%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carroll City-County Hospital Authority                                                    | Carroll City-County Hospital Authority                                                                                                                 | CUSIP: 144709LC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1224520.50   | 0.22%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                         | County of Cook                                                                                                                                         | CUSIP: 213185LK5<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |    700000 | PA      | $736778.21    | 0.14%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Athens City School District                                                               | Athens City School District, School Facilities Construction and Improvement                                                                            | CUSIP: 047195JH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $290757.54    | 0.05%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Galveston TX                                                                    | County of Galveston, Unlimited Tax                                                                                                                     | CUSIP: 364195HZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10014.49     | 0.00%             | 2039-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Adams CO                                                                        | County of Adams                                                                                                                                        | CUSIP: 005596EH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2815000 | PA      | $2796907.43   | 0.51%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp./NY                                             | Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project                                                    | CUSIP: 61075YAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $523664.14    | 0.10%             | 2059-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Burke NC                                                                        | County of Burke, Limited Obligation                                                                                                                    | CUSIP: 121358BJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27199.53     | 0.00%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                  | CUSIP: 546399LQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    740000 | PA      | $563408.92    | 0.10%             | 2056-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Seattle Cancer Care Alliance                                                                              | CUSIP: 93978HXJ9<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2266811.25   | 0.42%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                                                         | CUSIP: 592190RA2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $2016274.14   | 0.37%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Governmental Utility Authority                                                    | Florida Governmental Utility Authority, North Fort Myers Utility System                                                                                | CUSIP: 34281PUV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021671.60   | 0.19%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects, Series 2019C                                  | CUSIP: 60635H3D9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    265000 | PA      | $200249.24    | 0.04%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York and New Jersey, Consolidated, Series 93                                                                                     | CUSIP: 733580S88<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   7320000 | PA      | $7593803.14   | 1.39%             | 2094-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Santa Clara Valley Transportation Authority                                               | Santa Clara Valley Transportation Authority, Sales Tax                                                                                                 | CUSIP: 80168NHQ5<br>LEI: 549300R6Q7T4MD3V9H68 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31114.37     | 0.01%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sedalia MO                                                                        | City of Sedalia                                                                                                                                        | CUSIP: 815187KZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $207688.04    | 0.04%             | 2035-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., CHRISTUS Health                                                                            | CUSIP: 87638TGV9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1577037.88   | 0.29%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Wellforce Issue                                                                                              | CUSIP: 57584YD22<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $747078.00    | 0.14%             | 2045-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| West Cornwall Township Municipal Authority                                                | West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project                                                                 | CUSIP: 95235TAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $226019.71    | 0.04%             | 2023-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                             | Central Plains Energy Project, Gas Project No. 3                                                                                                       | CUSIP: 154871CK1<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056668.70   | 0.19%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                          | Minnesota Housing Finance Agency, Residential Housing Finance, Series 2014A                                                                            | CUSIP: 60416SFV7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65099.67     | 0.01%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clovis Unified School District                                                            | Clovis Unified School District                                                                                                                         | CUSIP: 189344ES9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $158778.24    | 0.03%             | 2028-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL                                                                       | City of Lakeland, Capital Improvement, Series 2021A                                                                                                    | CUSIP: 511662CX4<br>LEI: XRPK4ZALF4437WO3JQ94 | Long             | DBT              | MUN               | US        |    200000 | PA      | $229624.28    | 0.04%             | 2038-10-01      | 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, Lutheran Senior Services Projects, Series 2019A                                  | CUSIP: 60635H2R9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999084.60    | 0.18%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pinal AZ                                                                        | County of Pinal                                                                                                                                        | CUSIP: 72205REJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51383.08     | 0.01%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                             | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1961306.20   | 0.36%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Dedicated Tax Fund                                                                                              | CUSIP: 59259NR54<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25030.48     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                            | University of Massachusetts Building Authority                                                                                                         | CUSIP: 914440QV7<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53268.14     | 0.01%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fresno Joint Powers Financing Authority                                                   | Fresno Joint Powers Financing Authority, Master Lease Project                                                                                          | CUSIP: 358184PN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107859.70    | 0.02%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Marian University Project                                                                                                   | CUSIP: 45506D4Y8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1152639.18   | 0.21%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Bellingham MA                                                                     | Town of Bellingham, Municipal Purpose Loan                                                                                                             | CUSIP: 079491VG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10440.55     | 0.00%             | 2032-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Calexico Unified School District                                                          | Calexico Unified School District                                                                                                                       | CUSIP: 129577LK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2072458.57   | 0.38%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, The Carmelite System, Inc., Obligated Group                                                                                  | CUSIP: 74442PQU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2979450.90   | 0.55%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational & Cultural Facilities Authority, James Irwin Educational Foundation                                                               | CUSIP: 19645UNQ3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    750000 | PA      | $755383.05    | 0.14%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Presbyterian Homes Obligated Group                                                                                         | CUSIP: 45204EBC1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10313.94     | 0.00%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                               | Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series 2020A                                                     | CUSIP: 939783C95<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1589682.40   | 0.29%             | 2041-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Sales Tax                                                                                                | CUSIP: 64985TCT6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1918449.00   | 0.35%             | 2046-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Vail Valley Medical Centre Project                                                                               | CUSIP: 19648A4N2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $990890.79    | 0.18%             | 2045-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dalton Whitfield County Joint Development Authority                                       | Dalton Whitfield County Joint Development Authority, Hamilton Health Care System                                                                       | CUSIP: 235641AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981517.20    | 0.18%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                       | State of Illinois Sales Tax                                                                                                                            | CUSIP: 452227TR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $50376.68     | 0.01%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                             | Berks County Industrial Development Authority, Tower Health Project                                                                                    | CUSIP: 08451PAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $37786.71     | 0.01%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Airport System, Subordinate Lien                                                                                                      | CUSIP: 442349FX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $911755.50    | 0.17%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Utah (The)                                                                  | University of Utah (The)                                                                                                                               | CUSIP: 915183J73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $64521.40     | 0.01%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990AHS7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42925.19     | 0.01%             | 2037-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuPage & Cook Counties Township High School District No. 86 Hinsdale                      | DuPage and Cook Counties Township High School District No. 86 Hinsdale, School Building                                                                | CUSIP: 262548FQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $705704.65    | 0.13%             | 2039-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hillsdale Local School District                                                           | Hillsdale Local School District, Ohio School Facilities Project                                                                                        | CUSIP: 432580AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $248071.44    | 0.05%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Port St. Lucie FL Utility System Revenue                                          | City of Port St. Lucie, Utility System                                                                                                                 | CUSIP: 735352RV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27493.59     | 0.01%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                                          | Vermont Student Assistance Corp., Education Loan, Series 2018A                                                                                         | CUSIP: 92428CLL6<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |    395000 | PA      | $391132.48    | 0.07%             | 2029-06-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Village of Tuxedo Park NY                                                                 | Village of Tuxedo Park, Public Improvement                                                                                                             | CUSIP: 901136EZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46915.47     | 0.01%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Transport Metropolitan District No. 3                                                     | Transport Metropolitan District No. 3, Limited Tax                                                                                                     | CUSIP: 89386FAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1480971.32   | 0.27%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                        | City of Houston, Combined Utility System, Junior Lien, Series 2002A                                                                                    | CUSIP: 4424362G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $3128101.00   | 0.57%             | 2032-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Dedicated Tax Fund                                                                                              | CUSIP: 59259N5Q2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26843.60     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                                 | Orange County Health Facilities Authority, Orlando Health Obligated Group                                                                              | CUSIP: 68450LER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $202987.84    | 0.04%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Commonspirit Health                                                                                       | CUSIP: 93978HVX0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    115000 | PA      | $123403.91    | 0.02%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                                                   | CUSIP: 20772J2Q4<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26998.44     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                               | California Educational Facilities Authority, Claremont McKenna College, Series 2015A                                                                   | CUSIP: 130179DN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520194.90    | 0.10%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL                                                                       | City of Lakeland, Capital Improvement, Series 2021A                                                                                                    | CUSIP: 511662DA3<br>LEI: XRPK4ZALF4437WO3JQ94 | Long             | DBT              | MUN               | US        |    200000 | PA      | $227913.46    | 0.04%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Northwest community Hospital                                                                                               | CUSIP: 45204ECZ9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264471.95    | 0.05%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Housing Finance Agency                                                            | Vermont Housing Finance Agency, Multiple Purpose                                                                                                       | CUSIP: 924190KG5<br>LEI: 549300RD7EYN90K0W008 | Long             | DBT              | MUN               | US        |    105000 | PA      | $104368.31    | 0.02%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, The Franklin School of Innovation                                                                                            | CUSIP: 74442EJA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1222438.95   | 0.22%             | 2057-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Warren OH                                                                       | County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group                                                                               | CUSIP: 93515PCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36609.06     | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broadway Park North Metropolitan District No. 2                                           | Broadway Park North Metropolitan District No. 2, Limited Tax                                                                                           | CUSIP: 111561AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $586515.35    | 0.11%             | 2049-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Texas Woman's University                                                                  | Texas Woman's University, Financing System                                                                                                             | CUSIP: 882874GG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10359.48     | 0.00%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                               | George L Smith II Congress Center Authority, Convention Center Hotel Second                                                                            | CUSIP: 37255MAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $949013.90    | 0.17%             | 2054-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                            | Sales Tax Securitization Corp.                                                                                                                         | CUSIP: 79467BBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3683754.90   | 0.68%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                         | Michigan State Building Authority, Facilities Program                                                                                                  | CUSIP: 594615FU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50484.89     | 0.01%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                                        | Ontario Public Financing Authority, Civic Center Improvements                                                                                          | CUSIP: 68304RDD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $227951.12    | 0.04%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                           | Indianapolis Local Public Improvement Bond Bank                                                                                                        | CUSIP: 45528UZ20<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    160000 | PA      | $184655.50    | 0.03%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Region Airport Commission                                                         | Capital Region Airport Commission, Richmond International Airport, Series 2016A                                                                        | CUSIP: 140442FU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350376.64    | 0.06%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust II

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer