# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0002071691-25-001870
**Filing Date:** 2025-9
**Character Count:** 285635
**Document Hash:** 1469bdee83a258bdbb3a1333079ae47c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-001870.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0002071691-25-001870

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 251341892

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**JPMorgan Tax Aware Real Return Fund**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF July 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 88.1% (a)** | **Municipal Bonds — 88.1% (a)** | **Municipal Bonds — 88.1% (a)** |
| **Alabama — 2.6%** | **Alabama — 2.6%** | **Alabama — 2.6%** |
| &nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority, Novelis Corp. Project Series 2025A, Rev., AMT, 5.00%, 6/1/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1746 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C-1, Rev., 5.25%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 11/1/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5522 |
| &nbsp;&nbsp;&nbsp; County of Jefferson, Rev., 5.25%, 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2059 |
| &nbsp;&nbsp;&nbsp; Mobile County Industrial Development Authority, Calvert LLC Project Series 2024B, Rev., AMT, 4.75%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 873 |
| &nbsp;&nbsp;&nbsp; Selma Industrial Development Board, International Paper Co. Series 2020A, Rev., 4.20%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 997 |
| &nbsp;&nbsp;&nbsp; Selma Industrial Development Board, International Paper Co. Projects Series 2019A, Rev., 3.45%, 10/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 980 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 3 Series 2022A-1, Rev., 5.50%, 12/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 14590 |
| **Alaska — 0.2%** | **Alaska — 0.2%** | **Alaska — 0.2%** |
| &nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-1, Rev., 4.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp; 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp; Total Alaska |  | &nbsp;&nbsp;&nbsp;&nbsp; 974 |
| **Arizona — 2.6%** | **Arizona — 2.6%** | **Arizona — 2.6%** |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Academic of Math and Science Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 7/1/2043 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Series 2023A, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp; City of Glendale Water and Sewer, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp; City of Mesa Utility System, Rev., A.G., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1687 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Senior Lien, Rev., AMT, 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1475 | &nbsp;&nbsp;&nbsp;&nbsp; 1539 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Valley Christian School Project Series 2023A, Rev., 6.25%, 7/1/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1766 |
| &nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 60 Higley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, A.G., 5.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, A.G., 5.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp; Pinal County Electric District No. 3, Rev., 4.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp; Salt Verde Financial Corp. Series 2007-1, Rev., 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5670 | &nbsp;&nbsp;&nbsp;&nbsp; 6053 |
| &nbsp;&nbsp;&nbsp; Town of Queen Creek Excise Tax, Rev., 5.00%, 8/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 14543 |
| **California — 5.0%** | **California — 5.0%** | **California — 5.0%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-1, Rev., 4.00%, 8/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp;&nbsp;&nbsp; 4373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024G, Rev., 5.00%, 8/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024H, Rev., 5.00%, 8/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1626 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency Series 2006A, Rev., Zero Coupon, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 429 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Adventist Health System Series 2024A, Rev., 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1334 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, PIH Health Series 2020A, Rev., 4.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2025A, Rev., AMT, <br> 9.50%, 1/1/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5725 | &nbsp;&nbsp;&nbsp;&nbsp; 5105 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority Series 2021A, Rev., AMT, 3.75%, 10/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Waste Management, Inc., Project, Rev., AMT, 3.95%, 9/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project, Rev., AMT, 5.00%, <br> 7/1/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Senior Living The James Series 2024A, Rev., 6.50%, 6/1/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 916 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Loma Linda University Medical Center Series 2016A, Rev., 5.25%, <br> 12/1/2056 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Southern California Edison Co. Series 2006C, Rev., 4.50%, <br> 11/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 |
| &nbsp;&nbsp;&nbsp; Desert Sands Unified School District, Election of 2024, GO, 4.00%, 8/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 866 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 10500 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power System Series 2024C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Power System Series 2025A, Rev., 5.00%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 995 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Water System Series 2017A, Rev., 4.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp; New Haven Unified School District, Election of 2024 Series A, GO, 4.50%, 8/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 947 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, Senior Private Activity Series 2025B, Rev., AMT, 5.25%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1645 | &nbsp;&nbsp;&nbsp;&nbsp; 1678 |
| &nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy Authority Series 2025A, Rev., 5.50%, 7/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 28256 |
| **Colorado — 2.4%** | **Colorado — 2.4%** | **Colorado — 2.4%** |
| &nbsp;&nbsp;&nbsp; Boulder Valley School District No. Re-2 Boulder, GO, 4.13%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1660 | &nbsp;&nbsp;&nbsp;&nbsp; 1472 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Rev., AMT, 5.50%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AMT, 5.50%, 11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 4.00%, 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 879 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventist Health System Series 2024A-1, Rev., 5.00%, 11/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Covenant Living Communities and Services Series 2025A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067 |
| &nbsp;&nbsp;&nbsp; Denver Health and Hospital Authority Series 2025A, Rev., 5.13%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 963 |
| &nbsp;&nbsp;&nbsp; Dominion Water and Sanitation District, Rev., 5.25%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado Series 2025A, GO, 5.00%, 4/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1846 |
| &nbsp;&nbsp;&nbsp; Third Creek Metropolitan District No. 1, Limited Tax Series 2022A-1, GO, 4.50%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp; 706 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 13655 |
| **Connecticut — 0.7%** | **Connecticut — 0.7%** | **Connecticut — 0.7%** |
| &nbsp;&nbsp;&nbsp; State of Connecticut, Special Tax Transportation Infrastructure Purposes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2793 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 4189 |
| **District of Columbia — 0.8%** | **District of Columbia — 0.8%** | **District of Columbia — 0.8%** |
| &nbsp;&nbsp;&nbsp; District of Columbia, Georgetown University Issue Series 2025A, Rev., VRDO, 5.00%, 4/3/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2964 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll Road Series 2019A, Rev., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated, Second Lien Series 2025A, Rev., 5.25%, 7/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1541 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 4784 |
| **Florida — 3.0%** | **Florida — 3.0%** | **Florida — 3.0%** |
| &nbsp;&nbsp;&nbsp; City of Melbourne Water and Sewer Series 2023, Rev., 5.00%, 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2355 | &nbsp;&nbsp;&nbsp;&nbsp; 2486 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Rev., AMT, 5.50%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 407 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project Series 2024A, Rev., AMT, 4.38%, 10/1/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 993 |
| &nbsp;&nbsp;&nbsp; Florida Local Government Finance Commission, Bridgeprep Academy Project Series 2025A, Rev., 6.00%, 6/15/2045 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Housing Finance Authority, Multi- Family Tampa 47th Street Apartments Series 2025A, Rev., FNMA COLL, <br> 5.00%, 12/1/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, Baycare Health System Series 2024E, Rev., VRDO, LIQ : Royal Bank of <br> Canada, 0.70%, 8/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; JEA Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-3, Rev., 4.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1265 | &nbsp;&nbsp;&nbsp;&nbsp; 1253 |
| &nbsp;&nbsp;&nbsp; Palm Beach County School District Series 2023A, COP, 5.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080 |
| &nbsp;&nbsp;&nbsp; Peace River Manasota Regional Water Supply Authority Series 2025A, Rev., 5.25%, 10/1/2046 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2077 |
| &nbsp;&nbsp;&nbsp; Seminole County Industrial Development Authority, Legacy Pointe at UCF Project Series 2019A, Rev., 5.25%, 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 941 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 17138 |
| **Georgia — 3.6%** | **Georgia — 3.6%** | **Georgia — 3.6%** |
| &nbsp;&nbsp;&nbsp; City of Atlanta Series 2021B, Rev., 4.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1850 | &nbsp;&nbsp;&nbsp;&nbsp; 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project Series 2013-1, Rev., 3.38%, <br> 3/12/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer Project Series 2009-2, Rev., 3.88%, <br> 3/6/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1255 |
| &nbsp;&nbsp;&nbsp; Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project, Rev., RAN, 5.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc. Series 2025B, Rev., 5.00%, 12/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1043 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 3/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 4/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023E, Subseries E-1, Rev., 5.00%, 6/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3445 | &nbsp;&nbsp;&nbsp;&nbsp; 3639 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; Rome Building Authority, Rome City School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 3/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 3/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp; Roswell Development Authority, Wellsatar Healthcare, Inc. Series 2025A, Rev., VRDO, LOC : Truist Bank, 0.60%, 8/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 20475 |
| **Guam — 0.2%** | **Guam — 0.2%** | **Guam — 0.2%** |
| &nbsp;&nbsp;&nbsp; Territory of Guam Series 2025G, Rev., 5.25%, 1/1/2037 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp; 931 |
| **Idaho — 0.3%** | **Idaho — 0.3%** | **Idaho — 0.3%** |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, St. Luke's Health System Project Series 2025C, Rev., 5.00%, 3/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1610 |
| **Illinois — 5.6%** | **Illinois — 5.6%** | **Illinois — 5.6%** |
| &nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Senior Lien Series 2023A, Rev., AMT, 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4289 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, General Airport, Senior Lien Series 2024D, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien Series 2023A, Rev., AMT, 5.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4310 | &nbsp;&nbsp;&nbsp;&nbsp; 4658 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund Series 2024A, Rev., 5.00%, 12/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1699 |
| &nbsp;&nbsp;&nbsp; City of Chicago |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.50%, 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 6.00%, 1/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp; City of Chicago, Waterworks, Second Lien Series 2001, Rev., AMBAC, 5.75%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1601 |
| &nbsp;&nbsp;&nbsp; Cook County Community Consolidated School District No. 15 Palatine, GO, 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern Memorial Healthcare Series 2021B, Rev., VRDO, LIQ : Royal Bank of Canada, 0.60%, <br> 8/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp;&nbsp; 1013 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.25%, 5/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.25%, 5/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 31661 |
| **Indiana — 1.5%** | **Indiana — 1.5%** | **Indiana — 1.5%** |
| &nbsp;&nbsp;&nbsp; City of Valparaiso, Green Oaks of Valparaiso Project, Rev., 5.38%, 12/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp; Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp; Greater Clark County School Building Corp. Series 2024A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 716 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project Series 2023A, Rev., 5.00%, 6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 415 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indiana University Health Obligated Group Series 2023B1, Rev., 5.00%, 7/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2245 | &nbsp;&nbsp;&nbsp;&nbsp; 2369 |
| &nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Vita of New Whiteland Project, Rev., 6.75%, 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project Series 2025A, Rev., 5.00%, <br> 7/15/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp;&nbsp; 1730 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 8236 |
| **Iowa — 0.2%** | **Iowa — 0.2%** | **Iowa — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed Series 2021-B-2, Class 2, Rev., Zero <br> Coupon, 6/1/2065<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8915 | &nbsp;&nbsp;&nbsp;&nbsp; 1237 |
| **Kansas — 0.4%** | **Kansas — 0.4%** | **Kansas — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of Wichita Water and Sewer Utility Series 2016B, Rev., 4.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp; State of Kansas Department of Transportation Series 2025A, Rev., 5.00%, 9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2270 | &nbsp;&nbsp;&nbsp;&nbsp; 2383 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 2510 |
| **Kentucky — 0.3%** | **Kentucky — 0.3%** | **Kentucky — 0.3%** |
| &nbsp;&nbsp;&nbsp; County of Boone, Duke Energy Kentucky, Inc. Series 2008A, Rev., 3.70%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp; 746 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 132 Series A, Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 1853 |
| **Louisiana — 1.8%** | **Louisiana — 1.8%** | **Louisiana — 1.8%** |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 |
| &nbsp;&nbsp;&nbsp; Parish of St. John the Baptist, Marathon Oil Corp., Project Series 2017A-1, Rev., 4.05%, 7/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5546 |
| &nbsp;&nbsp;&nbsp; State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2025A, Rev., 5.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 10260 |
| **Maine — 0.2%** | **Maine — 0.2%** | **Maine — 0.2%** |
| &nbsp;&nbsp;&nbsp; Maine Health and Higher Educational Facilities Authority Series 2023A, Rev., A.G., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp; Maine Municipal Bond Bank Series 2025A, Rev., 5.00%, 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1127 |
| &nbsp;&nbsp;&nbsp; Total Maine |  | &nbsp;&nbsp;&nbsp;&nbsp; 1331 |
| **Maryland — 0.9%** | **Maryland — 0.9%** | **Maryland — 0.9%** |
| &nbsp;&nbsp;&nbsp; County of Montgomery Series 2022A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1046 |
| &nbsp;&nbsp;&nbsp; Maryland Stadium Authority, Built to Learn, Rev., 5.00%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maryland — continued** | **Maryland — continued** | **Maryland — continued** |
| &nbsp;&nbsp;&nbsp; Maryland State Transportation Authority, Transport Facilities Project Series 2024A, Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2214 |
| &nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation Series 2025A, Rev., 4.00%, 4/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 960 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 5223 |
| **Massachusetts — 4.1%** | **Massachusetts — 4.1%** | **Massachusetts — 4.1%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Series 2025A, GO, 5.00%, 4/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Series 2015A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2018 Series 2018B, GO, 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1491 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2022 Series 2022E, GO, 5.00%, 11/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3030 | &nbsp;&nbsp;&nbsp;&nbsp; 3066 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Boston Medical Center Issue Series 2025W, Rev., 4.25%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group Series 2024U-1, Rev., VRDO, LOC : TD <br> Bank NA, 0.60%, 8/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Lasell Village, Inc. Issue, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, PRG Medford Properties, Inc. Issue Tufts University Student Housing Program, Rev., <br> 5.25%, 6/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp; Massachusetts Municipal Wholesale Electric Co. Series 2021A, Rev., 4.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 965 |
| &nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority, Green Bond Series 2016C, Rev., 4.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 947 |
| &nbsp;&nbsp;&nbsp; Town of Brookline, GO, 4.00%, 5/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1855 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 23297 |
| **Michigan — 0.3%** | **Michigan — 0.3%** | **Michigan — 0.3%** |
| &nbsp;&nbsp;&nbsp; City of Detroit, Unlimited Tax Series 2021A, GO, 5.00%, 4/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Corewell Health Series 2025B-2, Rev., 5.00%, 6/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project, Rev., AMT, 4.00%, <br> 10/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 1610 |
| **Minnesota — 0.7%** | **Minnesota — 0.7%** | **Minnesota — 0.7%** |
| &nbsp;&nbsp;&nbsp; County of Hennepin Series 2018A, GO, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1067 |
| &nbsp;&nbsp;&nbsp; Minnesota Higher Education Facilities Authority, University of St. Thomas Series 2022A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Residential Housing Series 2024O, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp; 1098 |
| &nbsp;&nbsp;&nbsp; Minnesota Municipal Gas Agency Series Subseries,2022A, Rev., LIQ : Royal Bank of Canada, 4.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1435 | &nbsp;&nbsp;&nbsp;&nbsp; 1466 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 3801 |
| **Mississippi — 0.2%** | **Mississippi — 0.2%** | **Mississippi — 0.2%** |
| &nbsp;&nbsp;&nbsp; Jackson State University Educational Building Corp. Series 2021A, Rev., 1.40%, 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 830 |
| **Missouri — 0.6%** | **Missouri — 0.6%** | **Missouri — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, St. Louis University Series 2008B, Rev., VRDO, LOC : Wells <br> Fargo Bank NA, 0.80%, 8/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan Series 2024A-1, Rev., 5.00%, <br> 6/1/2054 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program Series 2024A, Rev., GNMA <br> / FNMA / FHLMC, 5.75%, 5/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp; 920 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project Series 1998C, Rev., <br> 2.75%, 9/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series <br> 2015B, Rev., 5.00%, 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 3657 |
| **Nebraska — 0.2%** | **Nebraska — 0.2%** | **Nebraska — 0.2%** |
| &nbsp;&nbsp;&nbsp; Nebraska Public Power District Series C, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nevada — 0.0% ^** | **Nevada — 0.0% ^** | **Nevada — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; County of Clark, Nevada Improvement District No. 158, 5.00%, 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| **New Hampshire — 0.6%** | **New Hampshire — 0.6%** | **New Hampshire — 0.6%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority Series 2025-1, Class A, Rev., 4.17%, 1/20/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1246 | &nbsp;&nbsp;&nbsp;&nbsp; 1177 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp; 3247 |
| **New Jersey — 2.4%** | **New Jersey — 2.4%** | **New Jersey — 2.4%** |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority (The), Camden Prep High School Project, Rev., 5.00%, 7/15/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp;&nbsp; 566 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction Series 2023RRR, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4564 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority Series 2024AA, Rev., 5.00%, 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program Series 2023BB, Rev., 5.00%, 6/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1254 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 961 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 13487 |
| **New Mexico — 1.0%** | **New Mexico — 1.0%** | **New Mexico — 1.0%** |
| &nbsp;&nbsp;&nbsp; City of Farmington, San Juan Project Series 2010B, Rev., 3.88%, 6/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1271 |
| &nbsp;&nbsp;&nbsp; County of Santa Fe, Cresta Ranch Apartments Series 2024, Rev., 3.29%, 6/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2006 |
| &nbsp;&nbsp;&nbsp; Loving Municipal School District No. 10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/15/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp;&nbsp; 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp; 5708 |
| **New York — 9.1%** | **New York — 9.1%** | **New York — 9.1%** |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2014 Series 2014D-4, GO, VRDO, LOC : TD Bank NA, 0.85%, 8/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021F Subseries F-1, GO, 5.00%, 3/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021F, Subseries F-1, GO, 5.00%, 3/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2114 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., Second Indenture Series 2017A, Rev., 5.00%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1546 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System Series 2024B, Rev., 3.00%, 9/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5084 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Series 2020C-1, Rev., 5.25%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 999 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Climate Bond Series 2025A, Rev., 5.25%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp. Series 2025A, Rev., FHLMC COLL, 5.20%, 2/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1752 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Class F, Rev., 5.25%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Series 2009BB-2, Rev., <br> VRDO, LIQ : UBS AG, 0.70%, 8/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020 Series 2020B-1, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 Series 2023D, Subseries D-1, Rev., 5.00%, <br> 11/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5016 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024 Series 2024C, Rev., 5.25%, 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1532 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025 Series 2025J, Subseries J-1, <br> Rev., 5.50%, 5/1/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured Series B, Rev., A.G. - CR, Zero Coupon, <br> 11/15/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8770 | &nbsp;&nbsp;&nbsp;&nbsp; 2331 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., Secured by Port Authority Series 1WTC-2021, Rev., 2.75%, 2/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 694 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., World Trade Centre Series 1WTC-2021, Rev., 2.25%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp; New York Power Authority Series 2020A, Rev., 4.00%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 1976 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center Series 2025 2-B, Rev., 5.00%, 7/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, New York University Series 2025A, Rev., 5.00%, 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1254 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Personal Income Tax, General Purpose Series 2017A, Rev., 4.00%, 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program Series 2025A, Rev., A.G., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021E, Rev., 4.00%, 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 3/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1930 | &nbsp;&nbsp;&nbsp;&nbsp; 1661 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 9/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. Series 2024A, Rev., AMT, A.G., 5.25%, 12/31/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 979 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., AMT, 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, 6.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., JFK International Airport New Terminal One Project Series 2023, Rev., AMT, A.G., <br> 5.00%, 6/30/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1144 |
| &nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp., Syracuse University Project, Rev., 4.50%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 931 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated Series 248, Rev., 5.00%, 1/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox Series 2025A, Rev., 5.25%, <br> 12/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project Series 2021A, Rev., 5.00%, <br> 7/1/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 944 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 51765 |
| **North Carolina — 1.9%** | **North Carolina — 1.9%** | **North Carolina — 1.9%** |
| &nbsp;&nbsp;&nbsp; County of Buncombe, Limited Tax, Rev., 5.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp; 590 |
| &nbsp;&nbsp;&nbsp; County of Durham Series 2023A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1312 |
| &nbsp;&nbsp;&nbsp; County of Harnett, Limited Tax, Rev., 5.00%, 4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp; 352 |
| &nbsp;&nbsp;&nbsp; County of Wake |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1315 | &nbsp;&nbsp;&nbsp;&nbsp; 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086 |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership-1998 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, 1/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 53-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp;&nbsp; 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, 1/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2270 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Twin Lakes Community Series 2025A, Rev., 5.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp; State of North Carolina, Limited Obligation Series 2017B, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 10520 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Dakota — 0.0% ^** | **North Dakota — 0.0% ^** | **North Dakota — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; North Dakota Building Authority Series 2020A, Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
| **Ohio — 2.6%** | **Ohio — 2.6%** | **Ohio — 2.6%** |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., 5.00%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3770 | &nbsp;&nbsp;&nbsp;&nbsp; 3062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 5655 | &nbsp;&nbsp;&nbsp;&nbsp; 495 |
| &nbsp;&nbsp;&nbsp; County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc. Series 2025A, Rev., 5.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1043 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Ohio Health care Facilities Solvita Project Series 2024, Rev., 5.25%, 9/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1236 |
| &nbsp;&nbsp;&nbsp; County of Warren, Otterbein Homes Obligation Group, Rev., 5.00%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 982 |
| &nbsp;&nbsp;&nbsp; Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2140 | &nbsp;&nbsp;&nbsp;&nbsp; 2143 |
| &nbsp;&nbsp;&nbsp; North Ridgeville City School District Series 2024, GO, 4.50%, 12/1/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1167 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, American Electric Power Co. Project Series 2005C, Rev., AMT, 3.70%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1248 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., VRDO, LIQ : TD Bank NA, 0.85%, 8/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project Series 2024B, Rev., 5.00%, <br> 12/1/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp; 789 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 14675 |
| **Oklahoma — 1.4%** | **Oklahoma — 1.4%** | **Oklahoma — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project Series 2025A, Rev., 5.00%, <br> 7/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Housing Finance Agency, Home Ownership Loan Program Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 9/1/2056<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Industries Authority, Oklahoma County Independent School District No. 89 Oklahoma City Series 2024, Rev., 5.00%, <br> 4/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1490 |
| &nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority, Turnpike System, Second Senior Series 2017A, Rev., 5.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2021 |
| &nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, Clean Water Program Series 2025A, Rev., 5.00%, 4/1/2045 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, State Loan Program Series 2023C, Rev., 5.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp; 874 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 7647 |
| **Oregon — 2.1%** | **Oregon — 2.1%** | **Oregon — 2.1%** |
| &nbsp;&nbsp;&nbsp; Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series B, GO, Zero Coupon, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 1613 |
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Peacehealth Series 2018A, Rev., VRDO, LOC : US Bank NA, 0.60%, 8/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 11613 |
| **Other — 0.2%** | **Other — 0.2%** | **Other — 0.2%** |
| &nbsp;&nbsp;&nbsp; FHLMC Multifamily VRD Certificates, Rev., 4.87%, 1/25/2043 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 999 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| **Pennsylvania — 3.7%** | **Pennsylvania — 3.7%** | **Pennsylvania — 3.7%** |
| &nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, Pittsburgh International Airport Series 2023A, Rev., AMT, A.G., 5.50%, 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1562 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp; 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 4.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp;&nbsp; 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, GO, 4.00%, 8/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1815 | &nbsp;&nbsp;&nbsp;&nbsp; 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Constellation Energy Generation Series 2023A, Rev., 4.10%, <br> 4/3/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp;&nbsp; 2945 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Junior Guaranteed, Capitol Region Parking System Series 2024B, Rev., <br> GTD, 4.25%, 1/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 882 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges, Rev., AMT, A.G., 5.00%, 12/31/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp;&nbsp; 1601 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University Series 2024B-2, Rev., 4.38%, 11/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 1903 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Single Family Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 -147A, Rev., 6.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-146A, Rev., 6.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Series 2016A-3, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1491 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Subordinate Series 2024-1, Rev., 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1429 |
| &nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., 1998 General Ordinance Series 17B, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1534 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 21040 |
| **Puerto Rico — 1.2%** | **Puerto Rico — 1.2%** | **Puerto Rico — 1.2%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico Series 2022A-1, GO, 5.63%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1546 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax (Puerto Rico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., Zero Coupon, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 4975 | &nbsp;&nbsp;&nbsp;&nbsp; 4547 |
| &nbsp;&nbsp;&nbsp; Total Puerto Rico |  | &nbsp;&nbsp;&nbsp;&nbsp; 6963 |
| **Rhode Island — 0.4%** | **Rhode Island — 0.4%** | **Rhode Island — 0.4%** |
| &nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Lifespan Obligated Group, Rev., 5.00%, 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. Series B, Rev., 5.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1444 |
| &nbsp;&nbsp;&nbsp; Total Rhode Island |  | &nbsp;&nbsp;&nbsp;&nbsp; 2453 |
| **South Carolina — 0.4%** | **South Carolina — 0.4%** | **South Carolina — 0.4%** |
| &nbsp;&nbsp;&nbsp; Horry County School District Series 2015A, GO, SCSDE, 4.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority Series 2025A, Rev., 5.00%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1497 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 2498 |
| **South Dakota — 0.2%** | **South Dakota — 0.2%** | **South Dakota — 0.2%** |
| &nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
| **Tennessee — 4.5%** | **Tennessee — 4.5%** | **Tennessee — 4.5%** |
| &nbsp;&nbsp;&nbsp; City of Clarksville Water Sewer and Gas Series 2021A, Rev., 4.00%, 2/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1950 | &nbsp;&nbsp;&nbsp;&nbsp; 1654 |
| &nbsp;&nbsp;&nbsp; City of Murfreesboro, GO, 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knox County Health Educational and Housing Facility Board, University of Tennessee Project Series 2024A-1, Rev., 5.50%, <br> 7/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Blakeford at Green Hills Series <br> 2020A, Rev., 4.00%, 11/1/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1142 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, GO, 5.00%, 1/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 5.50%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 5.25%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1403 |
| &nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 9/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2960 | &nbsp;&nbsp;&nbsp;&nbsp; 3221 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| &nbsp;&nbsp;&nbsp; Tennergy Corp., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7265 | &nbsp;&nbsp;&nbsp;&nbsp; 7303 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Gas Project Series 2023A-1, Rev., 5.00%, 5/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4685 | &nbsp;&nbsp;&nbsp;&nbsp; 4827 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 25280 |
| **Texas — 9.4%** | **Texas — 9.4%** | **Texas — 9.4%** |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, First Tier Series 2024B, Rev., 5.00%, 5/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072 |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1386 |
| &nbsp;&nbsp;&nbsp; City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., AMT, 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., AMT, 5.25%, 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1561 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., A.G., 5.75%, 12/1/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5550 | &nbsp;&nbsp;&nbsp;&nbsp; 6551 |
| &nbsp;&nbsp;&nbsp; City of Killeen |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 8/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2455 | &nbsp;&nbsp;&nbsp;&nbsp; 2274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.13%, 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2555 | &nbsp;&nbsp;&nbsp;&nbsp; 2368 |
| &nbsp;&nbsp;&nbsp; City of Pflugerville, Combination Tax Series 2023A, GO, 4.13%, 8/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 843 |
| &nbsp;&nbsp;&nbsp; City of Round Rock, GO, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1301 |
| &nbsp;&nbsp;&nbsp; County of Fort Bend Toll Road, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., A.G., 5.00%, 3/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 3/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1773 |
| &nbsp;&nbsp;&nbsp; County of Tarrant, GO, 5.00%, 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 551 |
| &nbsp;&nbsp;&nbsp; Crandall Independent School District, Unlimited Tax, GO, PSF-GTD, 4.25%, 2/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp; Hurst-Euless-Bedford Independent School District, GO, PSF-GTD, 4.00%, 8/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 1785 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, GO, PSF-GTD, 4.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2362 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services Corp., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 5.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp;&nbsp; 1237 |
| &nbsp;&nbsp;&nbsp; Mansfield Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 4.00%, 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 822 |
| &nbsp;&nbsp;&nbsp; McKinney Independent School District, GO, PSF-GTD, 5.00%, 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 2899 |
| &nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Graphic Packaging International LLC Project, Rev., AMT, 5.00%, 6/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 |
| &nbsp;&nbsp;&nbsp; New Caney Independent School District Series 2024, GO, PSF-GTD, 4.00%, 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 835 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System, Rev., 5.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1110 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier Series 2023A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp; Pearland Independent School District Series 2017, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District, Unlimited Tax, GO, PSF-GTD, 4.00%, 2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1391 |
| &nbsp;&nbsp;&nbsp; Prosper Independent School District, Unlimited Tax, GO, PSF-GTD, 4.75%, 2/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 957 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District Series 2025B, GO, PSF-GTD, 5.00%, 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 |
| &nbsp;&nbsp;&nbsp; State of Texas, Transportation Commission Mobility Fund Series 2024, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Health Resources System Series 2025C, Rev., 5.00%, 8/13/2025 (c) <br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2738 |
| &nbsp;&nbsp;&nbsp; Taylor Independent School District, GO, PSF-GTD, 5.00%, 2/15/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1166 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply Series 2024, Rev., 5.00%, 1/1/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2105 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, State Water Implementation Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1074 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority, Walker-Calloway System, Rev., 5.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 53463 |
| **Utah — 0.6%** | **Utah — 0.6%** | **Utah — 0.6%** |
| &nbsp;&nbsp;&nbsp; Intermountain Power Agency Series 2022A, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2070 |
| &nbsp;&nbsp;&nbsp; Utah Housing Corp., Single Family Mortgage Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp;&nbsp;&nbsp; 1112 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 3182 |
| **Virginia — 2.2%** | **Virginia — 2.2%** | **Virginia — 2.2%** |
| &nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, Westminster-Canterbury Corp., Rev., 4.00%, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp; Virginia Public Building Authority Series 2015A, Rev., 4.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1485 | &nbsp;&nbsp;&nbsp;&nbsp; 1486 |
| &nbsp;&nbsp;&nbsp; Virginia Public School Authority, 1997 Resolution Series 2025A, Rev., 5.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2194 |
| &nbsp;&nbsp;&nbsp; Virginia Public School Authority, Prince William County Series 2023, Rev., 4.25%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 5525 | &nbsp;&nbsp;&nbsp;&nbsp; 5615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Environmental Facilities Pure Salmon Virginia LLC Project, Rev., AMT, 4.00%, <br> 11/20/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien, Transform 66 P3 Project, Rev., AMT, 5.00%, 12/31/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 924 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 12534 |
| **Washington — 3.3%** | **Washington — 3.3%** | **Washington — 3.3%** |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Project 1 Series 2025A, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 |
| &nbsp;&nbsp;&nbsp; King County School District No. 403 Renton, Unlimited Tax, GO, 4.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 4610 | &nbsp;&nbsp;&nbsp;&nbsp; 4470 |
| &nbsp;&nbsp;&nbsp; State of Washington Motor Vehicle Fuel Tax Series 2024B, GO, 5.00%, 6/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2035 |
| &nbsp;&nbsp;&nbsp; State of Washington, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2022A, GO, 4.00%, 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4335 | &nbsp;&nbsp;&nbsp;&nbsp; 4377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C, GO, 5.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 8/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2552 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Blakeley and Laurel Villages Portfolio Series 2025A, Rev., 5.50%, 7/1/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Rockwood Retirement Communities Project Series 2020A, Rev., 5.00%, <br> 1/1/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1317 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 18423 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project, Rev., AMT, 4.63%, <br> 5/15/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 974 |
| **Wisconsin — 2.3%** | **Wisconsin — 2.3%** | **Wisconsin — 2.3%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Ascend Leadership Academy Project Series 2021A, Rev., 5.00%, 6/15/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Astro Texas Land Projects, Rev., 5.00%, 12/15/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 982 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Eastern Michigan University Student Housing Project Series 2022A-1, Rev., 5.25%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 551 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.75%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2011 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin Series 2021A, GO, 5.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp;&nbsp; 1529 |
| &nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals and Clinics Series 2024B, Rev., 5.00%, 10/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group, Rev., 5.25%, 8/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Marquette University, Rev., 5.00%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Medical College of Wisconsin, Inc., (The) Series 2008B, Rev., VRDO, LOC : <br> TD Bank NA, 0.85%, 8/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.00%, 3/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 990 | &nbsp;&nbsp;&nbsp;&nbsp; 1082 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 13006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $500,521)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 498553 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Short-Term Investments — 8.7%** | **Short-Term Investments — 8.7%** | **Short-Term Investments — 8.7%** |
| **Investment Companies — 8.7%** | **Investment Companies — 8.7%** | **Investment Companies — 8.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.41% (f) (g) <br>(Cost $49,572)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49569 | &nbsp;&nbsp;&nbsp;&nbsp; 49574 |
| **Total Investments — 96.8%** <br>**(Cost $550,093)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **548127** |
| **Other Assets in Excess of Liabilities — 3.2%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **17958** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **566085** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| COLL | Collateral |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| PSF-GTD | Permanent School Fund Guaranteed |
| RAN | Revenue Anticipation Note |
| Rev. | Revenue |
| SCSDE | South Carolina School District Enhancement |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of July 31, 2025. <br>|
| (d) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (e) | Security is prerefunded or escrowed to maturity. |
| (f) | 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 July 31, 2025. |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 29436 | &nbsp;&nbsp;&nbsp;&nbsp; 410 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12896 | &nbsp;&nbsp;&nbsp;&nbsp; 377 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 787 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (4071)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (4453)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (135)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (194)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 593 |

---

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

---

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

---

**Centrally Cleared Inflation-linked swap contracts outstanding as of July 31, 2025 (amounts in thousands):**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX(a)** | &nbsp;&nbsp; **FIXED RATE %** <br>| &nbsp;&nbsp; **PAY/** <br>**RECEIVE** <br>**FLOATING** <br>**RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**$**<br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION) ($)**<br>| **VALUE ($)** |
| CPI-U at termination | 2.52% at termination | Receive | 5/12/2030 | USD156,660 | &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp; 630 | &nbsp;&nbsp; 582 |
| CPI-U at termination | 2.54% at termination | Receive | 3/6/2030 | USD5,170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| CPI-U at termination | 2.55% at termination | Receive | 3/3/2030 | USD188,160 | &nbsp;&nbsp; — | &nbsp;&nbsp; 926 | &nbsp;&nbsp; 926 |
| CPI-U at termination | 2.55% at termination | Receive | 6/3/2030 | USD12,420 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
| CPI-U at termination | 2.56% at termination | Receive | 1/31/2030 | USD20,133 | &nbsp;&nbsp; — | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
|  |  |  |  |  | &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp; 1731 | &nbsp;&nbsp; 1683 |
|  |  |  |  |  | &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp; 1731 | &nbsp;&nbsp; 1683 |

---

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

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Value of floating rate index at July 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | **VALUE** |
| &nbsp;&nbsp;&nbsp; CPI-U | 3.23% |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $498553 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $498553 |

---

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $49574 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $49574 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $49574 | &nbsp;&nbsp;&nbsp;&nbsp; $498553 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $548127 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $787 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $787 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1731 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1731 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(194)<br>|
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $593 | &nbsp;&nbsp;&nbsp;&nbsp; $1731 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2324 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended July 31, 2025** | **For the period ended July 31, 2025** | **For the period ended July 31, 2025** | **For the period ended July 31, 2025** | **For the period ended July 31, 2025** | **For the period ended July 31, 2025** | **For the period ended July 31, 2025** | **For the period ended July 31, 2025** | **For the period ended July 31, 2025** | **For the period ended July 31, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**July 31,** <br>**2025**<br>| **Shares at** <br>**July 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 2.41% (a) (b)<br>| $37415 | $220930 | $208771 | $—<br> (c)<br>| $—<br> (c)<br>| $49574 | 49569 | $832 | $—<br> (c)<br>|

---

&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 July 31, 2025.

(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.

------

**JPMorgan Tax Aware Real Return Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

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

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

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

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

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

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

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

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

<u>Inflation-Linked Swaps</u>

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $573134203.52

**Total Liabilities:** $7163361.11

**Net Assets:** $565970842.41

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -87311.28171000 | **1-Year:** 14016.32887000 | **5-Year:** 86112.24611000 | **10-Year:** 135316.21999000 | **30-Year:** 47127.98435000

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

- **3-Month:** -82875.16608000 | **1-Year:** 413.00230000 | **5-Year:** 4258.48232000 | **10-Year:** 11053.29418000 | **30-Year:** 23742.08825000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007161 | -0.04%               | 0.52%                | 0.08%                |
| Class ID C000007162 | -0.06%               | 0.39%                | 0.06%                |
| Class ID C000130213 | -0.03%               | 0.42%                | 0.09%                |
| Class ID C000007163 | -0.10%               | 0.35%                | 0.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1290459.21             | $-849669.46                                |
| Month 2  | $-890042.02              | $2735129.49                                |
| Month 3  | $-321461.48              | $-3045940.43                               |

**Designated Index Information**

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

- **Index Identifier:** 63TRUSD0

### Schedule of Portfolio Investments

| Name                                                                                           | Title                                                                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New Jersey Economic Development Authority                                                      | New Jersey Economic Development Authority, School Facilities Construction, Series 2023RRR                                              | CUSIP: 64577XEN2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4564008.00   | 0.81%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                           | Chicago Midway International Airport, Senior Lien, Series 2023A                                                                        | CUSIP: 167562RU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4289029.20   | 0.76%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                  | Henrico County Economic Development Authority, Westminster-Canterbury Corp.                                                            | CUSIP: 42605QGX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $313924.48    | 0.06%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                        | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project, Series 2019A                                              | CUSIP: 62620HDH2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999758.90    | 0.18%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                                  | New York State Environmental Facilities Corp., Series 2022B                                                                            | CUSIP: 64985HQ67<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1039989.32   | 0.18%             | 2036-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                      | Metropolitan Government of Nashville and Davidson County, Series 2024C                                                                 | CUSIP: 592112XT8<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061765.30   | 0.19%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                                   | Commonwealth of Pennsylvania, Series 2024B                                                                                             | CUSIP: 70914P4F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1597850.40   | 0.28%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                                        | Trinity River Authority, Walker-Calloway System                                                                                        | CUSIP: 89657PJD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $231021.23    | 0.04%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, Lasell Village, Inc. Issue                                                                   | CUSIP: 57585BJJ8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058763.70   | 0.19%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                                     | Intermountain Power Agency, Utah Power Supply, Series 2022A                                                                            | CUSIP: 45884AB36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070172.20   | 0.37%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board | Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Blakeford at Green Hills, Series 2020A | CUSIP: 592041YW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1141780.91   | 0.20%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2023B                                                                                | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055444.00   | 0.19%             | 2030-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp.                                                              | Hudson Yards Infrastructure Corp., Second Indenture, Series 2017A                                                                      | CUSIP: 44420RAS9<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1546194.15   | 0.27%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                                 | Nebraska Public Power District, Series C                                                                                               | CUSIP: 63968AP41<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1049321.42   | 0.19%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson State University Educational Building Corp.                                            | Jackson State University Educational Building Corp., Series 2021A                                                                      | CUSIP: 468714FG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $829497.30    | 0.15%             | 2034-03-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                                             | Selma Industrial Development Board, International Paper Co. Projects, Series 2019A                                                     | CUSIP: 81647PAG8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $979826.20    | 0.17%             | 2033-11-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                              | Indiana Housing and Community Development Authority, Vita of New Whiteland Project                                                     | CUSIP: 45506CBH9<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1832572.20   | 0.32%             | 2043-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Oklahoma Industries Authority                                                                  | Oklahoma Industries Authority, Oklahoma County Independent School District No. 89 Oklahoma City, Series 2024                           | CUSIP: 67910FAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1489843.53   | 0.26%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland State Transportation Authority                                                        | Maryland State Transportation Authority, Transport Facilities Project, Series 2024A                                                    | CUSIP: 574300PM5<br>LEI: 254900MKNK0MO0Z4X426 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2213869.20   | 0.39%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2023E, Subseries E-1                                                                 | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3639116.79   | 0.64%             | 2031-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                              | County of Wake                                                                                                                         | CUSIP: 930864DR1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1403930.03   | 0.25%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                                | Minnesota Higher Education Facilities Authority, University of St. Thomas, Series 2022A                                                | CUSIP: 60416JER7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170575.74    | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rome Building Authority                                                                        | Rome Building Authority, Rome City School Project, Series 2023                                                                         | CUSIP: 776000AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $166043.58    | 0.03%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                                             | Allegheny County Airport Authority, Pittsburgh International Airport, Series 2023A                                                     | CUSIP: 01728LHC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1561631.25   | 0.28%             | 2043-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                                             | Mission Economic Development Corp., Graphic Packaging International LLC Project                                                        | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015465.30   | 0.18%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                                  | Central Texas Turnpike System, Second Tier, Series 2024C                                                                               | CUSIP: 88283KBZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1386259.38   | 0.24%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Fe NM                                                                          | County of Santa Fe, Cresta Ranch Apartments, Series 2024                                                                               | CUSIP: 80189NAD6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2005547.40   | 0.35%             | 2049-12-10      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                              | Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project, Series 2024A                                                 | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $992942.10    | 0.18%             | 2054-10-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                   | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025-J, Subseries J-1          | CUSIP: 64972JTU2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2622791.75   | 0.46%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Round Rock Independent School District                                                         | Round Rock Independent School District, Series 2025B                                                                                   | CUSIP: 779240RJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074537.30   | 0.19%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                             | Rhode Island Health and Educational Building Corp., Lifespan Obligated Group                                                           | CUSIP: 762244MD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008927.00   | 0.18%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                       | Arizona Industrial Development Authority, Academic of Math and Science Projects                                                        | CUSIP: 04052BSX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243508.58    | 0.04%             | 2038-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2024D                                                                                | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2120949.60   | 0.37%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                          | Metropolitan Transportation Authority, Climate Bond, Series 2025A                                                                      | CUSIP: 59261A5C7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016144.20   | 0.18%             | 2045-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington, Various Purpose, Series 2022C                                                                                     | CUSIP: 93974EVK9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055480.40   | 0.36%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                                  | Commonwealth of Massachusetts, Consolidated Loan of 2022, Series 2022E                                                                 | CUSIP: 57582R2C9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3030000 | PA      | $3066270.01   | 0.54%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                 | Black Belt Energy Gas District, Gas Project, Series 2024D                                                                              | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5522203.58   | 0.98%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                              | Plano Independent School District, Unlimited Tax                                                                                       | CUSIP: 727199F89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1391031.45   | 0.25%             | 2043-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Horry County School District/SC                                                                | Horry County School District, Series 2015A                                                                                             | CUSIP: 440673G70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000554.30   | 0.18%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                                          | City of Farmington, San Juan Project, Series 2010B                                                                                     | CUSIP: 311450GD6<br>LEI: 5493000GWMTI2L4AZA61 | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1270942.25   | 0.22%             | 2029-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp./TN                                                                              | Tennergy Corp., Gas Supply, Series 2021A                                                                                               | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   7265000 | PA      | $7303326.51   | 1.29%             | 2028-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ Water & Sewer Revenue                                                      | City of Glendale Water and Sewer, Senior Lien                                                                                          | CUSIP: 378352SQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $365155.35    | 0.06%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                               | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                    | CUSIP: 20282EAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $400467.83    | 0.07%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                       | Arizona Industrial Development Authority, Academic of Math and Science Projects                                                        | CUSIP: 04052BSY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $238123.25    | 0.04%             | 2043-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                              | Idaho Health Facilities Authority, St. Luke's Health System Project, Series 2025C                                                      | CUSIP: 451295H69<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1610329.65   | 0.28%             | 2060-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                           | County of Harnett, Limited Tax                                                                                                         | CUSIP: 41333TCW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $351726.95    | 0.06%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                        | South Carolina Public Service Authority, Series 2025A                                                                                  | CUSIP: 8371515R6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1497132.90   | 0.26%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                                       | County of Fort Bend Toll Road, Senior Lien                                                                                             | CUSIP: 346817FR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1773184.18   | 0.31%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                              | County of Wake, Series 2025A                                                                                                           | CUSIP: 930876JH1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086317.60   | 0.19%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, New York University, Series 2025A                                                                  | CUSIP: 64985SGE7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254079.25   | 0.22%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2023BB                                                  | CUSIP: 64613CEG9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1253815.13   | 0.22%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                        | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020, Series 2020B-1                                     | CUSIP: 64971XMT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $905546.07    | 0.16%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                         | Ohio Air Quality Development Authority, American Electric Power Co. Project, Series 2005C                                              | CUSIP: 677525WX1<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1248138.88   | 0.22%             | 2028-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                        | Knox County Health Educational and Housing Facility Board, University of Tennessee Project, Series 2024A-1                             | CUSIP: 499526AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508892.35    | 0.09%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                                  | Central Texas Turnpike System, First Tier, Series 2024B                                                                                | CUSIP: 88283KBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071893.50   | 0.19%             | 2042-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Series 2024AA                                                                          | CUSIP: 64613CEU8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039219.50   | 0.18%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                          | Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges                                                       | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1600727.15   | 0.28%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                                | Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project, Series 2025A                        | CUSIP: 45527CDX7<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1729964.58   | 0.31%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                               | California Health Facilities Financing Authority, Adventist Health System, Series 2024A                                                | CUSIP: 13032UT65<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1333602.75   | 0.24%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                   | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project                            | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $974391.20    | 0.17%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2024B                                                                                                        | CUSIP: 452153KF5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999720.10    | 0.18%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                                      | Maine Municipal Bond Bank, Series 2025A                                                                                                | CUSIP: 56045SBJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1127346.20   | 0.20%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 60 Higley                                          | Maricopa County Unified School District No. 60 Higley                                                                                  | CUSIP: 56756QBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262565.60    | 0.05%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 55-C                                                           | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000461.70   | 0.18%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                                    | Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group, Series 2024B                   | CUSIP: 821691AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1169408.75   | 0.21%             | 2029-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                             | City of Chicago, Series 2025A                                                                                                          | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021754.80   | 0.18%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Ridgeville City School District                                                          | North Ridgeville City School District, Series 2024                                                                                     | CUSIP: 661870LX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1167062.06   | 0.21%             | 2061-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                        | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                            | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $870242.80    | 0.15%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                      | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B-2                                                 | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $1004740.80   | 0.18%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community Consolidated School District No. 15 Palatine                             | Cook County Community Consolidated School District No. 15 Palatine                                                                     | CUSIP: 213291RW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $214135.97    | 0.04%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                                 | State of Texas, Transportation Commission Mobility Fund, Series 2024                                                                   | CUSIP: 8827242B2<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055210.60   | 0.19%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  12420000 | PA      | $44300.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                               | Washington Metropolitan Area Transit Authority Dedicated, Second Lien, Series 2025A                                                    | CUSIP: 93878YEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1540475.10   | 0.27%             | 2055-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                           | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2024D                                                       | CUSIP: 1675936G2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010277.90   | 0.18%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                              | Territory of Guam, Series 2025G                                                                                                        | CUSIP: 40065NDD6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    875000 | PA      | $931122.41    | 0.16%             | 2037-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                                      | San Joaquin Valley Clean Energy Authority, Series 2025A                                                                                | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099966.00   | 0.19%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Town of Queen Creek AZ Excise Tax Revenue                                                      | Town of Queen Creek Excise Tax                                                                                                         | CUSIP: 74823YHD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010651.00   | 0.18%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                                             | Montgomery County Industrial Development Authority, Constellation Energy Generation, Series 2023A                                      | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2900000 | PA      | $2945473.45   | 0.52%             | 2028-04-03      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                        | New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Class F                                       | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1331638.10   | 0.24%             | 2031-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                               | Minnesota Housing Finance Agency, Residential Housing, Series 2024O                                                                    | CUSIP: 60416UGU3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1098107.45   | 0.19%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                          | Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series 2015B      | CUSIP: 60636UDC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001272.50   | 0.18%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Series 2025-1, Class A                                                                       | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1246400 | PA      | $1176514.07   | 0.21%             | 2041-01-20      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| County of Tarrant TX                                                                           | County of Tarrant                                                                                                                      | CUSIP: 876315ZA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $550638.90    | 0.10%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Astro Texas Land Projects                                                                                    | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    999550 | PA      | $982571.83    | 0.17%             | 2036-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                                | California County Tobacco Securitization Agency, Series 2006A                                                                          | CUSIP: 13016NCT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $428788.20    | 0.08%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                                   | Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project                                         | CUSIP: 362762QZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099937.60   | 0.19%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 53-A                                                           | CUSIP: 6582076L4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    980000 | PA      | $1067421.59   | 0.19%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                       | Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project                                                       | CUSIP: 12008ETS5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    210000 | PA      | $221004.00    | 0.04%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury Long Bond                                                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       113 | NC      | $377918.35    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Los Angeles Department of Water & Power                                                        | Los Angeles Department of Water and Power, Power System, Series 2025A                                                                  | CUSIP: 544532PW8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994818.90    | 0.18%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2024H                                                    | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1626034.95   | 0.29%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue                      | Wisconsin Housing and Economic Development Authority, Home Ownership, Series 2024C                                                     | CUSIP: 97689QWD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $1082398.19   | 0.19%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                              | Southeast Energy Authority A Cooperative District, Project No. 3, Series 2022A-1                                                       | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063776.30   | 0.19%             | 2029-12-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Personal Income Tax, General Purpose, Series 2017A                                                 | CUSIP: 64990FP99<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003223.20   | 0.18%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                   | CUSIP: 64985SDH3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094401.60   | 0.19%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Murfreesboro TN                                                                        | City of Murfreesboro                                                                                                                   | CUSIP: 626524V66<br>LEI: 5493004HW7N2IUAQK610 | Long             | DBT              | MUN               | US        |    275000 | PA      | $300251.46    | 0.05%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                             | Virginia Public Building Authority, Series 2015A                                                                                       | CUSIP: 928172K38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1485936.89   | 0.26%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                                    | San Diego County Regional Airport Authority, Series 2025B                                                                              | CUSIP: 79739GTC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1678449.59   | 0.30%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                  | CUSIP: 97712JMS9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013749.30   | 0.18%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                                   | State of Kansas Department of Transportation, Series 2025A                                                                             | CUSIP: 485424UC7<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2382971.54   | 0.42%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                             | State of Wisconsin, Series 2021A                                                                                                       | CUSIP: 97705MVD4<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1528706.95   | 0.27%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                              | City and County of Denver, Airport System, Series 2022A                                                                                | CUSIP: 249182QU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2602690.25   | 0.46%             | 2042-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                      | CUSIP: 63607YCQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058151.70   | 0.19%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023   | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082921.70   | 0.19%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                        | Port Authority of New York and New Jersey, Consolidated, Series 248                                                                    | CUSIP: 73358XPY2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013272.90   | 0.18%             | 2050-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                      | Camden County Improvement Authority (The), Camden Prep High School Project                                                             | CUSIP: 13281UAC0<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    585000 | PA      | $565855.23    | 0.10%             | 2042-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of New York NY                                                                            | City of New York, Fiscal Year 2021, Series 2021F, Subseries F-1                                                                        | CUSIP: 64966QVM9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2113552.20   | 0.37%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                    | Washington State Housing Finance Commission, Blakeley and Laurel Villages Portfolio, Series 2025A                                      | CUSIP: 93978LJM9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $487022.15    | 0.09%             | 2050-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2024B                                                                                                        | CUSIP: 452153KE8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002303.60   | 0.18%             | 2047-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                                            | Columbus Regional Airport Authority, John Glenn Columbus International Airport, Series 2025A                                           | CUSIP: 199546DA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014217.00   | 0.18%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                                | Baldwin County Industrial Development Authority, Novelis Corp., Project, Series 2025A                                                  | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1750000 | PA      | $1746484.08   | 0.31%             | 2055-06-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Greater Clark County School Building Corp.                                                     | Greater Clark County School Building Corp., Series 2024A                                                                               | CUSIP: 39168AEF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $716323.37    | 0.13%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Housing Finance Agency                                                                | Oklahoma Housing Finance Agency, Home Ownership Loan Program, Series 2025A                                                             | CUSIP: 67886MW88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1122216.20   | 0.20%             | 2056-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury 10 Year Note                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       265 | NC      | $409758.19    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                      | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2024B                                     | CUSIP: 442349HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1561149.30   | 0.28%             | 2033-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                          | City of Chicago, Waterworks, Second Lien, Series 2001                                                                                  | CUSIP: 167736SJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1600715.25   | 0.28%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                             | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2024C                                                       | CUSIP: 67766WQ21<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    250000 | PA      | $250000.00    | 0.04%             | 2054-12-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                        | State of North Carolina, Limited Obligation, Series 2017B                                                                              | CUSIP: 65829QCW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104536.45    | 0.02%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Series 2009BB-2                    | CUSIP: 64972FWL6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |    500000 | PA      | $500000.00    | 0.09%             | 2039-06-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                              | Chicago Transit Authority Sales Tax Receipts Fund, Series 2024A                                                                        | CUSIP: 16772PEP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1698972.45   | 0.30%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Tobacco Settlement Authority                                                              | Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021-B-2, Class 2                      | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8915000 | PA      | $1237118.50   | 0.22%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group, Series 2024U-1                                     | CUSIP: 57584Y8H5<br>LEI: 549300UZSVMFXJK08K70 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 1.77%             | 2048-03-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Loving Municipal School District No. 10                                                        | Loving Municipal School District No. 10                                                                                                | CUSIP: 547413EF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1092793.45   | 0.19%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Third Creek Metropolitan District No. 1                                                        | Third Creek Metropolitan District No. 1, Limited Tax, Series 2022A-1                                                                   | CUSIP: 88423EAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $705745.26    | 0.12%             | 2037-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                    | Virginia Small Business Financing Authority, Environmental Facilities Pure Salmon Virginia LLC Project                                 | CUSIP: 92810RAC1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2001251.60   | 0.35%             | 2052-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| McKinney Independent School District                                                           | McKinney Independent School District                                                                                                   | CUSIP: 581664LH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2899030.84   | 0.51%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-146A                                                          | CUSIP: 70879QXV0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098059.00   | 0.19%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                                    | Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group, Series 2024A                   | CUSIP: 821691AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2960000 | PA      | $3220921.04   | 0.57%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                                          | City of Valparaiso, Green Oaks of Valparaiso Project                                                                                   | CUSIP: 920286AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $171327.36    | 0.03%             | 2041-12-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                                  | Kentucky State Property and Building Commission, Project No. 132, Series A                                                             | CUSIP: 49151F4S6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106880.50   | 0.20%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                              | Oregon State Facilities Authority, Peacehealth, Series 2018A                                                                           | CUSIP: 68608JXD8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 1.77%             | 2034-08-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                                 | Metropolitan Nashville Airport Authority (The), Series 2022B                                                                           | CUSIP: 592190QT2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1600166.40   | 0.28%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury Ultra Bond                                                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -38 | NC      | $-134825.06   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        | 156660000 | PA      | $630520.53    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                        | County of Montgomery, Series 2022A                                                                                                     | CUSIP: 61334PEL3<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1046157.70   | 0.18%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        | 188160000 | PA      | $926145.52    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Roswell Development Authority                                                                  | Roswell Development Authority, Wellsatar Healthcare, Inc., Series 2025A                                                                | CUSIP: 77853AAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.53%             | 2047-04-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                                        | City of Phoenix Civic Improvement Corp., Senior Lien                                                                                   | CUSIP: 71883MNK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1538635.63   | 0.27%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                                   | Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer Project, Series 2009-2                                   | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1254821.00   | 0.22%             | 2026-03-06      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Town of Brookline MA                                                                           | Town of Brookline, Purpose Loan                                                                                                        | CUSIP: 113746EK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1855077.00   | 0.33%             | 2044-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                               | Maricopa County Industrial Development Authority, Valley Christian School Project, Series 2023A                                        | CUSIP: 56678RAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1765504.70   | 0.31%             | 2053-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2024G                                                    | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037434.40   | 0.18%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                      | City of Atlanta, Series 2021B                                                                                                          | CUSIP: 04780MZC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1767191.04   | 0.31%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                               | Seminole County Industrial Development Authority, Legacy Pointe at UCF Project, Series 2019A                                           | CUSIP: 81669TAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $941079.30    | 0.17%             | 2039-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                         | California Municipal Finance Authority, Waste Management, Inc., Project,                                                               | CUSIP: 13048RAH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000050.10   | 0.18%             | 2045-10-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                                        | Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program, Series 2024A                           | CUSIP: 60637B8J2<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    920000 | PA      | $1004331.16   | 0.18%             | 2055-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                                      | Commonwealth of Massachusetts Transportation Fund, Series 2015A                                                                        | CUSIP: 57604TCL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001451.10   | 0.18%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington, Various Purpose, Series 2025A                                                                                     | CUSIP: 93974E3B0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2551737.50   | 0.45%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2017D                                                                                                        | CUSIP: 452152Q46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5027815.00   | 0.89%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                                             | Utah Housing Corp., Single Family Mortgage, Series 2025A                                                                               | CUSIP: 917437RU1<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1111670.22   | 0.20%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018   | CUSIP: 650116CK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018971.80   | 0.18%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                                   | Los Angeles Department of Water and Power Water System, Series 2017A                                                                   | CUSIP: 544525WL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $433233.60    | 0.08%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                                      | Michigan State Hospital Finance Authority, Corewell Health, Series 2025B-2                                                             | CUSIP: 59465HXF8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071479.50   | 0.19%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                         | California Statewide Communities Development Authority, Southern California Edison Co., Series 2006C                                   | CUSIP: 13078HBB7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1124045.45   | 0.20%             | 2033-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                      | Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project, Series 2023A                                                  | CUSIP: 45471FAE1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    425000 | PA      | $414518.27    | 0.07%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Caney Independent School District                                                          | New Caney Independent School District, Series 2024                                                                                     | CUSIP: 643154LA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $834644.90    | 0.15%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                                 | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2019A                                                 | CUSIP: 54811BTL5<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1134358.05   | 0.20%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                         | Illinois Housing Development Authority, Series 2024A                                                                                   | CUSIP: 45203MWL1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    935000 | PA      | $1012887.00   | 0.18%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                               | Pennsylvania Turnpike Commission, Series 2016A-3                                                                                       | CUSIP: 7092244G1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1490838.72   | 0.26%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                               | Virginia Public School Authority, Prince William County, Series 2023                                                                   | CUSIP: 92817TNX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5525000 | PA      | $5615095.62   | 0.99%             | 2039-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pinal County Electric District No. 3                                                           | Pinal County Electric District No. 3                                                                                                   | CUSIP: 722021CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150348.86    | 0.03%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Medical College of Wisconsin, Inc., (The), Series 2008B                         | CUSIP: 97710BDK5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | STIV             | MUN               | US        |   2200000 | PA      | $2200000.00   | 0.39%             | 2033-12-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Hurst-Euless-Bedford Independent School District                                               | Hurst-Euless-Bedford Independent School District, Unlimited Tax                                                                        | CUSIP: 447819KL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1785043.47   | 0.32%             | 2050-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                               | Onondaga Civic Development Corp., Syracuse University Project                                                                          | CUSIP: 682832LK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930704.70    | 0.16%             | 2050-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                                                          | County of Hennepin, Series 2018A                                                                                                       | CUSIP: 425507GM6<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1066655.55   | 0.19%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                                  | Commonwealth of Massachusetts, Series 2025A                                                                                            | CUSIP: 57582TCP5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023483.60   | 0.18%             | 2046-04-01      | Fixed         | 5.00%                 | 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        |       -36 | NC      | $-59386.43    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   5170000 | PA      | $25284.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado                          | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025A                                                    | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1845816.00   | 0.33%             | 2035-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                                           | Dominion Water and Sanitation District                                                                                                 | CUSIP: 25755AAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506615.05    | 0.09%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2020A                                           | CUSIP: 64990FYQ1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1661387.23   | 0.29%             | 2047-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                               | Energy Northwest, Project 1, Series 2025A                                                                                              | CUSIP: 29270C7A7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1130283.70   | 0.20%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                           | Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series 2024B-2                                      | CUSIP: 70917TRY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1903191.53   | 0.34%             | 2054-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Senior Lien                                                                                                  | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002675.90   | 0.18%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                 | CUSIP: 546399UP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015537.30   | 0.18%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                    | Virginia Small Business Financing Authority, Senior Lien, Transform 66 P3 Project                                                      | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923697.90    | 0.16%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                                  | North Texas Tollway Authority, First Tier, Series 2023A                                                                                | CUSIP: 66285WM60<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010249.50   | 0.18%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                                  | New York State Environmental Facilities Corp., Series 2022B                                                                            | CUSIP: 64985HP92<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    415000 | PA      | $467633.83    | 0.08%             | 2033-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                        | Municipal Electric Authority of Georgia Project, Series 2024A                                                                          | CUSIP: 62620HJX1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1246430.16   | 0.22%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series B                                                                                           | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1444158.90   | 0.26%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pearland Independent School District                                                           | Pearland Independent School District, Series 2017                                                                                      | CUSIP: 7048798J7<br>LEI: 549300UU8ZB6DL6OXQ09 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026398.20   | 0.36%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                 | CUSIP: 546399UN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001175.30   | 0.18%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                        | Los Angeles Department of Water and Power System, Series 2024C                                                                         | CUSIP: 544532LY8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020259.60   | 0.18%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prosper Independent School District                                                            | Prosper Independent School District, Unlimited Tax                                                                                     | CUSIP: 7436006B9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956639.10    | 0.17%             | 2055-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. V                                               | Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply, Series 2024                                                            | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2104899.80   | 0.37%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                                 | Minnesota Municipal Gas Agency, Series Subseries,2022A                                                                                 | CUSIP: 60406UAL1<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1465797.40   | 0.26%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Marquette University                                                            | CUSIP: 97712D2S4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    400000 | PA      | $425151.60    | 0.08%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series 2018A                                                                                       | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961139.70    | 0.17%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 58-A                                                           | CUSIP: 65820BCH7<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2269922.80   | 0.40%             | 2056-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Haven Unified School District                                                              | New Haven Unified School District, Election of 2024, Series A                                                                          | CUSIP: 645002M78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $946926.60    | 0.17%             | 2054-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                                   | Commonwealth of Pennsylvania, Series 2024-1                                                                                            | CUSIP: 70914P4H2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1658106.86   | 0.29%             | 2043-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mansfield Independent School District                                                          | Mansfield Independent School District, Unlimited Tax, Series 2024                                                                      | CUSIP: 564386UE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $821660.60    | 0.15%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                               | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                    | CUSIP: 20282EAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $386402.58    | 0.07%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                                         | City of Mesa Utility System                                                                                                            | CUSIP: 5905453B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1687258.65   | 0.30%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                                 | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2021                                                 | CUSIP: 54811BWH0<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1236990.45   | 0.22%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                         | North Carolina Medical Care Commission, Twin Lakes Community, Series 2025A                                                             | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $236147.40    | 0.04%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Melbourne FL Water & Sewer Revenue                                                     | City of Melbourne Water and Sewer, Series 2023                                                                                         | CUSIP: 5853953B0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2485717.34   | 0.44%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Killeen TX                                                                             | City of Killeen                                                                                                                        | CUSIP: 494135DP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2455000 | PA      | $2274159.30   | 0.40%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                                  | New York State Environmental Facilities Corp., Series 2022B                                                                            | CUSIP: 64985HP76<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    100000 | PA      | $114188.27    | 0.02%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                       | State of Connecticut, Special Tax Transportation Infrastructure Purposes, Series 2022B                                                 | CUSIP: 207758M83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2792515.25   | 0.49%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                            | County of Durham, Series 2023A                                                                                                         | CUSIP: 266713AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1311759.23   | 0.23%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert Sands Unified School District                                                           | Desert Sands Unified School District, Election of 2024                                                                                 | CUSIP: 250433WR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $866374.90    | 0.15%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Senior Lien                                                                                                  | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011052.00   | 0.36%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Loving Municipal School District No. 10                                                        | Loving Municipal School District No. 10                                                                                                | CUSIP: 547413DW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $355530.89    | 0.06%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                            | City of New York, Fiscal Year 2021, Series 2021F Subseries F-1                                                                         | CUSIP: 64966QVL1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064432.60   | 0.19%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Eastern Michigan University Student Housing Project, Series 2022A-1                                          | CUSIP: 74444UAP7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $550895.50    | 0.10%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Wichita Water and Sewer Utility Revenue                                                | City of Wichita Water and Sewer Utility, Series 2016B                                                                                  | CUSIP: 967338A38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126991.35    | 0.02%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue                      | Wisconsin Housing and Economic Development Authority, Home Ownership, Series 2024A                                                     | CUSIP: 97689QTU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $1005437.42   | 0.18%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2022A                                                                                                        | CUSIP: 452153CU1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6475597.20   | 1.14%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                        | Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project                                    | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $124238.38    | 0.02%             | 2026-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                             | New York Liberty Development Corp., World Trade Centre, Series 1WTC-2021                                                               | CUSIP: 649519EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $348823.20    | 0.06%             | 2041-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                               | Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series 2024B                                  | CUSIP: 734195DX5<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    760000 | PA      | $788734.16    | 0.14%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                            | California Public Finance Authority, Senior Living The James, Series 2024A                                                             | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $916316.00    | 0.16%             | 2054-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                 | Buckeye Tobacco Settlement Financing Authority, Series 2020B-2, Class 2                                                                | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3770000 | PA      | $3062385.70   | 0.54%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                                         | Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project, Series 2025A                                    | CUSIP: 678514EB2<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1112536.20   | 0.20%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024 -147A                                                         | CUSIP: 70879QC50<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105316.30   | 0.20%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                              | Florida Development Finance Corp., Brightline Florida Passenger Rail Project                                                           | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $406939.10    | 0.07%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                       | Arizona Industrial Development Authority, National Charter School Revolving Loan Fund, Series 2023A                                    | CUSIP: 04052FDU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047428.60   | 0.19%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loving Municipal School District No. 10                                                        | Loving Municipal School District No. 10                                                                                                | CUSIP: 547413DU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300832.23    | 0.05%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                                  | Commonwealth of Massachusetts, Consolidated Loan of 2018, Series 2018B                                                                 | CUSIP: 57582RSA5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1491270.91   | 0.26%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Series 2024A                                                                                | CUSIP: 650116HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979109.90    | 0.17%             | 2054-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                         | California Municipal Finance Authority, Series 2021A                                                                                   | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999526.00    | 0.18%             | 2041-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                              | City and County of Denver, Airport System, Series 2022D                                                                                | CUSIP: 249182TA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2531994.53   | 0.45%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Boulder Valley School District No. Re-2 Boulder                                                | Boulder Valley School District No. Re-2 Boulder                                                                                        | CUSIP: 101547ZE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1472392.61   | 0.26%             | 2046-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2021B                                                             | CUSIP: 45204FME2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |    500000 | PA      | $500000.00    | 0.09%             | 2055-07-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                                       | New York Power Authority, Series 2020A                                                                                                 | CUSIP: 64989KLD6<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1976401.35   | 0.35%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                                 | County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc., Series 2025A                                                     | CUSIP: 01757LHG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042744.70   | 0.18%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington, Various Purpose, Series R-2022A                                                                                   | CUSIP: 93974ETS5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4335000 | PA      | $4376947.63   | 0.77%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2021B-1                                                  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4372522.88   | 0.77%             | 2031-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                                             | Selma Industrial Development Board, Series 2020A                                                                                       | CUSIP: 81647PAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996984.70    | 0.18%             | 2034-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                     | Tarrant County Cultural Education Facilities Finance Corp., Health Resource System, Series 2025C                                       | CUSIP: 87638TJU8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2738219.00   | 0.48%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                               | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                    | CUSIP: 20282EAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $928723.14    | 0.16%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                                 | Mobile County Industrial Development Authority, Calvert LLC Project, Series 2024B                                                      | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $872951.70    | 0.15%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 60 Higley                                          | Maricopa County Unified School District No. 60 Higley                                                                                  | CUSIP: 56756QBA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $180274.38    | 0.03%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                              | Palm Beach County School District, Series 2023A                                                                                        | CUSIP: 696550L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080012.40   | 0.19%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                                 | Metropolitan Nashville Airport Authority (The), Series 2022B                                                                           | CUSIP: 592190QY1<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1403321.22   | 0.25%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                 | Black Belt Energy Gas District, Gas Project, Series 2022C-1                                                                            | CUSIP: 09182TCE5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1349249.63   | 0.24%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                             | City of Chicago, Series 2025B                                                                                                          | CUSIP: 167486V71<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025807.10   | 0.18%             | 2041-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                             | New York Liberty Development Corp., Secured by Port Authority, Series 1WTC-2021                                                        | CUSIP: 649519ER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $693972.30    | 0.12%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Loving Municipal School District No. 10                                                        | Loving Municipal School District No. 10                                                                                                | CUSIP: 547413DX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $313186.35    | 0.06%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, PRG Medford Properties, Inc. Issue Tufts University Student Housing Program                  | CUSIP: 57585BMS4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021676.70   | 0.18%             | 2044-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                           | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2025A                                    | CUSIP: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023648.20   | 0.18%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                                    | University of Wisconsin Hospitals and Clinics, Series 2024B                                                                            | CUSIP: 915260FU2<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095607.60   | 0.19%             | 2031-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                               | Pennsylvania Turnpike Commission, Subordinate, Series 2024-1                                                                           | CUSIP: 709225LY0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1429151.94   | 0.25%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Housing Finance Authority                                                  | Hillsborough County Housing Finance Authority, Multi- Family Tampa 47th Street Apartments, Series 2025A                                | CUSIP: 43232EDE6<br>LEI: 5493003JJ1KK4FWWU787 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996077.90    | 0.18%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily VRD Certificates                                                             | FHLMC Multifamily VRD Certificates                                                                                                     | CUSIP: 31350ADW5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    998863 | PA      | $1001177.74   | 0.18%             | 2043-01-25      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                 | State of Maryland Department of Transportation, Series 2025A                                                                           | CUSIP: 574204W66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959934.60    | 0.17%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                        | New York City Housing Development Corp., Series 2025A                                                                                  | CUSIP: 64966WKK2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1751753.33   | 0.31%             | 2055-02-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                     | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021A                            | CUSIP: 95737TES1<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $944392.90    | 0.17%             | 2041-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                                  | Central Texas Turnpike System, Second Tier, Series 2024C                                                                               | CUSIP: 88283KBY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2221192.20   | 0.39%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                        | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project, Series 2019A                                              | CUSIP: 626207X25<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975524.60    | 0.17%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Ascend Leadership Academy Project, Series 2021A                                                              | CUSIP: 744396GS5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    130000 | PA      | $107893.60    | 0.02%             | 2041-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                    | Commonwealth of Puerto Rico, Series 2022A-1                                                                                            | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1500000 | PA      | $1546042.35   | 0.27%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| King County School District No. 403 Renton                                                     | King County School District No. 403 Renton, Unlimited Tax                                                                              | CUSIP: 495080WM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4610000 | PA      | $4470048.70   | 0.79%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                                    | JEA Electric System, Series 2017B                                                                                                      | CUSIP: 46613SGK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4157417.20   | 0.73%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                                    | Florida Local Government Finance Commission, Bridgeprep Academy Project, Series 2025A                                                  | CUSIP: 34077EAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1747884.78   | 0.31%             | 2045-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Texas Water Development Board                                                                  | Texas Water Development Board, State Water Implementation Fund, Series 2019A                                                           | CUSIP: 882854X23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030792.20   | 0.18%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                         | Maine Health and Higher Educational Facilities Authority, Series 2023A                                                                 | CUSIP: 56042SBC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204100.94    | 0.04%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                                          | County of Buncombe, Limited Tax                                                                                                        | CUSIP: 120525KD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $590418.52    | 0.10%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                          | California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2025A                          | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   5725000 | PA      | $5104666.48   | 0.90%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                                             | Denver Health and Hospital Authority, Series 2025A                                                                                     | CUSIP: 24918EEN6<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962920.90    | 0.17%             | 2050-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                      | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2023B1                                                    | CUSIP: 45470YFL0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2369070.37   | 0.42%             | 2062-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                                       | County of Fort Bend Toll Road, Senior Lien, Series 2024                                                                                | CUSIP: 346817EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058974.90   | 0.19%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority Parking System Revenue                   | Pennsylvania Economic Development Financing Authority, Junior Guaranteed, Capitol Region Parking System, Series 2024B                  | CUSIP: 70870EEX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $881892.90    | 0.16%             | 2050-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                             | Tennessee Energy Acquisition Corp., Gas Project, Series 2023A-1                                                                        | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   4685000 | PA      | $4827299.38   | 0.85%             | 2028-05-01      | Variable      | 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, St. Louis University, Series 2008B                               | CUSIP: 6069014P8<br>LEI: 549300IWTBCMX5JB3277 | Long             | STIV             | MUN               | US        |    250000 | PA      | $250000.00    | 0.04%             | 2035-10-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                                    | Long Island Power Authority, Electric System, Series 2024B                                                                             | CUSIP: 542691KA7<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5083726.20   | 0.90%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                           | Chicago O'Hare International Airport, Senior Lien, Series 2023A                                                                        | CUSIP: 167562RX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4310000 | PA      | $4658210.50   | 0.82%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                                              | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                            | CUSIP: 46645V725<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  49569372 | NS      | $49574328.74  | 8.76%             |  |  |  | No            |                  1 | On Loan: No      |
| South Dakota Housing Development Authority                                                     | South Dakota Housing Development Authority, Series 2025A                                                                               | CUSIP: 83756LBS3<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1131245.80   | 0.20%             | 2055-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Round Rock TX                                                                          | City of Round Rock                                                                                                                     | CUSIP: 779223JK3<br>LEI: 549300VJM2Z2IGVYF523 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1300882.51   | 0.23%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                                    | Oklahoma Turnpike Authority, Turnpike System, Second Senior, Series 2017A                                                              | CUSIP: 679111XB5<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2021105.40   | 0.36%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025B                                                 | CUSIP: 546399UQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1625626.80   | 0.29%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024, Series 2024C                                       | CUSIP: 64972JCE6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1532319.75   | 0.27%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2023A                                                                                | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1367144.74   | 0.24%             | 2030-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                        | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                            | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4975000 | PA      | $4546725.63   | 0.80%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loving Municipal School District No. 10                                                        | Loving Municipal School District No. 10                                                                                                | CUSIP: 547413DV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $368956.73    | 0.07%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Electric Revenue                     | Metropolitan Government of Nashville and Davidson County, Series 2024A                                                                 | CUSIP: 592030R44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1089057.89   | 0.19%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Building Authority                                                                | North Dakota Building Authority, Series 2020A                                                                                          | CUSIP: 658905EV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $233237.88    | 0.04%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                                                     | Salt Verde Financial Corp., Series 2007-1                                                                                              | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   5670000 | PA      | $6053093.55   | 1.07%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                     | Maryland Stadium Authority, Built to Learn                                                                                             | CUSIP: 574294CV4<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002617.50   | 0.18%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                           | CUSIP: 19648FZA5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067054.40   | 0.19%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rome Building Authority                                                                        | Rome Building Authority, Rome City School Project, Series 2023                                                                         | CUSIP: 776000AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1485336.88   | 0.26%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 2025 2-B                                            | CUSIP: 64985SBY8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086254.30   | 0.19%             | 2049-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                      | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2020B-2                                   | CUSIP: 442349DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003978.60   | 0.18%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                                 | Oklahoma Water Resources Board, State Loan Program, Series 2023C                                                                       | CUSIP: 67920Q3A4<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |    810000 | PA      | $874069.38    | 0.15%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2025B                                                                                | CUSIP: 56035DKH4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043054.30   | 0.18%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                              | County of Wake, Series 2025A                                                                                                           | CUSIP: 930876JG3<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097186.10   | 0.19%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                           | District of Columbia, Series 2025A                                                                                                     | CUSIP: 25484JDJ6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2963793.53   | 0.52%             | 2060-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow                         | Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow, Series B                                                     | CUSIP: 625482GF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1612492.75   | 0.28%             | 2035-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                      | CUSIP: 63607YCW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011940.30   | 0.18%             | 2050-06-01      | Fixed         | 5.50%                 | 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 2023, Series 2023D, Subseries D-1                        | CUSIP: 64971X4E5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10032274.00  | 1.77%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                                            | County of Warren, Otterbein Homes Obligation Group                                                                                     | CUSIP: 93515PEK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $982435.99    | 0.17%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Taylor Independent School District/TX                                                          | Taylor Independent School District                                                                                                     | CUSIP: 877299NV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1165796.17   | 0.21%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                                   | Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan, Series 2024A-1                                    | CUSIP: 48502MAB9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    575000 | PA      | $507116.48    | 0.09%             | 2054-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                       | State of Connecticut, Special Tax Transportation Infrastructure Purposes, Series 2022A                                                 | CUSIP: 207758J87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1396257.63   | 0.25%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                                    | Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project, Series 2013-1                                     | CUSIP: 121342QL6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    500000 | PA      | $500463.05    | 0.09%             | 2027-03-12      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., JFK International Airport New Terminal One Project, Series 2023                             | CUSIP: 650116GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1143445.56   | 0.20%             | 2049-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                             | City of Detroit, Unlimited Tax, Series 2021A                                                                                           | CUSIP: 2510934Y3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    400000 | PA      | $414128.72    | 0.07%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | USCPI                                                                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  20133000 | PA      | $105163.23    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                               | Virginia Public School Authority, 1997 Resolution, Series 2025A                                                                        | CUSIP: 92818HH61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2193961.60   | 0.39%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                         | Illinois Housing Development Authority, Series 2025A                                                                                   | CUSIP: 45203MK34<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1123612.60   | 0.20%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                               | California Health Facilities Financing Authority, PIH Health, Series 2020A                                                             | CUSIP: 13032UWP9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $827436.10    | 0.15%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                                          | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021B-2, Class 2            | CUSIP: 66585VCB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $339215.10    | 0.06%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington Motor Vehicle Fuel Tax, Series 2024B                                                                               | CUSIP: 93974EM29<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2035100.40   | 0.36%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series 2018A                                                                                       | CUSIP: 888808HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5102839.00   | 0.90%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                                      | North Texas Municipal Water District Water System                                                                                      | CUSIP: 662903H97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1109872.30   | 0.20%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                               | California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project                               | CUSIP: 13054WBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518065.70    | 0.09%             | 2036-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                         | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series 2016A                             | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922949.90    | 0.16%             | 2056-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                                | State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2025A                                                                   | CUSIP: 546475WX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072159.20   | 0.19%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                                   | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured, Series B                                       | CUSIP: 649451GX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8770000 | PA      | $2330504.72   | 0.41%             | 2049-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                             | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2023B                                                       | CUSIP: 67766WJ52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2260352.80   | 0.40%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                                           | Hillsborough County Industrial Development Authority, Baycare Health System, Series 2024E                                              | CUSIP: 43233KAX2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.18%             | 2054-11-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                                           | County of Jefferson sewer                                                                                                              | CUSIP: 472682ZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2058648.20   | 0.36%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Peace River Manasota Regional Water Supply Authority                                           | Peace River Manasota Regional Water Supply Authority, Utility System, Series 2025A                                                     | CUSIP: 704612GM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2077279.20   | 0.37%             | 2046-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                              | City and County of Denver, Airport System, Series 2018A                                                                                | CUSIP: 249182LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $879345.60    | 0.16%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                          | Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project, Series 1998C                   | CUSIP: 606907BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $893981.30    | 0.16%             | 2033-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| County of Boone KY                                                                             | County of Boone, Duke Energy Kentucky, Inc., Series 2008A                                                                              | CUSIP: 098792AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $746445.03    | 0.13%             | 2027-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Fort Wayne Redevelopment Authority                                                             | Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project                                                               | CUSIP: 349288EW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001749.10   | 0.18%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                                            | Crandall Independent School District, Unlimited Tax                                                                                    | CUSIP: 228130KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $440924.00    | 0.08%             | 2053-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Municipal Wholesale Electric Co.                                                 | Massachusetts Municipal Wholesale Electric Co., Series 2021A                                                                           | CUSIP: 575766AR1<br>LEI: 549300CFLHW0OYBX9C89 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965344.90    | 0.17%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                                        | Massachusetts Water Resources Authority, Green Bond, Series 2016C                                                                      | CUSIP: 576051PN0<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $946672.00    | 0.17%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                                        | County of Montgomery, Ohio Health care Facilities Solvita Project, Series 2024                                                         | CUSIP: 613518DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1236010.13   | 0.22%             | 2049-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                                          | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021B-1, Class 2            | CUSIP: 66585VCA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $634861.77    | 0.11%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                          | Metropolitan Transportation Authority, Series 2020C-1                                                                                  | CUSIP: 59261AG50<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999334.50    | 0.18%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                                         | Lewisville Independent School District, Unlimited Tax                                                                                  | CUSIP: 52882PHS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2362218.75   | 0.42%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Clarksville Water Sewer and Gas                                                        | City of Clarksville Water Sewer and Gas, Series 2021A                                                                                  | CUSIP: 182618PR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1654111.88   | 0.29%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                               | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                    | CUSIP: 20282EAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518585.85    | 0.09%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                    | Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series 2020A                                     | CUSIP: 939783C95<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1316851.50   | 0.23%             | 2041-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                       | Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project                                                       | CUSIP: 12008ETN6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    510000 | PA      | $544166.48    | 0.10%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                             | County of Clark, Nevada Improvement District No. 158                                                                                   | CUSIP: 181003PE8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10335.16     | 0.00%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                            | Metropolitan Washington Airports Authority Dulles Toll Road, Series 2019A                                                              | CUSIP: 592643CR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $279227.76    | 0.05%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Killeen TX                                                                             | City of Killeen                                                                                                                        | CUSIP: 494135DQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2368312.03   | 0.42%             | 2042-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                                  | Texas Water Development Board, State Water Implementation Fund, Series 2018B                                                           | CUSIP: 882854N65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074229.30   | 0.19%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                             | City of Houston, Combined Utility System, Junior Lien, Series 2002A                                                                    | CUSIP: 4424362G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5550000 | PA      | $6550580.64   | 1.16%             | 2032-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                                    | JEA Electric System, Series 2020A-3                                                                                                    | CUSIP: 46613SQK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1253081.17   | 0.22%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, Boston Medical Center Issue, Series 2025W                                                    | CUSIP: 57585BHN1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $866808.00    | 0.15%             | 2055-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                                     | Philadelphia Gas Works Co., 1998 General Ordinance, Series 17B                                                                         | CUSIP: 71783MDG7<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1533522.60   | 0.27%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2021E                                           | CUSIP: 64990FL44<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1808875.60   | 0.32%             | 2042-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Parish of St. John the Baptist LA                                                              | Parish of St. John the Baptist, Marathon Oil Corp., Project, Series 2017A-1                                                            | CUSIP: 79020FAW6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5500000 | PA      | $5545860.10   | 0.98%             | 2026-07-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Adventist Health System, Series 2024A-1                                                          | CUSIP: 19648FYN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079932.70   | 0.19%             | 2059-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pflugerville TX                                                                        | City of Pflugerville, Combination Tax, Series 2023A                                                                                    | CUSIP: 717088AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $842573.90    | 0.15%             | 2053-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                            | City of New York, Fiscal Year 2014, Series 2014D-4                                                                                     | CUSIP: 64966LCP4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.44%             | 2040-08-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                                 | Oklahoma Water Resources Board, Clean Water Program, Series 2025A                                                                      | CUSIP: 67919PWW9<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027101.50   | 0.18%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Port Authority                                                                | Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023                                                        | CUSIP: 473318AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2140000 | PA      | $2143019.54   | 0.38%             | 2028-12-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                 | Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Class 2                                                                | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5655000 | PA      | $494512.22    | 0.09%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-02

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer