# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001752724-23-016713
**Filing Date:** 2023-1
**Character Count:** 414210
**Document Hash:** b2d27d44a85147dc9a7462e1ba88cc8d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016713.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016713

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Trust I
- **CENTRAL INDEX KEY:** 0001217286
- **IRS NUMBER:** 331043149
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 23563090

**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 High Yield Municipal Fund (Series ID: S000018749)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000051893 | Class I      | JTISX           |
| C000051894 | Class A      | JTIAX           |
| C000051895 | Class C      | JTICX           |
| C000205663 | Class R6     | JTIRX           |

## Nport-Ex

**JPMorgan High Yield Municipal Fund**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 97.8%** (a) | **Municipal Bonds — 97.8%** (a) | **Municipal Bonds — 97.8%** (a) |
| **Alaska — 0.6%** | **Alaska — 0.6%** | **Alaska — 0.6%** |
| &nbsp;&nbsp;&nbsp; Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2036 | 2000 | 1962 |
| **Arizona — 5.3%** | **Arizona — 5.3%** | **Arizona — 5.3%** |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Academics of Math & Science Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2029 (b) | 400 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2039 (b) | 1000 | 974 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project Series 2021A, Rev., 4.00%, 12/15/2051 (b) | 350 | 262 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Cadence Campus Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 7/15/2030 (b) | 480 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 7/15/2040 (b) | 800 | 668 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/15/2041 (b) | 130 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/15/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Series A, Rev., 4.25%, 11/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Fire MESA and Red Rock Campus Projects Series 2019A, Rev., 3.55%, 7/15/2029 (b) | 1155 | &nbsp;&nbsp;&nbsp;&nbsp; 1054 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2029 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2037 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2038 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.25%, 1/1/2039 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.50%, 1/1/2049 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Pebble Campus Project Series 2020A, Rev., 5.00%, 7/15/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project Series 2022A, Rev., 4.50%, <br> 7/15/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Pinecrest Academy, Canyon Campus Project Rev., 5.00%, 7/15/2040 (b) | 2515 | &nbsp;&nbsp;&nbsp;&nbsp; 2438 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Pinecrest Academy, Horizon, Inspirada and St. Rose Campus Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.75%, 7/15/2038 (b) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp; City of Mesa, Utility System Rev., AGM, 5.25%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Glendale Industrial Development Authority, Terraces of Phoenix Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University <br> Project<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; La Paz County Industrial Development Authority, Harmony Public School Project Series 2018A, Rev., 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Arizona Autism Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 7/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Ottawa University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.13%, 10/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp; 18350 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — 4.4%** | **California — 4.4%** | **California — 4.4%** |
| &nbsp;&nbsp;&nbsp; California Community College Financing Authority, Orange Coast Properties LLC - Orange Coast College Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2037 | 750 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2038 | 400 | 393 |
| &nbsp;&nbsp;&nbsp; California Community Housing Agency, Fountains at Emerald Park Series 2021A-2, Rev., 4.00%, 8/1/2046 (b) | 500 | 383 |
| &nbsp;&nbsp;&nbsp; California Community Housing Agency, Glendale Properties Series 2021A-2, Rev., 4.00%, 8/1/2047 (b) | 1500 | 1099 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 12/1/2036 (b) | 175 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 12/1/2046 (b) | 1000 | 961 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2047 | 200 | 202 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, John Adams Academies Lincoln Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 10/1/2029 (b) | 410 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Linxs Apartments Project, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project Series 2015B-2, Rev., <br> AMT, 3.13%, 11/3/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Enso Village Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2046 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2056 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Laverne Elementary Preparatory Academy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.25%, 6/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/15/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2018A, Rev., AGM, Zero <br> Coupon, 8/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Kipp Projects School Facility Series 2015A, Rev., 5.00%, 7/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; CMFA Special Finance Agency VIII Junior, Elan Hunting Beach Series 2021A-2, Rev., 4.00%, 8/1/2047 (b) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Mezzanine Lien Series 2021B, Rev., 4.00%, 2/1/2057 (b) | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Oceanaire-Long Beach Series 2021A-2, Rev., 4.00%, <br> 9/1/2056 (b)<br>| 2115 | &nbsp;&nbsp;&nbsp;&nbsp; 1605 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Orange Portfolio Series 2021A-1, Rev., 2.80%, 3/1/2047 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Rev., 4.00%, 8/1/2056 (b) | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1142 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Towne at Glendale Apartments Rev., 5.00%, 9/1/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp; Orange County Community Facilities District No. 2021-1, Rienda Series A, Rev., 5.00%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616 |
| &nbsp;&nbsp;&nbsp; Palomar Health Rev., 5.00%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp; Pomona Unified School District Series C, GO, 6.00%, 8/1/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp; 15141 |
| **Colorado — 13.6%** | **Colorado — 13.6%** | **Colorado — 13.6%** |
| &nbsp;&nbsp;&nbsp; Aviation Station North Metropolitan District No. 2, Limited Tax Series 2019A, GO, 5.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693 |
| &nbsp;&nbsp;&nbsp; Bradburn Metropolitan District No. 2, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 7.25%, 12/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469 |
| &nbsp;&nbsp;&nbsp; Broadway Park North Metropolitan District No. 2, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2049 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586 |
| &nbsp;&nbsp;&nbsp; Canyon Pines Metropolitan District Special Improvement District No. 1 Series 2021A-2, 3.75%, 12/1/2040 | 1325 | &nbsp;&nbsp;&nbsp;&nbsp; 1007 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp; City and County of Denver |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D, Rev., AMT, 5.75%, 11/15/2039 | 1500 | 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D, Rev., AMT, 5.75%, 11/15/2045 | 1250 | 1384 |
| &nbsp;&nbsp;&nbsp; Colorado Crossing Metropolitan District No. 2, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-2, GO, 4.00%, 12/1/2030 | 1065 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-1, GO, 5.00%, 12/1/2047 | 2000 | 1726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-2, GO, 5.00%, 12/1/2050 | 2000 | 1686 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project Rev., 4.00%, 5/1/2051 | 175 | 140 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2040 (b) | 555 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2050 (b) | 735 | 603 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 12/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Rev., 5.00%, 2/1/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series 2017A, Rev., 5.25%, 5/15/2028 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Series 2020A, Rev., 4.00%, 9/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp; Copper Ridge Metropolitan District, Tax Increment and Sales Tax Rev., 4.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456 |
| &nbsp;&nbsp;&nbsp; Copperleaf Metropolitan District No. 4, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 12/1/2049 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908 |
| &nbsp;&nbsp;&nbsp; Cross Creek Metropolitan District No. 2, Unlimited Tax GO, AGM, 4.00%, 12/1/2045 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955 |
| &nbsp;&nbsp;&nbsp; DIATC Metropolitan District, Limited Tax and Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.25%, 12/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2039 (b) | 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1128 |
| &nbsp;&nbsp;&nbsp; Dominion Water and Sanitation District Rev., 5.25%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506 |
| &nbsp;&nbsp;&nbsp; Jefferson Center Metropolitan District No. 1 Series 2020A-2, Rev., 4.13%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp; Lanterns Metropolitan District No. 1, Limited Tax Series 2019A, GO, 5.00%, 12/1/2039 | 1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1291 |
| &nbsp;&nbsp;&nbsp; Mirabelle Metropolitan District No. 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 12/1/2049 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1091 |
| &nbsp;&nbsp;&nbsp; Painted Prairie Metropolitan District No. 2 GO, 5.25%, 12/1/2048 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1821 |
| &nbsp;&nbsp;&nbsp; Painted Prairie Public Improvement Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2029 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2039 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2348 |
| &nbsp;&nbsp;&nbsp; Peak Metropolitan District No. 1 Series A, GO, 5.00%, 12/1/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy, Natural Gas Purchase Rev., 6.13%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp; Regional Transportation District, Denver Transit Partners Rev., 4.00%, 7/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp; Reunion Metropolitan District Series 2021A, Rev., 3.63%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp; Rocky Mountain Rail Park Metropolitan District, Limited Tax Series 2021A, GO, 5.00%, 12/1/2041 (b) | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1074 |
| &nbsp;&nbsp;&nbsp; Sky Ranch Community Authority Board, Metropolitan District No. 3 Series A, Rev., 5.75%, 12/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456 |
| &nbsp;&nbsp;&nbsp; STC Metropolitan District No. 2, Limited Tax Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 3.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 12/1/2029 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 12/1/2038 | 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1589 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp; Sterling Ranch Community Authority Board, Limited Tax Supported District No. 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 3.38%, 12/1/2030 | 500 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 3.75%, 12/1/2040 | 500 | 394 |
| &nbsp;&nbsp;&nbsp; Third Creek Metropolitan District No. 1, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, GO, 4.50%, 12/1/2037 | 825 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, GO, 4.75%, 12/1/2051 | 760 | 567 |
| &nbsp;&nbsp;&nbsp; Thompson Crossing Metropolitan District No. 4, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2039 | 1400 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2049 | 1500 | 1330 |
| &nbsp;&nbsp;&nbsp; Trails at Crowfoot Metropolitan District No. 3, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.38%, 12/1/2030 | 620 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 12/1/2039 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 937 |
| &nbsp;&nbsp;&nbsp; Transport Metropolitan District No. 3, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, GO, 4.13%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, GO, 5.00%, 12/1/2041 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871 |
| &nbsp;&nbsp;&nbsp; Verve Metropolitan District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2041 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp; Westerly Metropolitan District No. 4, Limited Tax Series 2021A, GO, 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629 |
| &nbsp;&nbsp;&nbsp; Windler Public Improvement Authority, Limited Tax Series 2021A-1, Rev., 4.00%, 12/1/2036 | 1865 | &nbsp;&nbsp;&nbsp;&nbsp; 1442 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp; 46649 |
| **Connecticut — 1.0%** | **Connecticut — 1.0%** | **Connecticut — 1.0%** |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Mary Wade Home Series A-1, Rev., 5.00%, 10/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, McLean |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2045 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, The Griffin Hospital Series G-1, Rev., 5.00%, 7/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp; Stamford Housing Authority Rev., BAN, 11.00%, 12/1/2027 (b) (e) | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1502 |
| &nbsp;&nbsp;&nbsp; Steel Point Infrastructure Improvement District, Steelpointe Harbor Project Rev., 4.00%, 4/1/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 3390 |
| **Delaware — 0.1%** | **Delaware — 0.1%** | **Delaware — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Aspria of Delaware Charter Operations inc. Projects Series 2022A, Rev., <br> 4.00%, 6/1/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| **District of Columbia — 0.7%** | **District of Columbia — 0.7%** | **District of Columbia — 0.7%** |
| &nbsp;&nbsp;&nbsp; District of Columbia, Kipp DC Project Rev., 4.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Latin American Montessori Bilingual Public Charter School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2030 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2040 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 951 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Rocketship Obligated Group Series 2020A, Rev., 5.00%, 6/1/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 2456 |
| **Florida — 6.5%** | **Florida — 6.5%** | **Florida — 6.5%** |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Advantage Academy of Hillsborough Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/15/2039 | 1775 | &nbsp;&nbsp;&nbsp;&nbsp; 1789 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Franklin Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2025 (b) | 300 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2026 (b) | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2027 (b) | 330 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2028 (b) | 345 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2029 (b) | 365 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2030 (b) | 510 | 511 |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Imagine School at Land O'Lakes Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 3.00%, 12/15/2029 (b) | 420 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 12/15/2039 (b) | 640 | 604 |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Legends Academy Project Series 2021A, Rev., 5.00%, 12/1/2045 (b) | 1625 | 1309 |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Liza Jackson Preparatory School, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Sustainability Bonds - The Marie Rev., 4.00%, 6/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte County Industrial Development Authority, Town and Country Utilities Project Series 2021A, Rev., AMT, 4.00%, <br> 10/1/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp; City of Tampa, H. Lee Moffitt Cancer Center Project Series 2020B, Rev., 4.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp; County of Lake, Imagine South Lake Charter School Project Series A, Rev., 5.00%, 1/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 |
| &nbsp;&nbsp;&nbsp; County of Palm Beach, Palm Beach Atlantic University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Cornerstone Charter Academy Project Series 2022, Rev., 5.00%, 10/1/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Educational Facilities, Renaissance Charter School, Inc. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 4.00%, 9/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 9/15/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, Rev., 5.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Educational Facilities, UCP Charter Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., IDEA Florida, Inc., Jacksonville IV Project Rev., 5.25%, 6/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Imagine School at Broward Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/15/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Mater Academy Project Series 2020A, Rev., 5.00%, 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Pepin Academics of Pasco County, Inc. Project Series 2020A, Rev., 5.00%, 1/1/2040 (b) | 2430 | &nbsp;&nbsp;&nbsp;&nbsp; 2258 |
| &nbsp;&nbsp;&nbsp; Florida Higher Educational Facilities Financial Authority, St. Leo University Project Rev., 5.00%, 3/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693 |
| &nbsp;&nbsp;&nbsp; Miami Beach Health Facilities Authority, Mount Sinai Medical Center Rev., 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556 |
| &nbsp;&nbsp;&nbsp; Middleton Community Development District A 6.10%, 5/1/2042 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020B, Rev., <br> 4.00%, 11/15/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Jupiter Medical Center Series A, Rev., 5.00%, 11/1/2052 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinellas County Educational Facilities Authority, Pinellas Academy of Math and Science Project Series 2018A, Rev., 4.13%, <br> 12/15/2028 (b)<br>| 785 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning Series 2021A, Rev., 4.00%, <br> 6/15/2051 (b)<br>| 830 | 615 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp; 22311 |
| **Georgia — 0.5%** | **Georgia — 0.5%** | **Georgia — 0.5%** |
| &nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 4.00%, 1/1/2054 | 500 | 405 |
| &nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel Second |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 1/1/2036 (b) | 500 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 1/1/2054 (b) | 855 | 709 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 1580 |
| **Idaho — 0.0% ^** | **Idaho — 0.0% ^** | **Idaho — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Compass Public Charter School, Inc., Project Series 2018A, Rev., 4.63%, 7/1/2029 (b) | 165 | 167 |
| **Illinois — 2.3%** | **Illinois — 2.3%** | **Illinois — 2.3%** |
| &nbsp;&nbsp;&nbsp; City of Chicago, Waterworks, Second Lien Rev., AMBAC, BHAC - CR, 5.75%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp; County of Du Page, The Morton Abroretum Project Rev., 3.00%, 5/15/2047 | 1265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 951 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Clark-Lindsey Village Series A, Rev., 5.25%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Lake Forest College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 10/1/2042 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1203 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Play Mouth Place, Inc. Series 2022B-1, Rev., 6.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Social Bonds-Learn Chapter School Project Rev., 4.00%, 11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, University of Illinois, Urbana-Champaign Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2044 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago Series C, GO, 5.25%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; State of Illinois GO, 4.13%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; Upper Illinois River Valley Development Authority, Morris Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2028 | 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 7773 |
| **Indiana — 2.0%** | **Indiana — 2.0%** | **Indiana — 2.0%** |
| &nbsp;&nbsp;&nbsp; City of Franklin, Otterbeit Homes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471 |
| &nbsp;&nbsp;&nbsp; City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (b) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774 |
| &nbsp;&nbsp;&nbsp; City of Valparaiso Rev., 5.38%, 12/1/2041 (b) | 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1222 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, DePauw University Series 2022-A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Goshen Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 11/1/2036 | 235 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 11/1/2037 | 330 | 324 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Marian University Project Series A, Rev., 4.00%, 9/15/2044 | 1090 | 966 |
| &nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021A, Rev., 5.25%, 4/1/2041 (b) | 1250 | 1002 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 6918 |
| **Iowa — 0.6%** | **Iowa — 0.6%** | **Iowa — 0.6%** |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Northcrest Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 3/1/2028 | 695 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 3/1/2038 | 250 | 235 |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, PHS Council Bluffs, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.95%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.45%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310 |
| &nbsp;&nbsp;&nbsp; Total Iowa |  | &nbsp;&nbsp;&nbsp;&nbsp; 1952 |
| **Kansas — 0.7%** | **Kansas — 0.7%** | **Kansas — 0.7%** |
| &nbsp;&nbsp;&nbsp; City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 5/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 822 |
| &nbsp;&nbsp;&nbsp; City of Topeka Series 2022-A, Rev., 5.75%, 12/1/2033 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp; City of Wichita, Health Care Facilities, Presbyterian Manors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 I, Rev., 5.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., 5.00%, 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 2487 |
| **Kentucky — 0.5%** | **Kentucky — 0.5%** | **Kentucky — 0.5%** |
| &nbsp;&nbsp;&nbsp; City of Ashland, Kings Daughters Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 2/1/2036 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 2/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 |
| &nbsp;&nbsp;&nbsp; City of Hermiston Series 2022A, Rev., AMT, 4.45%, 1/1/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 1796 |
| **Louisiana — 1.7%** | **Louisiana — 1.7%** | **Louisiana — 1.7%** |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2051 (b) | 1145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Materra Campus Project Series 2021C, Rev., 4.00%, 6/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Mentorship Steam Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2056 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, School Master Project Series 2021A, Rev., 4.00%, 6/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Young Audiences Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 4/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 4/1/2039 (b) | 1425 | &nbsp;&nbsp;&nbsp;&nbsp; 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 4/1/2049 (b) | 1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 963 |
| &nbsp;&nbsp;&nbsp; New Orleans Aviation Board, General Airport, North Terminal Project Series B, Rev., AMT, 5.00%, 1/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 5720 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maine — 0.0% ^** | **Maine — 0.0% ^** | **Maine — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maine Health and Higher Educational Facilities Authority, Central Maine Medical Center Series 2013A, Rev., 5.00%, <br> 7/1/2023 (d)<br>| 25 | 25 |
| **Maryland — 2.1%** | **Maryland — 2.1%** | **Maryland — 2.1%** |
| &nbsp;&nbsp;&nbsp; County of Frederick, Educational Facilities, Mount St. Mary's University Series 2017A, Rev., 5.00%, 9/1/2037 (b) | 1500 | 1442 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Annapolis Mobility and Resilience Project Series 2022-A, Rev., 5.00%, 12/31/2037 | 1000 | 1045 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Bowie State University Project Rev., 4.00%, 7/1/2040 | 300 | 269 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Morgan State University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.25%, 7/1/2032 | 500 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.25%, 7/1/2033 | 545 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.38%, 7/1/2038 | 1220 | 1295 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Port Covington Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2040 | 875 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.25%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Stevenson University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 7342 |
| **Massachusetts — 2.4%** | **Massachusetts — 2.4%** | **Massachusetts — 2.4%** |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority, Sales Tax Series B, Rev., NATL - RE, 5.50%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Emerson College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Emmanuel College Series 2016A, Rev., 5.00%, 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Rev., 4.13%, 10/1/2042 (b) | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1890 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Orchid Cove, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Suffolk University Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 628 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 3.00%, 10/1/2045 | 1280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956 |
| &nbsp;&nbsp;&nbsp; Massachusetts Port Authority Series A, Rev., 5.00%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 8338 |
| **Michigan — 3.3%** | **Michigan — 3.3%** | **Michigan — 3.3%** |
| &nbsp;&nbsp;&nbsp; City of Detroit, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 4.00%, 4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 4.00%, 4/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| &nbsp;&nbsp;&nbsp; Flint Hospital Building Authority, Hurley Medical Center Rev., 4.00%, 7/1/2038 | 1800 | 1619 |
| &nbsp;&nbsp;&nbsp; Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2037 | 1230 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2055 | 3000 | 2429 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Aqunias College Project Rev., 4.00%, 5/1/2031 | 540 | 478 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Lawrence Technological University Rev., 4.00%, 2/1/2042 | 370 | 307 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Universal Learning Academy Rev., 6.00%, 11/1/2032 | 750 | 776 |
| &nbsp;&nbsp;&nbsp; Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2037 | 670 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2044 | 1000 | 924 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp; 11385 |
| **Minnesota — 1.0%** | **Minnesota — 1.0%** | **Minnesota — 1.0%** |
| &nbsp;&nbsp;&nbsp; City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 4.00%, 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721 |
| &nbsp;&nbsp;&nbsp; City of Wayzata, Folkestone Senior Living Community |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.75%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.75%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp; City of Woodbury, Charter School Lease |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478 |
| &nbsp;&nbsp;&nbsp; City of Woodbury, Charter School Lease, MSA Building Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs Series 2007A-2, Rev., GNMA / <br> FNMA / FHLMC, 5.52%, 3/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 3473 |
| **Mississippi — 0.7%** | **Mississippi — 0.7%** | **Mississippi — 0.7%** |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Harrison County, Coliseum and Convention Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GTD, 5.25%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010A, Rev., GTD, 5.25%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp; Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 1/1/2039 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 1/1/2040 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964 |
| &nbsp;&nbsp;&nbsp; Total Mississippi |  | &nbsp;&nbsp;&nbsp;&nbsp; 2475 |
| **Missouri — 2.7%** | **Missouri — 2.7%** | **Missouri — 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bi-State Development Agency of the Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, <br> 7/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2034 | 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 2/1/2036 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2042 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Missouri — continued** | **Missouri — continued** | **Missouri — continued** |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of St. Louis Missouri (The), Innovation District Rev., 5.00%, 5/15/2041 | 575 | 560 |
| &nbsp;&nbsp;&nbsp; Joplin Industrial Development Authority, 32nd Street Place Community Improvement District Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.50%, 11/1/2040 | 655 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 11/1/2050 | 1250 | 997 |
| &nbsp;&nbsp;&nbsp; Plaza at Noah's Ark Community Improvement District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 5/1/2024 | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 5/1/2025 | 225 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 5/1/2026 | 275 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.13%, 5/1/2035 | 500 | 408 |
| &nbsp;&nbsp;&nbsp; St. Louis County Industrial Development Authority, Friendship Village Series 2018A, Rev., 5.00%, 9/1/2028 | 630 | 619 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 9225 |
| **Montana — 0.4%** | **Montana — 0.4%** | **Montana — 0.4%** |
| &nbsp;&nbsp;&nbsp; Cascade County Elementary School District No. 1 Great Falls, School Building GO, 3.63%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp; County of Gallatin, Bozeman Fiber Project Series 2021A, Rev., 4.00%, 10/15/2032 (b) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 906 |
| &nbsp;&nbsp;&nbsp; Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Total Montana |  | &nbsp;&nbsp;&nbsp;&nbsp; 1247 |
| **Nevada — 0.5%** | **Nevada — 0.5%** | **Nevada — 0.5%** |
| &nbsp;&nbsp;&nbsp; City of Las Vegas, Special Improvement District No. 611, Local Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp; City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility Series 2019E, Rev., <br> 5.00%, 7/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp; Total Nevada |  | &nbsp;&nbsp;&nbsp;&nbsp; 1727 |
| **New Hampshire — 0.4%** | **New Hampshire — 0.4%** | **New Hampshire — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of Manchester, School Facilities Rev., NATL - RE, 5.50%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, The Vista Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.25%, 7/1/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.63%, 7/1/2046 (b) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 922 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp; 1215 |
| **New Jersey — 1.9%** | **New Jersey — 1.9%** | **New Jersey — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project Series 2019A, Rev., 5.00%, <br> 10/1/2039 (b)<br>| 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1526 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Golden Door Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.13%, 11/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Rev., 6.25%, 11/1/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Marion P. Thomas Charter School, Inc., Project Series 2018-A, Rev., 5.00%, <br> 10/1/2033 (b)<br>| 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, White Horse HMT Urban Renewal LLC Project Rev., 5.00%, 1/1/2040 (b) | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2268 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Senior Student Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 4.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 4.00%, 12/1/2033 | 320 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 4.00%, 12/1/2034 | 185 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 4.00%, 12/1/2035 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 6392 |
| **New Mexico — 0.2%** | **New Mexico — 0.2%** | **New Mexico — 0.2%** |
| &nbsp;&nbsp;&nbsp; New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group - La Vida Llena Expansion Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/1/2033 | 360 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/1/2034 | 375 | 340 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670 |
| **New York — 5.1%** | **New York — 5.1%** | **New York — 5.1%** |
| &nbsp;&nbsp;&nbsp; Buffalo and Erie County Industrial Land Development Corp., D'youville College Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2040 | 1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 967 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Inwood Academy for Leadership Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.88%, 5/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.13%, 5/1/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., New World Preparatory Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Richmond Preparatory Charter School Project Series 2021A, Rev., 5.00%, 6/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp; Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series 2017A, Rev., 4.00%, 11/1/2042 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Series 2020A-1, Rev., BAN, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501 |
| &nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2059 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., AGM, 3.00%, 9/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 694 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 1/1/2025 | 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 10/1/2030 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/1/2040 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996 |
| &nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp., Le Moyne College Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508 |
| &nbsp;&nbsp;&nbsp; Suffolk County Economic Development Corp., Peconic Landing at Southold Project, Inc. Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 772 |
| &nbsp;&nbsp;&nbsp; Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.13%, 11/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.38%, 11/1/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp; Yonkers Economic Development Corp., Charter School of Educational Excellence Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp; 17701 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Carolina — 0.1%** | **North Carolina — 0.1%** | **North Carolina — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Retirement Facilities, Pennybyrn at Maryfield Project Series 2020A, Rev., 5.00%, <br> 10/1/2040<br>| 355 | 340 |
| **Ohio — 3.2%** | **Ohio — 3.2%** | **Ohio — 3.2%** |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority Series 2020B-2, Class 2, Rev., 5.00%, 6/1/2055 | 2720 | 2492 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2033 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/1/2038 | 500 | 505 |
| &nbsp;&nbsp;&nbsp; County of Cuyahoga, Eliza Jennings Senior Care Network Series 2022-A, Rev., 5.00%, 5/15/2032 | 500 | 488 |
| &nbsp;&nbsp;&nbsp; County of Greene, Various Purpose Series 2007A, GO, AMBAC, 5.25%, 12/1/2028 | 45 | 50 |
| &nbsp;&nbsp;&nbsp; County of Hardin, Economic Development Facilities Improvement, Ohio Northern University Rev., 5.00%, 5/1/2030 | 250 | 237 |
| &nbsp;&nbsp;&nbsp; Northeast Ohio Medical University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 3.00%, 12/1/2040 | 125 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Capital University 2022 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.75%, 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Cleveland Institute of Music 2 Rev., 5.38%, 12/1/2052 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1526 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, University of Findlay 2019 Project Rev., 5.00%, 3/1/2034 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2019 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp; 11000 |
| **Oklahoma — 0.3%** | **Oklahoma — 0.3%** | **Oklahoma — 0.3%** |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Health System, OU Medicine Project Series B, Rev., 5.00%, 8/15/2038 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896 |
| **Oregon — 1.5%** | **Oregon — 1.5%** | **Oregon — 1.5%** |
| &nbsp;&nbsp;&nbsp; Clackamas County Hospital Facility Authority, Mary's Woods at Marylhurst Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 5/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp; Linn County Community School District No. 9 Lebanon GO, NATL - RE, 5.50%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596 |
| &nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority, Capital Manor Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2038 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Union County Hospital Facility Authority, Grande Ronde Hospital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 7/1/2036 | 1430 | &nbsp;&nbsp;&nbsp;&nbsp; 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 7/1/2037 | 1505 | &nbsp;&nbsp;&nbsp;&nbsp; 1547 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 5310 |
| **Pennsylvania — 6.3%** | **Pennsylvania — 6.3%** | **Pennsylvania — 6.3%** |
| &nbsp;&nbsp;&nbsp; Aliquippa School District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.75%, 12/1/2033 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.88%, 12/1/2037 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1238 |
| &nbsp;&nbsp;&nbsp; Allegheny County Higher Education Building Authority, Chatham University Rev., 5.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development Authority, City Center Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2033 (b) | 250 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2042 (b) | 250 | 226 |
| &nbsp;&nbsp;&nbsp; Berks County Industrial Development Authority, The Highlands at Wyomissing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2033 | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 5/15/2037 | 250 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2038 | 500 | 492 |
| &nbsp;&nbsp;&nbsp; Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2037 | 1000 | 742 |
| &nbsp;&nbsp;&nbsp; Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 4.00%, 7/1/2046 | 890 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Erie, Higher Education Building Authority, Gannon University Project - AICUP Financing Program Series 2021TT1, Rev., <br> 4.00%, 5/1/2041<br>| 175 | 150 |
| &nbsp;&nbsp;&nbsp; Dallas Area Municipal Authority, Misericordia University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.25%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2039 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1068 |
| &nbsp;&nbsp;&nbsp; Franklin County Industrial Development Authority, Menno-Haven, Inc., Project Rev., 5.00%, 12/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407 |
| &nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/15/2038 | 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1039 |
| &nbsp;&nbsp;&nbsp; Luzerne County Industrial Development Authority Rev., AGM, 5.00%, 12/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; Mercer County Industrial Development Authority, Thiel College Project Rev., 6.13%, 10/1/2050 (b) | 2635 | &nbsp;&nbsp;&nbsp;&nbsp; 2213 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Arcadia University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Holy Family University Series 2023, Rev., 5.00%, 9/1/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Independence Charter School West Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, International Education and Community Initiatives Project Series 2018-A, <br> Rev., 4.50%, 6/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, MAST Community Charter School II Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Philadelphia Electrical and Technology Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia (The) Series B, GO, AGM, 4.00%, 9/1/2043 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 |
| &nbsp;&nbsp;&nbsp; West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project Rev., 5.00%, 12/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 716 |
| &nbsp;&nbsp;&nbsp; Wilkes-Barre Area School District GO, 3.75%, 4/15/2044 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp; 21523 |
| **Puerto Rico — 0.9%** | **Puerto Rico — 0.9%** | **Puerto Rico — 0.9%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico Series 2022A-1, GO, 5.38%, 7/1/2025 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3041 |
| **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Rhode Island Student Loan Authority Series 2017A, Rev., AMT, 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **South Carolina — 1.4%** | **South Carolina — 1.4%** | **South Carolina — 1.4%** |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Episcopal Home at Still Hopes Series 2018A, Rev., 5.00%, 4/1/2033 | 1485 | 1394 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Kiawah Life Plan Village, Inc., Project Rev., 8.75%, 7/1/2025 (b) | 300 | 309 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2034 (b) | 1405 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2039 (b) | 1795 | 1762 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project Series 2020A, Rev., 5.00%, 11/15/2029 | 110 | 109 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 4992 |
| **Tennessee — 2.6%** | **Tennessee — 2.6%** | **Tennessee — 2.6%** |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., AMT, 5.25%, 7/1/2047 (e) | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., AMT, 5.00%, 7/1/2052 (e) | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., AMT, 5.50%, 7/1/2052 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890 |
| &nbsp;&nbsp;&nbsp; Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.50%, 6/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.13%, 6/1/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429 |
| &nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.75%, 10/1/2049 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.75%, 10/1/2054 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.75%, 10/1/2059 | 3350 | &nbsp;&nbsp;&nbsp;&nbsp; 2869 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 8856 |
| **Texas — 6.0%** | **Texas — 6.0%** | **Texas — 6.0%** |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc. Series 2020A, Rev., 4.00%, 6/15/2040 (b) | 1810 | &nbsp;&nbsp;&nbsp;&nbsp; 1477 |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Newman International Academy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729 |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., TGP Public Schools, Gathering Place Series 2022A, Rev., 5.25%, 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Wayside Schools Series 2021A, Rev., 4.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Winfree Academy Charter Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.15%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.75%, 8/15/2043 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975 |
| &nbsp;&nbsp;&nbsp; Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien Series 2021A, Rev., 4.00%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699 |
| &nbsp;&nbsp;&nbsp; Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project Rev., 4.00%, 7/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Houston, Airport System, United Airlines, Inc., Terminal Improvements Projects Series 2021B-1, Rev., AMT, 4.00%, <br> 7/15/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, Zero Coupon, 12/1/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; City of Temple, Reinvestment Zone Series 2018A, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp; Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 4.00%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Beta Academy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.38%, 8/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 8/15/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 8/15/2049 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 603 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Cityscape Schools, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 8/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 8/15/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series 2018A, Rev., 5.50%, 7/1/2054 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2035 | 865 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2037 | 625 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2040 | 790 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2055 | 2000 | 1641 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2039 | 1000 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation Series 2019A-1, Rev., 5.00%, <br> 12/1/2039<br>| 1420 | 1304 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2029 | 300 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2039 | 205 | 168 |
| &nbsp;&nbsp;&nbsp; Newark Higher Education Finance Corp., The Hughen Center, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., PSF-GTD, 5.00%, 8/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., PSF-GTD, 5.00%, 8/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., PSF-GTD, 5.00%, 8/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610 |
| &nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., Hallmark University Project Series 2021A, Rev., 5.00%, 10/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., University of The Incarnate Word Series 2021A, Rev., 4.00%, 4/1/2051 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Christus Health Series A, Rev., 4.00%, 7/1/2053 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center Series A, Rev., 5.25%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project Series 2020A, Rev., <br> 6.25%, 11/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp; 20807 |
| **Utah — 3.9%** | **Utah — 3.9%** | **Utah — 3.9%** |
| &nbsp;&nbsp;&nbsp; Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.13%, 6/1/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.25%, 6/1/2041 (b) | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867 |
| &nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 6.25%, 8/1/2030 (b) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.50%, 8/1/2040 (b) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/1/2050 (b) | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1323 |
| &nbsp;&nbsp;&nbsp; Military Installation Development Authority, Tax Allocation and Hotel Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, Rev., 4.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, Rev., 4.00%, 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp; UIPA Crossroads Public Infrastructure District, Tax Differential Rev., 4.13%, 6/1/2041 (b) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Mountain West Montessori Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 3.13%, 6/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/15/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/15/2049 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Summit Academy Incorporated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 4/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2052 (b) | 1295 | &nbsp;&nbsp;&nbsp;&nbsp; 1114 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Wallace Stegner Academy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.25%, 6/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.63%, 6/15/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Utah — continued** | **Utah — continued** | **Utah — continued** |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Tax-Exempt Telecommunications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2033 | 500 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2036 | 500 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2039 | 700 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2041 | 250 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2042 | 475 | 399 |
| &nbsp;&nbsp;&nbsp; Utah Transit Authority, Sales Tax Series C, Rev., AGM, 5.25%, 6/15/2025 | 40 | 42 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp; 13327 |
| **Vermont — 0.1%** | **Vermont — 0.1%** | **Vermont — 0.1%** |
| &nbsp;&nbsp;&nbsp; Vermont Student Assistance Corp., Education Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 4.00%, 6/15/2032 | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 4.00%, 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 4.00%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; Total Vermont |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |
| **Virgin Islands — 0.1%** | **Virgin Islands — 0.1%** | **Virgin Islands — 0.1%** |
| &nbsp;&nbsp;&nbsp; Matching Fund Special Purpose Securitization Corp. Series 2022A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510 |
| **Virginia — 2.6%** | **Virginia — 2.6%** | **Virginia — 2.6%** |
| &nbsp;&nbsp;&nbsp; Danville Industrial Development Authority, Averett University Series 2017A, Rev., 4.75%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688 |
| &nbsp;&nbsp;&nbsp; Fredericksburg Economic Development Authority, Stadium Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, Rev., 7.00%, 11/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 6.13%, 9/1/2029 (b) | 1695 | &nbsp;&nbsp;&nbsp;&nbsp; 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 7.00%, 9/1/2044 (b) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norfolk Redevelopment and Housing Authority, Fort Norfolk Retirement Community, Harbors Edge Project Series 2019A, Rev., <br> 4.38%, 1/1/2039<br>| 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1222 |
| &nbsp;&nbsp;&nbsp; Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.75%, 9/1/2029 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 4.30%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 9/1/2034 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 9/1/2040 | 1640 | &nbsp;&nbsp;&nbsp;&nbsp; 1165 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 9024 |
| **Washington — 1.1%** | **Washington — 1.1%** | **Washington — 1.1%** |
| &nbsp;&nbsp;&nbsp; Washington Higher Education Facilities Authority, Seattle University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.50%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.63%, 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Judson Park Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, The Heart Stone Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.50%, 7/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 3751 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **West Virginia — 0.8%** | **West Virginia — 0.8%** | **West Virginia — 0.8%** |
| &nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 9/1/2038 | 1250 | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 9/1/2039 | 1400 | 1441 |
| &nbsp;&nbsp;&nbsp; Total West Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 2725 |
| **Wisconsin — 5.7%** | **Wisconsin — 5.7%** | **Wisconsin — 5.7%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.25%, 7/1/2033 | 500 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.25%, 7/1/2034 | 500 | 548 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Blue Ridge Healthcare Facilities Series 2020A, Rev., 3.00%, 1/1/2050 | 750 | 528 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Carson Valley Medical Center Series 2021A, Rev., 4.00%, 12/1/2041 | 500 | 418 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Cedars Obligated Group Rev., 4.25%, 5/1/2029 (b) | 910 | 811 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Community School of Davidson Project Rev., 3.75%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, ENO River Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 6/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/15/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/15/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, First Mortgage Southminster, Inc. Rev., 4.25%, 10/1/2038 (b) | 1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 912 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Minnesota College of Osteopathic Medicine |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.50%, 12/1/2048 (b) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 7.25%, 12/1/2048 (b) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Piedmont Community Charter School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2049 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 977 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Rev., 4.00%, 11/15/2042 (b) | 3955 | &nbsp;&nbsp;&nbsp;&nbsp; 2837 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Roseman University of Health Sciences Project Rev., 4.00%, 4/1/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Senior Lien, Grand Hyatt Series 2022A, Rev., 3.75%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Triad Educational Services, Inc. Series 2021A, Rev., 4.00%, 6/15/2051 | 3735 | &nbsp;&nbsp;&nbsp;&nbsp; 2951 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Ultimate Medical Academy Project Series 2019A, Rev., 5.00%, 10/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Viticus Group Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 12/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 12/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Wilson Preparatory Academy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.13%, 6/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/15/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/15/2049 (b) | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc. Series B, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, St. Camillus Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 11/1/2029 | 315 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 11/1/2030 | 515 | 493 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp; 19636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $380,957)<br>|  | 336169 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** |
| **Investment Companies — 0.8%** | **Investment Companies — 0.8%** | **Investment Companies — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.77% (g) (h) <br>(Cost $2,989)<br>| 2988 | 2989 |
| **Total Investments — 98.6%** <br>**(Cost $383,946)**<br>|  | **339158** |
| **Other Assets Less Liabilities — 1.4%** |  | **4660** |
| **NET ASSETS — 100.0%** |  | **343818** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AGM | Insured by Assured Guaranty Municipal Corp. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| BHAC | Insured by Berkshire Hathaway Assurance Corp. |
| CR | Custodial Receipts |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| RE | Reinsured |
| Rev. | Revenue |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | 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 November 30, 2022. <br>|
| (d) | Security is prerefunded or escrowed to maturity. |
| (e) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (f) | Defaulted security. |
| (g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (h) | The rate shown is the current yield as of November 30, 2022. |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.HY.39-V1 | 5.00 | Quarterly | 12/20/2027 | 4.79 | USD 13,050 | 491 | (866) | (375) |

---

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

---

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

---

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

---

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

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

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

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

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

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Fund is calculated on a valuation date.

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

Swaps are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | $— | $336169 | $— | $336169 |

---

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | $2989 | $— | $— | $2989 |
| **Total Investments in Securities** | $2989 | $336169 | $— | $339158 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Swaps | $— | $(866) | $— | $(866) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2022**<br>| **Shares at** <br>**November 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money <br> Market Fund Class IM Shares, 1.77% <br> (a) (b)<br>| $2497 | $184123 | $183633 | $1 | $1 | $2989 | 2988 | $72 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of November 30, 2022.

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

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

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

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

**(1). 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.

------

**JPMorgan High Yield Municipal Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

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

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

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

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

<u>Credit Default Swaps</u>

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

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

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** JPMorgan Trust 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 High Yield Municipal Fund

- **b. EDGAR series identifier (if any):** S000018749

- **c. LEI of Series:** 549300VGH6YY4I6QL951

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $347256348.99

**Total Liabilities:** $6795412.67

**Net Assets:** $340460936.32

**Cash Not Reported:** $23869.28

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 12.14299000 | **1-Year:** 816.82868000 | **5-Year:** 22869.32286000 | **10-Year:** 55332.26900000 | **30-Year:** 22231.41811000

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

- **3-Month:** -5119.66968000 | **1-Year:** 2157.16244000 | **5-Year:** 20946.01298000 | **10-Year:** 110091.21231000 | **30-Year:** 64810.23417000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205663 | -6.09%               | -1.80%               | 5.23%                |
| Class ID C000051893 | -6.10%               | -1.81%               | 5.22%                |
| Class ID C000051895 | -6.16%               | -1.87%               | 5.19%                |
| Class ID C000051894 | -6.01%               | -1.92%               | 5.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5730419.47             | $-17510512.64                              |
| Month 2  | $-737799.13              | $-5483032.57                               |
| Month 3  | $-109073.26              | $16442540.95                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                       | Title                                                                                                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bucks County Industrial Development Authority                              | Bucks County Industrial Development Authority, Grand View Hospital Project                                                                     | CUSIP: 11861MBL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $682849.39    | 0.20%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                          | Florida Development Finance Corp., Imagine School at Broward Project                                                                           | CUSIP: 34061UDL9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    305000 | PA      | $311476.25    | 0.09%             | 2039-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                      | Utah Charter School Finance Authority, Mountain West Montessori Academy Project                                                                | CUSIP: 91754TYR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $732074.64    | 0.22%             | 2049-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                  | Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project                                                            | CUSIP: 45506EAB9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    170000 | PA      | $161778.82    | 0.05%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plaza at Noah's Ark Community Improvement District                         | Plaza at Noah's Ark Community Improvement District                                                                                             | CUSIP: 72813LAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $407522.30    | 0.12%             | 2035-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                     | San Antonio Education Facilities Corp., Hallmark University Project, Series 2021A                                                              | CUSIP: 796247DY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $405025.25    | 0.12%             | 2051-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Local Government Corp.                                              | Conroe Local Government Corp., Conroe Convention Center Hotel, Series 2021A                                                                    | CUSIP: 208419AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $442793.62    | 0.13%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                   | New Jersey Higher Education Student Assistance Authority, Senior Student Loan, Series 2018A                                                    | CUSIP: 646080TG6<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    320000 | PA      | $320268.35    | 0.09%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                    | County of Palm Beach, Palm Beach Atlantic University                                                                                           | CUSIP: 696547GH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $397617.36    | 0.12%             | 2029-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Orleans Aviation Board                                                 | New Orleans Aviation Board, General Airport, North Terminal Project                                                                            | CUSIP: 64763HHK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251216.18    | 0.07%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                     | California Municipal Finance Authority, Linxs Apartments Project, Senior Lien, Series 2018A                                                    | CUSIP: 13048VBS6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    245000 | PA      | $225862.41    | 0.07%             | 2032-12-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Minneapolis/St. Paul Housing Finance Board/MN                              | Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs, Series 2007A-2                                  | CUSIP: 603798AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25049.86     | 0.01%             | 2041-03-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                        | CUSIP: 650116CD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3279226.28   | 0.96%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wayzata MN                                                         | City of Wayzata, Folkestone Senior Living Community                                                                                            | CUSIP: 946829BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $426226.45    | 0.13%             | 2037-08-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                          | Florida Development Finance Corp., Educational Facilities, UCP Charter Schools Project                                                         | CUSIP: 34061UFF0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    830000 | PA      | $746650.65    | 0.22%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aviation Station North Metropolitan District No. 2                         | Aviation Station North Metropolitan District No. 2, Limited Tax, Series 2019A                                                                  | CUSIP: 05369KAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $693009.53    | 0.20%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                           | Maricopa County Industrial Development Authority, Arizona Autism Charter School Project                                                        | CUSIP: 56681NEV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $696567.53    | 0.20%             | 2050-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Upper Illinois River Valley Development Authority                          | Upper Illinois River Valley Development Authority, Morris Hospital                                                                             | CUSIP: 91588TBM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20835.76     | 0.01%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                    | Montgomery County Higher Education and Health Authority, Arcadia University                                                                    | CUSIP: 613603D63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $504832.96    | 0.15%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community College Financing Authority                           | California Community College Financing Authority, Orange Coast Properties LLC - Orange Coast College Project                                   | CUSIP: 13012RAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $740929.65    | 0.22%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                        | Rhode Island Student Loan Authority, Series 2017A                                                                                              | CUSIP: 762315QF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103439.09    | 0.03%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                  | New Jersey Economic Development Authority, Golden Door Charter School Project                                                                  | CUSIP: 645912EW2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    525000 | PA      | $547305.83    | 0.16%             | 2038-11-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, ENO River Academy Project                                                                                            | CUSIP: 744396FN7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    685000 | PA      | $599834.02    | 0.18%             | 2054-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                 | Capital Trust Agency, Inc., Sustainability Bonds -The Marie                                                                                    | CUSIP: 14052WEA1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    200000 | PA      | $180792.22    | 0.05%             | 2031-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                          | Florida Development Finance Corp., Imagine School at Broward Project                                                                           | CUSIP: 34061UDK1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    525000 | PA      | $543961.48    | 0.16%             | 2034-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 611                  | City of Las Vegas, Special Improvement District No. 611, Local Improvement                                                                     | CUSIP: 51778CAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $140324.94    | 0.04%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mississippi Hospital Equipment & Facilities Authority                      | Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project                                     | CUSIP: 605360SU1<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1213475.13   | 0.36%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                         | South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project, Series 2019A                                 | CUSIP: 83704MAS5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1762259.56   | 0.52%             | 2039-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                  | Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue                                                     | CUSIP: 57421CAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $139999.65    | 0.04%             | 2039-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project                        | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996425.90    | 0.29%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                         | City of Detroit, Unlimited Tax                                                                                                                 | CUSIP: 2510935D8<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    750000 | PA      | $651442.35    | 0.19%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                | Ohio Higher Educational Facility Commission, University of Findlay 2019 Project                                                                | CUSIP: 67756DTF3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2018822.40   | 0.59%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                | Connecticut State Health and Educational Facilities Authority, The Griffin Hospital                                                            | CUSIP: 20775DEH1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    225000 | PA      | $223257.29    | 0.07%             | 2034-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                          | Philadelphia Authority for Industrial Development, Philadelphia Electrical and Technology Charter School Project, Series 2021A                 | CUSIP: 71780CBG4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    200000 | PA      | $159099.72    | 0.05%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                         | City of Detroit, Unlimited Tax                                                                                                                 | CUSIP: 2510933Q1<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509456.85    | 0.15%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                 | Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project                                    | CUSIP: 87638RKE6<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488289.10    | 0.14%             | 2031-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Wayzata MN                                                         | City of Wayzata, Folkestone Senior Living Community                                                                                            | CUSIP: 946829BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100258.54    | 0.03%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                      | Utah Charter School Finance Authority, Mountain West Montessori Academy Project                                                                | CUSIP: 91754TYQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $444028.34    | 0.13%             | 2039-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp.                                      | Newark Higher Education Finance Corp., Hughen Center Inc., Project                                                                             | CUSIP: 650346FS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $609854.28    | 0.18%             | 2057-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                         | South Carolina Jobs-Economic Development Authority, Kiawah Life Plan Village, Inc., Project                                                    | CUSIP: 83704EAB0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309459.18    | 0.09%             | 2025-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| California Community Housing Agency                                        | California Community Housing Agency, Glendale Properties                                                                                       | CUSIP: 13013FAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1099296.15   | 0.32%             | 2047-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Illinois Finance Authority                                                 | Illinois Finance Authority, University of Illinois at Urbana-Champaign Project                                                                 | CUSIP: 452017AR7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033820.20   | 0.30%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                   | Arlington Higher Education Finance Corp., Newman International Academy                                                                         | CUSIP: 041806F39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $729063.79    | 0.21%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                     | Iowa Finance Authority, PHS Council Bluffs, Inc., Project                                                                                      | CUSIP: 46245FAL8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     50000 | PA      | $49428.34     | 0.01%             | 2023-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                   | Arlington Higher Education Finance Corp., Wayside Schools                                                                                      | CUSIP: 041806L65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $245206.67    | 0.07%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                     | California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc.                                                    | CUSIP: 13048VUY2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    175000 | PA      | $176375.90    | 0.05%             | 2036-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                   | Massachusetts Development Finance Agency, Orchid Cove, Inc.                                                                                    | CUSIP: 57584YRD3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    925000 | PA      | $904931.11    | 0.27%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                        | Maryland Economic Development Corp., Port Covington Project                                                                                    | CUSIP: 57422FAF3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    555000 | PA      | $437850.10    | 0.13%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                       | New Hope Cultural Education Facilities Finance Corp., Cityscape Schools, Inc., Series 2019A                                                    | CUSIP: 64542QBJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $587871.46    | 0.17%             | 2039-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                   | West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc.                                                                 | CUSIP: 956622T95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1440867.96   | 0.42%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Civic Facility Development Corp.                          | Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Series 2017A                                              | CUSIP: 47325RAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $838947.70    | 0.25%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                        | Maryland Economic Development Corp., Morgan State University Project                                                                           | CUSIP: 57420NDL2<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045440.20   | 0.31%             | 2037-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Triad Educational Services, Inc., Series 2021A                                                                       | CUSIP: 74442EHQ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3735000 | PA      | $2951135.92   | 0.87%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                  | Glendale Industrial Development Authority, Terraces of Phoenix Project, Series 2018A                                                           | CUSIP: 378286JS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $264072.93    | 0.08%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bi-State Development Agency of the Missouri-Illinois Metropolitan District | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project                                 | CUSIP: 088621DS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $424398.72    | 0.12%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project                                             | CUSIP: 82170KAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $891371.70    | 0.26%             | 2049-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                   | New Jersey Higher Education Student Assistance Authority, Senior Student Loan, Series 2018A                                                    | CUSIP: 646080TF8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    255000 | PA      | $255213.84    | 0.07%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                      | Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project                                               | CUSIP: 91754TH30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1113608.31   | 0.33%             | 2052-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                     | North Carolina Medical Care Commission, Retirement Facilities, Pennybyrn at Maryfield Project                                                  | CUSIP: 65820YRQ1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    355000 | PA      | $340415.14    | 0.10%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority              | Allentown Neighborhood Improvement Zone Development Authority, City Center Project                                                             | CUSIP: 018444BB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $240894.45    | 0.07%             | 2033-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Palomar Health                                                             | Palomar Health                                                                                                                                 | CUSIP: 697528AT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503465.00    | 0.15%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Hospital Equipment & Facilities Authority                      | Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project                                     | CUSIP: 605360SV9<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963910.00    | 0.28%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Union County Hospital Facility Authority                                   | Union County Hospital Facility Authority, Grande Ronde Hospital, Inc.                                                                          | CUSIP: 906420CA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1477460.99   | 0.43%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                          | City and County of Denver, Airport System                                                                                                      | CUSIP: 249182TH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1687186.80   | 0.50%             | 2039-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                              | Berks County Industrial Development Authority, The Highlands at Wyomissing, Series 2017A                                                       | CUSIP: 08452RAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $246704.68    | 0.07%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                          | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects                                                 | CUSIP: 34061UJN9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    195000 | PA      | $190654.13    | 0.06%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                         | City of Detroit, Unlimited Tax                                                                                                                 | CUSIP: 2510934S6<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    210000 | PA      | $220545.95    | 0.06%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                   | New Jersey Higher Education Student Assistance Authority, Senior Student Loan, Series 2018A                                                    | CUSIP: 646080TJ0<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125164.74    | 0.04%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                       | Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project                                                        | CUSIP: 19645UEW0<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    750000 | PA      | $620445.38    | 0.18%             | 2051-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Detroit MI                                                         | City of Detroit, Unlimited Tax                                                                                                                 | CUSIP: 2510935C0<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    800000 | PA      | $700140.56    | 0.21%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Wilson Preparatory Academy, Series 2019A                                                                             | CUSIP: 74442EDY3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    440000 | PA      | $416633.89    | 0.12%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Union County Hospital Facility Authority                                   | Union County Hospital Facility Authority, Grande Ronde Hospital, Inc.                                                                          | CUSIP: 906420CB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1547325.87   | 0.45%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                      | CSCDA Community Improvement Authority, Essential Housing, Towne at Glendale Apartments                                                         | CUSIP: 126292CQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $208352.75    | 0.06%             | 2037-09-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                        | Maryland Economic Development Corp., Port Covington Project                                                                                    | CUSIP: 57422FAE6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    875000 | PA      | $750566.95    | 0.22%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                           | City of Tampa, H. Lee Moffitt Cancer Center Project                                                                                            | CUSIP: 875161CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $186313.92    | 0.05%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                      | County of Cuyahoga, Eliza Jennings Senior Care Network                                                                                         | CUSIP: 23226MAH4<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488219.70    | 0.14%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                       | New Hope Cultural Education Facilities Finance Corp., Beta Academy                                                                             | CUSIP: 64542QBF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $603468.67    | 0.18%             | 2049-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Wayzata MN                                                         | City of Wayzata, Folkestone Senior Living Community                                                                                            | CUSIP: 946829BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199059.02    | 0.06%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                    | Montgomery County Higher Education and Health Authority, Arcadia University                                                                    | CUSIP: 613603D89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $660396.63    | 0.19%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Ripple Ranch, LLC Obligate, Series 2021A                                                                             | CUSIP: 74443XAC1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    800000 | PA      | $551660.00    | 0.16%             | 2051-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                         | South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project                                                                | CUSIP: 837031ZH9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    110000 | PA      | $108538.01    | 0.03%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, ENO River Academy Project                                                                                            | CUSIP: 744396FL1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    235000 | PA      | $218988.67    | 0.06%             | 2030-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                   | Massachusetts Development Finance Agency, Emerson College                                                                                      | CUSIP: 57584YFJ3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507076.20    | 0.15%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                       | District of Columbia, Latin American Montessori Bilingual Public Charter School                                                                | CUSIP: 25483VXT6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954977.20    | 0.28%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                      | CSCDA Community Improvement Authority, Essential Housing, Oceanaire-Long Beach                                                                 | CUSIP: 126292AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $1604482.57   | 0.47%             | 2056-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                       | Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project, Series 2018A                                          | CUSIP: 19645R8C8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $452242.45    | 0.13%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Military Installation Development Authority                                | Military Installation Development Authority, Tax Allocation and Hotel Tax, Series 2021A-1                                                      | CUSIP: 599772AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $398233.05    | 0.12%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                     | Iowa Finance Authority, Northcrest Inc., Project, Series 2018A                                                                                 | CUSIP: 46245FAV6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    250000 | PA      | $234732.03    | 0.07%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                     | Iowa Finance Authority, PHS Council Bluffs, Inc., Project                                                                                      | CUSIP: 46245FAM6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    250000 | PA      | $230925.98    | 0.07%             | 2028-08-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                        | California Public Finance Authority, Laverne Elementary Preparatory Academy, Series 2019A                                                      | CUSIP: 13057HAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $685176.26    | 0.20%             | 2029-06-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri         | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects                                        | CUSIP: 60635HU72<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2459603.00   | 0.72%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fredericksburg Economic Development Authority                              | Fredericksburg Economic Development Authority, Stadium Project, Series 2021A-1                                                                 | CUSIP: 355850AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $580344.00    | 0.17%             | 2026-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                   | Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc.                                                                    | CUSIP: 041806XG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1476848.87   | 0.43%             | 2040-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix (The)              | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A | CUSIP: 71885DCX8<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    350000 | PA      | $358712.31    | 0.11%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Steel Point Infrastructure Improvement District                            | Steel Point Infrastructure Improvement District, Steelpointe Harbor Project                                                                    | CUSIP: 85814YAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $555165.80    | 0.16%             | 2051-04-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, ENO River Academy Project                                                                                            | CUSIP: 744396FM9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    410000 | PA      | $381008.29    | 0.11%             | 2040-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                     | San Antonio Education Facilities Corp., University of The Incarnate Word, Series 2021A                                                         | CUSIP: 796247DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $791939.90    | 0.23%             | 2051-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue               | Massachusetts Bay Transportation Authority, Sales Tax                                                                                          | CUSIP: 575579KZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $343548.69    | 0.10%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 611                  | City of Las Vegas, Special Improvement District No. 611, Local Improvement                                                                     | CUSIP: 51778CAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $178646.10    | 0.05%             | 2030-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                 | Capital Trust Agency, Inc., Franklin Academy Project                                                                                           | CUSIP: 14054DAE7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    330000 | PA      | $333570.80    | 0.10%             | 2027-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                | George L Smith II Congress Center Authority, Convention Center Hotel Second                                                                    | CUSIP: 37255MAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $466645.05    | 0.14%             | 2036-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                 | Capital Trust Agency, Inc., Imagine School at Land O'Lakes Project                                                                             | CUSIP: 14054CCN7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    420000 | PA      | $380462.08    | 0.11%             | 2029-12-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                   | Build NYC Resource Corp., Richmond Preparatory Charter School Project, Series 2021A                                                            | CUSIP: 12008ESA5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    550000 | PA      | $513486.27    | 0.15%             | 2041-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                           | Onondaga Civic Development Corp., Le Moyne College Project                                                                                     | CUSIP: 682832ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204031.20    | 0.06%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Minnesota College of Osteopathic Medicine                                                                            | CUSIP: 74442PLN3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     17498 | PA      | $5424.35      | 0.00%             | 2048-12-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                        | Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc.                                                          | CUSIP: 97712D2D7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    150000 | PA      | $153493.23    | 0.05%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                        | Maryland Economic Development Corp., Bowie State University Project                                                                            | CUSIP: 57420VRG0<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    300000 | PA      | $269397.18    | 0.08%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                 | Illinois Finance Authority, University of Illinois at Urbana-Champaign Project                                                                 | CUSIP: 452017AQ9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    350000 | PA      | $364506.28    | 0.11%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                              | Berks County Industrial Development Authority, Tower Health Project                                                                            | CUSIP: 08451PAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $741834.10    | 0.22%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                     | Oklahoma Development Finance Authority, Health System, OU Medicine Project                                                                     | CUSIP: 67884XCF2<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $895932.50    | 0.26%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Eastern Michigan University Student Housing Project                                                                  | CUSIP: 74444UAQ5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $548532.70    | 0.16%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                        | California Public Finance Authority, Laverne Elementary Preparatory Academy, Series 2019A                                                      | CUSIP: 13057HAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $733013.22    | 0.22%             | 2039-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                   | Massachusetts Development Finance Agency, Emerson College                                                                                      | CUSIP: 57584YFG9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513904.70    | 0.15%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                   | Massachusetts Development Finance Agency, Suffolk University Issue                                                                             | CUSIP: 57584YRZ4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $468450.95    | 0.14%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fredericksburg Economic Development Authority                              | Fredericksburg Economic Development Authority, Stadium Project                                                                                 | CUSIP: 355850AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1555484.04   | 0.46%             | 2029-09-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 611                  | City of Las Vegas, Special Improvement District No. 611, Local Improvement                                                                     | CUSIP: 51778CAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $166045.46    | 0.05%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                         | Matching Fund Special Purpose Securitization Corp.                                                                                             | CUSIP: 57665NAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    500000 | PA      | $510274.15    | 0.15%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                | Ohio Higher Educational Facility Commission                                                                                                    | CUSIP: 67756DJ64<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    605000 | PA      | $631323.07    | 0.19%             | 2037-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 611                  | City of Las Vegas, Special Improvement District No. 611, Local Improvement                                                                     | CUSIP: 51778CAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $170032.06    | 0.05%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                   | Massachusetts Development Finance Agency, Suffolk University Issue                                                                             | CUSIP: 57584YSA8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    605000 | PA      | $627530.02    | 0.18%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                  | Indiana Finance Authority, DePauw University Project                                                                                           | CUSIP: 45470ECN3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $547850.10    | 0.16%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                       | Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project                                                                   | CUSIP: 19648FPY4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    675000 | PA      | $551998.19    | 0.16%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Verve Metropolitan District No. 1                                          | Verve Metropolitan District No. 1                                                                                                              | CUSIP: 92538YAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $507558.14    | 0.15%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Community School of Davidson Project                                                                                 | CUSIP: 74443DDY4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     80000 | PA      | $79536.70     | 0.02%             | 2023-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of St Louis Missouri (The)    | Industrial Development Authority of the City of St Louis Missouri (The), Innovation District                                                   | CUSIP: 85233LAH6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |    575000 | PA      | $560114.46    | 0.16%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                        | CUSIP: 650116CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $465150.15    | 0.14%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Academics of Math and Science Projects                                                               | CUSIP: 04052BKK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973582.00    | 0.29%             | 2039-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Upper Illinois River Valley Development Authority                          | Upper Illinois River Valley Development Authority, Morris Hospital                                                                             | CUSIP: 91588TBG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $929314.84    | 0.27%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peak Metropolitan District No. 1                                           | Peak Metropolitan District No. 1                                                                                                               | CUSIP: 704676AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $510747.42    | 0.15%             | 2051-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                 | New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group - La Vida Llena Expansion Project                                 | CUSIP: 647377AL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $340497.49    | 0.10%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                    | CUSIP: 04052TAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $712370.50    | 0.21%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                     | California Municipal Finance Authority, John Adams Academies Lincoln Project                                                                   | CUSIP: 13048DCW6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    900000 | PA      | $832322.52    | 0.24%             | 2039-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                       | New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project                                                           | CUSIP: 64542UFH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $703934.48    | 0.21%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                           | Maricopa County Industrial Development Authority, Arizona Autism Charter School Project                                                        | CUSIP: 56681NEU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $580016.14    | 0.17%             | 2040-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Baytown Municipal Development District                                     | Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien, Series 2021A                                              | CUSIP: 073201AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $699083.18    | 0.21%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                          | Florida Development Finance Corp., Cornerstone Charter Academy Project                                                                         | CUSIP: 34061ULM8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    400000 | PA      | $368746.28    | 0.11%             | 2042-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                       | Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project                                              | CUSIP: 19645UER1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    735000 | PA      | $602594.23    | 0.18%             | 2050-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Plaza at Noah's Ark Community Improvement District                         | Plaza at Noah's Ark Community Improvement District                                                                                             | CUSIP: 72813LAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $216030.06    | 0.06%             | 2025-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                           | Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning, Series 2021A                                            | CUSIP: 816686AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $615384.99    | 0.18%             | 2051-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| STC Metropolitan District No. 2                                            | STC Metropolitan District No. 2, Limited Tax Improvement                                                                                       | CUSIP: 85780TAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1589131.61   | 0.47%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                          | Florida Development Finance Corp., Educational Facilities, Renaissance Charter School, Inc. Project                                            | CUSIP: 34061UFB9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    525000 | PA      | $478732.91    | 0.14%             | 2040-09-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series 2022A                                           | CUSIP: 04052BRH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $240426.70    | 0.07%             | 2029-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                          | Indiana Housing and Community Development Authority, Vita of Marion Project                                                                    | CUSIP: 45506CBA4<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1001742.13   | 0.29%             | 2041-04-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Presbyterian Villages of Michigan Obligated Group                                                                    | CUSIP: 74442PQH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3955000 | PA      | $2837229.20   | 0.83%             | 2042-11-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Mercer County Industrial Development Authority                             | Mercer County Industrial Development Authority, Thiel College Project                                                                          | CUSIP: 58787LAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2212917.27   | 0.65%             | 2050-10-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                    | Montgomery County Higher Education and Health Authority, Arcadia University                                                                    | CUSIP: 613603D55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $487924.48    | 0.14%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                       | Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project, Series 2018A                                          | CUSIP: 19645R8A2<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534536.35    | 0.16%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                      | School District of Philadelphia (The)                                                                                                          | CUSIP: 717883VG4<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1225147.00   | 0.36%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                 | Middleton Community Development District A                                                                                                     | CUSIP: 596681AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007414.90   | 0.30%             | 2042-05-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                | Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project                                                       | CUSIP: 67756DRR9<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504852.45    | 0.15%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hardin OH                                                        | County of Hardin, Economic Development Facilities Improvement, Ohio Northern University                                                        | CUSIP: 412003AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $237063.30    | 0.07%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sky Ranch Community Authority Board                                        | Sky Ranch Community Authority Board, Metropolitan District No. 3                                                                               | CUSIP: 83086SAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $456273.60    | 0.13%             | 2052-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                       | Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project                                                             | CUSIP: 19645UGG3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    175000 | PA      | $139616.44    | 0.04%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Linn County Community School District No. 9 Lebanon/OR                     | Linn County Community School District No. 9 Lebanon                                                                                            | CUSIP: 535809EN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $23041.39     | 0.01%             | 2030-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                 | Utah Infrastructure Agency, Tax-Exempt Telecommunications                                                                                      | CUSIP: 917467CD2<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    250000 | PA      | $211450.43    | 0.06%             | 2041-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                       | Public Authority for Colorado Energy, Natural Gas Purchase                                                                                     | CUSIP: 744387AB7<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25572.74     | 0.01%             | 2023-11-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| City of Wayzata MN                                                         | City of Wayzata, Folkestone Senior Living Community                                                                                            | CUSIP: 946829BK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $215506.80    | 0.06%             | 2036-08-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Nashville Metropolitan Development & Housing Agency                        | Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project                                       | CUSIP: 591874AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400333.32    | 0.12%             | 2028-06-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| City of Ashland KY                                                         | City of Ashland, Kings Daughters Medical Center, Series 2016A                                                                                  | CUSIP: 044293BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505058.95    | 0.15%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, Montefiore Obligated Group                                                                                 | CUSIP: 64990GZS4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    950000 | PA      | $694242.62    | 0.20%             | 2050-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pomona Unified School District                                             | Pomona Unified School District                                                                                                                 | CUSIP: 732098AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $191812.18    | 0.06%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                       | New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project                                                           | CUSIP: 64542UFG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $799076.53    | 0.23%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bradburn Metropolitan District No. 2                                       | Bradburn Metropolitan District No. 2, Limited Tax, Series 2018A                                                                                | CUSIP: 103844AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $476761.40    | 0.14%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp.                                      | Newark Higher Education Finance Corp., Hughen Center Inc., Project                                                                             | CUSIP: 650346FQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258961.80    | 0.08%             | 2047-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                     | Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc., Project                                                    | CUSIP: 51404PAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1039280.90   | 0.31%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                | Ohio Higher Educational Facility Commission, Cleveland Institute of Music (The)                                                                | CUSIP: 67756DE36<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1525468.65   | 0.45%             | 2052-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                 | Capital Trust Agency, Inc., Advantage Academy of Hillsborough Project                                                                          | CUSIP: 14054CBY4<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    405000 | PA      | $414841.95    | 0.12%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                | Washington State Housing Finance Commission, Judson Park Project                                                                               | CUSIP: 939783WH5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    535000 | PA      | $496133.05    | 0.15%             | 2028-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                     | California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc.                                                    | CUSIP: 13048VUZ9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961108.50    | 0.28%             | 2046-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project                        | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $377888.74    | 0.11%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                   | Massachusetts Development Finance Agency, Orchid Cove, Inc.                                                                                    | CUSIP: 57584YRF8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251741.85    | 0.07%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                    | Montgomery County Higher Education and Health Authority, Arcadia University                                                                    | CUSIP: 613603D30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $286776.60    | 0.08%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bexar County Health Facilities Development Corp.                           | Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project                                                 | CUSIP: 088354FN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $715590.70    | 0.21%             | 2045-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                    | County of Palm Beach, Palm Beach Atlantic University                                                                                           | CUSIP: 696547GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $825478.47    | 0.24%             | 2039-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Roanoke County Economic Development Authority                              | Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living                                                     | CUSIP: 76982TAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $833921.50    | 0.24%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Fire MESA and Red Rock Campus Projects                                                               | CUSIP: 04052BHX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1053614.45   | 0.31%             | 2029-07-15      | Fixed         | 3.55%                 | Yes           |                  2 | On Loan: No      |
| California Public Finance Authority                                        | California Public Finance Authority, Henry Mayo Newhall Hospital                                                                               | CUSIP: 13057EAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $209285.42    | 0.06%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix (The)              | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A | CUSIP: 71885DCY6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    150000 | PA      | $153065.91    | 0.04%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                          | Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt                                                               | CUSIP: 68608JYH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $141541.01    | 0.04%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                       | New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc., Project                                                            | CUSIP: 64542UEY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $167847.42    | 0.05%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                   | New Hampshire Business Finance Authority, The Vista Project, Series 2019A                                                                      | CUSIP: 63607YAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $182410.88    | 0.05%             | 2039-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                          | Northeast Ohio Medical University                                                                                                              | CUSIP: 66433RBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $105960.96    | 0.03%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Community Authority Board                                   | Sterling Ranch Community Authority Board, Limited Tax Supported District No. 2                                                                 | CUSIP: 85950NAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $394360.80    | 0.12%             | 2040-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Colorado Crossing Metropolitan District No. 2                              | Colorado Crossing Metropolitan District No. 2, Limited Tax                                                                                     | CUSIP: 19645YAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1725657.40   | 0.51%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                 | Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center                                                     | CUSIP: 87638QJC4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    170000 | PA      | $172561.17    | 0.05%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                 | Stamford Housing Authority                                                                                                                     | CUSIP: 852640AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502077.95   | 0.44%             | 2027-12-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Piedmont Community Charter School                                                                                    | CUSIP: 74445GAQ5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976940.70    | 0.29%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                | Washington State Housing Finance Commission, The Heart Stone Project, Series 2018A                                                             | CUSIP: 939783WP7<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    965000 | PA      | $883430.87    | 0.26%             | 2028-07-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                      | Metropolitan Transportation Authority                                                                                                          | CUSIP: 59261AE78<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501406.50    | 0.15%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                      | CSCDA Community Improvement Authority, Essential Housing, Mezzanine Lien, Series 2021B                                                         | CUSIP: 126292AX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1018067.70   | 0.30%             | 2057-02-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                 | Utah Infrastructure Agency, Tax-Exempt Telecommunications                                                                                      | CUSIP: 917467BM3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    475000 | PA      | $399196.75    | 0.12%             | 2042-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Manchester NH                                                      | City of Manchester, School Facilities                                                                                                          | CUSIP: 562358CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $110675.60    | 0.03%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                  | Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project                                                            | CUSIP: 45506EAC7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    455000 | PA      | $408054.56    | 0.12%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                 | Capital Trust Agency, Inc., Imagine School at Land O'Lakes Project                                                                             | CUSIP: 14054CCP2<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    640000 | PA      | $603539.07    | 0.18%             | 2039-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Danville Industrial Development Authority                                  | Danville Industrial Development Authority, Averett University, Series 2017A                                                                    | CUSIP: 236887AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $688052.47    | 0.20%             | 2032-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                 | Utah Infrastructure Agency, Tax-Exempt Telecommunications                                                                                      | CUSIP: 917467BK7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $445613.90    | 0.13%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westerly Metropolitan District No. 4                                       | Westerly Metropolitan District No. 4, Limited Tax                                                                                              | CUSIP: 957568AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $628638.29    | 0.18%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lenexa KS                                                          | City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc., Series 2018A                                                              | CUSIP: 526039DJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497013.25    | 0.15%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                 | Capital Trust Agency, Inc., Advantage Academy of Hillsborough Project                                                                          | CUSIP: 14054CBZ1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1789112.32   | 0.53%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Ultimate Medical Academy Project                                                                                     | CUSIP: 74442PMT9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $478547.35    | 0.14%             | 2034-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Mirabelle Metropolitan District No. 2                                      | Mirabelle Metropolitan District No. 2                                                                                                          | CUSIP: 60458HAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1090775.88   | 0.32%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                | Ohio Higher Educational Facility Commission                                                                                                    | CUSIP: 67756DJ56<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    415000 | PA      | $424733.99    | 0.12%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project, Series 2021A                                               | CUSIP: 04052BPS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $184448.15    | 0.05%             | 2051-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                      | Utah Charter School Finance Authority, Wallace Stegner Academy                                                                                 | CUSIP: 91754TS61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $387557.00    | 0.11%             | 2042-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                  | New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project                                                           | CUSIP: 64577B7A6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1526205.00   | 0.45%             | 2039-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                          | Philadelphia Authority for Industrial Development, International Education and Community Initiatives Project                                   | CUSIP: 71781XFG3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    700000 | PA      | $693009.73    | 0.20%             | 2029-06-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                   | West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc.                                                                 | CUSIP: 956622T87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1283717.25   | 0.38%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Third Creek Metropolitan District No. 1                                    | Third Creek Metropolitan District No. 1, Limited Tax                                                                                           | CUSIP: 88423EAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $685782.49    | 0.20%             | 2037-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                   | Build NYC Resource Corp., Inwood Academy for Leadership Charter School Project, Series 2018A                                                   | CUSIP: 12008ENP7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $242856.38    | 0.07%             | 2038-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 611                  | City of Las Vegas, Special Improvement District No. 611, Local Improvement                                                                     | CUSIP: 51778CAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $167912.12    | 0.05%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Woodbury MN                                                        | City of Woodbury, Charter School Lease                                                                                                         | CUSIP: 979134AU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $477753.14    | 0.14%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                        | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1944809.20   | 0.57%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                  | Glendale Industrial Development Authority, Terraces of Phoenix Project, Series 2018A                                                           | CUSIP: 378286JQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $413648.33    | 0.12%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                      | City of Valparaiso                                                                                                                             | CUSIP: 920286AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1221896.31   | 0.36%             | 2041-12-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                     | Maine Health and Higher Educational Facilities Authority, Central Maine Medical Center, Series 2013A                                           | CUSIP: 56042RBY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25354.13     | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                 | Capital Trust Agency, Inc., Franklin Academy Project                                                                                           | CUSIP: 14054DAC1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    300000 | PA      | $296117.25    | 0.09%             | 2025-12-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                  | Maryland Health and Higher Educational Facilities Authority, Stevenson University Project                                                      | CUSIP: 57421CCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $215421.13    | 0.06%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix (The)              | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A | CUSIP: 71885DDC3<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201443.36    | 0.06%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Municipal Authority                                            | Dallas Area Municipal Authority, Misericordia University Project                                                                               | CUSIP: 235171AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49720.72     | 0.01%             | 2023-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Aliante and Skye Canyon Campus Project                                                               | CUSIP: 04052BMT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $262022.78    | 0.08%             | 2051-12-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                  | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                        | CUSIP: 650116CG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509114.30    | 0.15%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Topeka KS                                                          | City of Topeka                                                                                                                                 | CUSIP: 890585BR2<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250560.25    | 0.07%             | 2033-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                           | Maricopa County Industrial Development Authority, Arizona Autism Charter School Project                                                        | CUSIP: 56681NET0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $294482.59    | 0.09%             | 2030-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Illinois Finance Authority                                                 | Illinois Finance Authority, Lake Forest College                                                                                                | CUSIP: 45204FRC1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1202679.72   | 0.35%             | 2042-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                              | Berks County Industrial Development Authority, The Highlands at Wyomissing                                                                     | CUSIP: 08452RAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501569.25    | 0.15%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Piedmont Community Charter School                                                                                    | CUSIP: 74445GAN2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    215000 | PA      | $221095.21    | 0.06%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri         | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects, Series 2019A                          | CUSIP: 60635H2S7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971124.50    | 0.29%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                  | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                         | CUSIP: 45471ASW3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    235000 | PA      | $230670.38    | 0.07%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                   | Massachusetts Development Finance Agency, Emmanuel College, Series 2016A                                                                       | CUSIP: 57584XPY1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501297.30    | 0.15%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                         | City of Wichita, Health Care Facilities, Presbyterian Manors, Inc., Series 2018 I                                                              | CUSIP: 967249QC0<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    500000 | PA      | $465986.25    | 0.14%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                  | Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue                                                     | CUSIP: 57421CAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $200042.26    | 0.06%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                      | Utah Charter School Finance Authority, Summit Academy Incorporated                                                                             | CUSIP: 91754TXY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $260699.79    | 0.08%             | 2033-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pinellas County Educational Facilities Authority                           | Pinellas County Educational Facilities Authority, Pinellas Academy of Math and Science Project, Series 2018A                                   | CUSIP: 723161GY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $783998.42    | 0.23%             | 2028-12-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Michigan Finance Authority                                                 | Michigan Finance Authority, Universal Learning Academy                                                                                         | CUSIP: 594479EJ2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    750000 | PA      | $775930.80    | 0.23%             | 2032-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                          | Salem Hospital Facility Authority, Capital Manor Project                                                                                       | CUSIP: 794458GK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $76630.76     | 0.02%             | 2047-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                           | Regional Transportation District, Denver Transit Partners                                                                                      | CUSIP: 759151BS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $178916.33    | 0.05%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Roseman University of Health Sciences Project                                                                        | CUSIP: 74442PVU6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $393717.95    | 0.12%             | 2042-04-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                      | Louisiana Public Facilities Authority, Young Audiences Charter School Project                                                                  | CUSIP: 546399HS8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    525000 | PA      | $518629.70    | 0.15%             | 2030-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                       | Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project, Series 2017A                                               | CUSIP: 19648FBR4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005089.80   | 0.30%             | 2028-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                 | Michigan Finance Authority, Lawrence Technological University                                                                                  | CUSIP: 594479HP5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    370000 | PA      | $307468.85    | 0.09%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                  | Maryland Health and Higher Educational Facilities Authority, Stevenson University Project                                                      | CUSIP: 57421CCK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $418522.50    | 0.12%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, First Mortgage Southminster, Inc.                                                                                    | CUSIP: 74444VAE0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $912170.81    | 0.27%             | 2038-10-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                          | Salem Hospital Facility Authority, Capital Manor Project                                                                                       | CUSIP: 794458EV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985168.60    | 0.29%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                          | Florida Development Finance Corp., Mater Academy Project                                                                                       | CUSIP: 34061UFW3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    590000 | PA      | $595220.20    | 0.17%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                              | Palm Beach County Health Facilities Authority, Jupiter Medical Center                                                                          | CUSIP: 69651ACE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001855.90   | 0.29%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Transport Metropolitan District No. 3                                      | Transport Metropolitan District No. 3, Limited Tax                                                                                             | CUSIP: 89386FAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $444515.40    | 0.13%             | 2031-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                         | City of Wichita, Health Care Facilities, Presbyterian Manors, Inc.                                                                             | CUSIP: 967249QD8<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    500000 | PA      | $451009.80    | 0.13%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Illinois River Valley Development Authority                          | Upper Illinois River Valley Development Authority, Morris Hospital                                                                             | CUSIP: 91588TBF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1120585.62   | 0.33%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Pinecrest Academy, Horizon, Inspirada and St. Rose Campus Projects, Series 2018A                     | CUSIP: 04052BHC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $874390.79    | 0.26%             | 2028-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                          | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects                                                 | CUSIP: 34061UJT6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    325000 | PA      | $308448.24    | 0.09%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canyon Pines Metropolitan District Special Improvement District No. 1      | Canyon Pines Metropolitan District Special Improvement District No. 1, Series 2021A-2                                                          | CUSIP: 138871AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1007451.96   | 0.30%             | 2040-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                           | Onondaga Civic Development Corp., Le Moyne College Project                                                                                     | CUSIP: 682832ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507527.80    | 0.15%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Blue Ridge Healthcare Facilities                                                                                     | CUSIP: 74444KBK9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $528409.35    | 0.16%             | 2050-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                        | Maryland Economic Development Corp., Morgan State University Project                                                                           | CUSIP: 57420VSJ3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541452.25    | 0.16%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                        | California Public Finance Authority, Enso Village Project                                                                                      | CUSIP: 13057GAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $405824.80    | 0.12%             | 2056-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                   | Arlington Higher Education Finance Corp., Newman International Academy                                                                         | CUSIP: 041806F21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $271843.62    | 0.08%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Du Page IL                                                       | County of Du Page, The Morton Abroretum Project                                                                                                | CUSIP: 262668AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $950616.51    | 0.28%             | 2047-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                 | Capital Trust Agency, Inc., Franklin Academy Project                                                                                           | CUSIP: 14054DAH0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    510000 | PA      | $510974.56    | 0.15%             | 2030-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri         | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects, Series 2019A                          | CUSIP: 60635H2Q1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    550000 | PA      | $557896.96    | 0.16%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                | Connecticut State Health and Educational Facilities Authority, McLean                                                                          | CUSIP: 20775DHH8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $468847.20    | 0.14%             | 2045-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Cadence Campus Project                                                                               | CUSIP: 04052BLQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $454539.22    | 0.13%             | 2030-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                              | Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group                                         | CUSIP: 69650MAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $213030.20    | 0.06%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Wilson Preparatory Academy, Series 2019A                                                                             | CUSIP: 74442EDZ0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $475672.25    | 0.14%             | 2039-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Suffolk County Economic Development Corp.                                  | Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project                                                          | CUSIP: 86476RDN1<br>LEI: 5493003FN78GO4R0BJ89 | Long             | DBT              | MUN               | US        |    750000 | PA      | $593638.58    | 0.17%             | 2054-11-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                     | Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc., Project                                                    | CUSIP: 51404PAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $548306.03    | 0.16%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                          | Florida Development Finance Corp., Pepin Academics of Pasco County, Inc. Project                                                               | CUSIP: 34061UDT2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2258263.64   | 0.66%             | 2040-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Miami Beach Health Facilities Authority                                    | Miami Beach Health Facilities Authority, Mount Sinai Medical Center                                                                            | CUSIP: 593211ES0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $556454.32    | 0.16%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago                 | Metropolitan Water Reclamation District of Greater Chicago                                                                                     | CUSIP: 167560MV0<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |     50000 | PA      | $55498.66     | 0.02%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Trails at Crowfoot Metropolitan District No. 3                             | Trails at Crowfoot Metropolitan District No. 3, Limited Tax, Series 2019A                                                                      | CUSIP: 89286RAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $571820.36    | 0.17%             | 2030-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                       | Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area                                                         | CUSIP: 59561TAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $905361.50    | 0.27%             | 2040-08-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Aliquippa School District                                                  | Aliquippa School District, Limited Tax                                                                                                         | CUSIP: 016364CY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1237668.63   | 0.36%             | 2037-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Bradburn Metropolitan District No. 2                                       | Bradburn Metropolitan District No. 2, Limited Tax, Series 2018B                                                                                | CUSIP: 103844AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $469556.25    | 0.14%             | 2047-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                       | Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area                                                         | CUSIP: 59561TAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $916948.80    | 0.27%             | 2030-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                           | Maricopa County Industrial Development Authority, Ottawa University                                                                            | CUSIP: 56678RAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $213985.21    | 0.06%             | 2030-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Iowa Finance Authority                                                     | Iowa Finance Authority, Northcrest Inc., Project, Series 2018A                                                                                 | CUSIP: 46245FAT1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    695000 | PA      | $689889.53    | 0.20%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Copper Ridge Metropolitan District                                         | Copper Ridge Metropolitan District, Tax Increment and Sales Tax                                                                                | CUSIP: 217558AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $455589.60    | 0.13%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                       | Dominion Water and Sanitation District                                                                                                         | CUSIP: 25755AAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $505586.11    | 0.15%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                     | City of Minneapolis, Health Care System, Fairview Health Services, Series 2018A                                                                | CUSIP: 60374VED1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    750000 | PA      | $720823.28    | 0.21%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Suffolk County Economic Development Corp.                                  | Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project                                                          | CUSIP: 86476RDM3<br>LEI: 5493003FN78GO4R0BJ89 | Long             | DBT              | MUN               | US        |    850000 | PA      | $691898.39    | 0.20%             | 2041-11-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Nashville Metropolitan Development & Housing Agency                        | Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project                                       | CUSIP: 591874AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $428540.76    | 0.13%             | 2036-06-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                   | Cleveland-Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project                                               | CUSIP: 18610PAU2<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505118.20    | 0.15%             | 2038-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                       | City of Henderson                                                                                                                              | CUSIP: 425099AA6<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    400000 | PA      | $363054.04    | 0.11%             | 2042-01-01      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                          | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects                                                 | CUSIP: 34061UGR3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    600000 | PA      | $502177.26    | 0.15%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Cornwall Township Municipal Authority                                 | West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project                                                         | CUSIP: 95235TAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $716517.83    | 0.21%             | 2038-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                     | Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living                                                     | CUSIP: 77008PAA2<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |    770000 | PA      | $604650.97    | 0.18%             | 2030-09-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| City of Temple TX                                                          | City of Temple, Reinvestment Zone, Series 2018A                                                                                                | CUSIP: 880157BF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $894105.35    | 0.26%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                     | California Municipal Finance Authority, John Adams Academies Lincoln Project                                                                   | CUSIP: 13048DCV8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    410000 | PA      | $382888.46    | 0.11%             | 2029-10-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                       | New Hope Cultural Education Facilities Finance Corp., Cityscape Schools, Inc., Series 2019A                                                    | CUSIP: 64542QBH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $312462.18    | 0.09%             | 2029-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC                                                                  | CUSIP: 04052FDS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $729836.24    | 0.21%             | 2052-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project                                             | CUSIP: 82170KAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3350000 | PA      | $2868510.53   | 0.84%             | 2059-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                 | Illinois Finance Authority, University of Illinois at Urbana-Champaign Project                                                                 | CUSIP: 452017AM8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    300000 | PA      | $316087.74    | 0.09%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Piedmont Community Charter School                                                                                    | CUSIP: 74445GAP7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    390000 | PA      | $393834.52    | 0.12%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                       | New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project                                                       | CUSIP: 64542UEU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $850509.00    | 0.25%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                       | New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project                                                           | CUSIP: 64542UFX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $499089.50    | 0.15%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                | Connecticut State Health and Educational Facilities Authority, McLean                                                                          | CUSIP: 20775DHG0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251337.83    | 0.07%             | 2030-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| STC Metropolitan District No. 2                                            | STC Metropolitan District No. 2, Limited Tax Improvement                                                                                       | CUSIP: 85780TAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $522936.87    | 0.15%             | 2025-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Woodbury MN                                                        | City of Woodbury, Charter School Lease                                                                                                         | CUSIP: 979134AP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $177750.72    | 0.05%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Ashland KY                                                         | City of Ashland, Kings Daughters Medical Center, Series 2016A                                                                                  | CUSIP: 044293BE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $927894.60    | 0.27%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                          | Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt                                                               | CUSIP: 68608JYJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $595572.82    | 0.17%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                 | Capital Trust Agency, Inc., Liza Jackson Preparatory School, Inc., Project                                                                     | CUSIP: 14054CDE6<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    300000 | PA      | $302827.68    | 0.09%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                 | Michigan Finance Authority, Aqunias College Project                                                                                            | CUSIP: 594479GN1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    540000 | PA      | $477634.27    | 0.14%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                  | New Jersey Economic Development Authority, Golden Door Charter School Project, Series 2018A                                                    | CUSIP: 645912EV4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    210000 | PA      | $208844.66    | 0.06%             | 2029-11-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| St. Louis County Industrial Development Authority                          | St. Louis County Industrial Development Authority, Friendship Village, Series 2018A                                                            | CUSIP: 791524CL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $619466.40    | 0.18%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                          | Florida Development Finance Corp., IDEA Florida, Inc.                                                                                          | CUSIP: 34061VAA4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    650000 | PA      | $630763.77    | 0.19%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| City of Woodbury MN                                                        | City of Woodbury, Charter School Lease                                                                                                         | CUSIP: 979134AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $203652.36    | 0.06%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Franklin IN                                                        | City of Franklin, Otterbeit Homes                                                                                                              | CUSIP: 353593EA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $712175.03    | 0.21%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                 | Capital Trust Agency, Inc., Legends Academy Project                                                                                            | CUSIP: 14054CEV7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1308927.91   | 0.38%             | 2045-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Clark NV Passenger Facility Charge Revenue                       | County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility                                        | CUSIP: 181006HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $222135.74    | 0.07%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                   | Massachusetts Development Finance Agency, Emerson College                                                                                      | CUSIP: 57584YFH7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    405000 | PA      | $415378.94    | 0.12%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                      | City of Chicago, Waterworks, Second Lien                                                                                                       | CUSIP: 167736VK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $160378.44    | 0.05%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UIPA Crossroads Public Infrastructure District                             | UIPA Crossroads Public Infrastructure District, Tax Differential                                                                               | CUSIP: 90279EAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $849730.30    | 0.25%             | 2041-06-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Piedmont Community Charter School                                                                                    | CUSIP: 74445GAK8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    160000 | PA      | $165312.69    | 0.05%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                          | Philadelphia Authority for Industrial Development, Independence Charter School West Project                                                    | CUSIP: 71781XFZ1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $469963.50    | 0.14%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                          | Northeast Ohio Medical University                                                                                                              | CUSIP: 66433RBD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $97189.14     | 0.03%             | 2040-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Academics of Math and Science Projects                                                               | CUSIP: 04052BKJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $380809.76    | 0.11%             | 2029-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                          | City and County of Denver, Airport System                                                                                                      | CUSIP: 249182TM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1383773.38   | 0.41%             | 2045-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Norfolk Redevelopment & Housing Authority                                  | Norfolk Redevelopment and Housing Authority, Fort Norfolk Retirement Community, Harbors Edge Project                                           | CUSIP: 655909CL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1222388.16   | 0.36%             | 2039-01-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                 | Illinois Finance Authority, Social Bonds-Learn Chapter School Project                                                                          | CUSIP: 45204FLG8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $418638.65    | 0.12%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Pinecrest Academy, Horizon, Inspirada and St. Rose Campus Projects, Series 2018A                     | CUSIP: 04052BHD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021502.30   | 0.30%             | 2038-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| California Community Housing Agency                                        | California Community Housing Agency, Fountains at Emerald Park, Series 2021A-2                                                                 | CUSIP: 13013FAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $382778.85    | 0.11%             | 2046-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Painted Prairie Public Improvement Authority                               | Painted Prairie Public Improvement Authority                                                                                                   | CUSIP: 69578NAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2347990.75   | 0.69%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                      | Utah Charter School Finance Authority, Wallace Stegner Academy                                                                                 | CUSIP: 91754TS53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $246313.70    | 0.07%             | 2032-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Upper Illinois River Valley Development Authority                          | Upper Illinois River Valley Development Authority, Morris Hospital                                                                             | CUSIP: 91588TBL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261247.95    | 0.08%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                     | California Municipal Finance Authority, Eisenhower Medical Center, Series 2017B                                                                | CUSIP: 13048T5J8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    200000 | PA      | $202206.92    | 0.06%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority              | Allentown Neighborhood Improvement Zone Development Authority, City Center Project                                                             | CUSIP: 018444BC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $226190.20    | 0.07%             | 2042-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                    | CUSIP: 04052TAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $642340.10    | 0.19%             | 2039-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                        | Wisconsin Health and Educational Facilities Authority, St. Camillus Health System                                                              | CUSIP: 97712D3W4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    355000 | PA      | $349297.71    | 0.10%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                    | CUSIP: 04052TAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1184630.60   | 0.35%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                      | Louisiana Public Facilities Authority, School Master Project, Series 2021A                                                                     | CUSIP: 546399NE2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    290000 | PA      | $265966.45    | 0.08%             | 2031-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Painted Prairie Public Improvement Authority                               | Painted Prairie Public Improvement Authority                                                                                                   | CUSIP: 69578NAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930717.30    | 0.27%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                        | Wisconsin Health and Educational Facilities Authority, St. Camillus Health System                                                              | CUSIP: 97712D3Y0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    470000 | PA      | $456865.19    | 0.13%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Eastern Michigan University Student Housing Project                                                                  | CUSIP: 74444UAP7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $554963.50    | 0.16%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project                                             | CUSIP: 82170KAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1309734.60   | 0.38%             | 2054-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                   | Build NYC Resource Corp., New World Preparatory Charter School Project, Series 2021A                                                           | CUSIP: 12008ERS7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    170000 | PA      | $126608.21    | 0.04%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Copperleaf Metropolitan District No. 4                                     | Copperleaf Metropolitan District No. 4, Limited Tax                                                                                            | CUSIP: 21765KAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $738851.83    | 0.22%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                          | State of Illinois                                                                                                                              | CUSIP: 452152LV1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    170000 | PA      | $169992.33    | 0.05%             | 2028-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Charlotte County Industrial Development Authority/FL                       | Charlotte County Industrial Development Authority, Town and Country Utilities Project, Series 2021A                                            | CUSIP: 16080TAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $321181.12    | 0.09%             | 2041-10-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                             | Buckeye Tobacco Settlement Financing Authority                                                                                                 | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2720000 | PA      | $2492136.62   | 0.73%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                      | Louisiana Public Facilities Authority, Young Audiences Charter School Project                                                                  | CUSIP: 546399HT6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1298581.98   | 0.38%             | 2039-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                      | CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim                                                                     | CUSIP: 126292AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1141909.05   | 0.34%             | 2056-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Franklin County Industrial Development Authority/PA                        | Franklin County Industrial Development Authority, Menno-Haven, Inc., Project                                                                   | CUSIP: 353273CE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $407302.85    | 0.12%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                      | Louisiana Public Facilities Authority, Lincoln Preparatory School Project                                                                      | CUSIP: 546399KX3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $952681.45    | 0.28%             | 2051-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| District of Columbia                                                       | District of Columbia, Kipp DC Project                                                                                                          | CUSIP: 25483VWB6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    200000 | PA      | $185466.50    | 0.05%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lanterns Metropolitan District No. 1                                       | Lanterns Metropolitan District No. 1, Limited Tax, Series 2019A                                                                                | CUSIP: 51654AAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1291032.33   | 0.38%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Thompson Crossing Metropolitan District No. 4                              | Thompson Crossing Metropolitan District No. 4, Unlimited Tax                                                                                   | CUSIP: 88477EAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1317520.12   | 0.39%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Windler Public Improvement Authority                                       | Windler Public Improvement Authority, Limited Tax                                                                                              | CUSIP: 973405AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1865000 | PA      | $1442056.42   | 0.42%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Crossing Metropolitan District No. 2                              | Colorado Crossing Metropolitan District No. 2, Limited Tax                                                                                     | CUSIP: 19645YAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $940577.33    | 0.28%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | CDI                                                                                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |  13050000 | PA      | $-866363.56   | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Cedars Obligated Group                                                                                               | CUSIP: 74446GAA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    910000 | PA      | $810550.01    | 0.24%             | 2029-05-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                          | Florida Development Finance Corp., Educational Facilities, UCP Charter Schools Project                                                         | CUSIP: 34061UFE3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $459629.75    | 0.14%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                           | Vermont Student Assistance Corp., Education Loan, Series 2018A                                                                                 | CUSIP: 92428CLP7<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |     80000 | PA      | $79423.67     | 0.02%             | 2032-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                | Connecticut State Health and Educational Facilities Authority, Mary Wade Home                                                                  | CUSIP: 20775DDB5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    400000 | PA      | $389595.52    | 0.11%             | 2029-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                | George L Smith II Congress Center Authority, Convention Center Hotel First                                                                     | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $405009.05    | 0.12%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mirabelle Metropolitan District No. 2                                      | Mirabelle Metropolitan District No. 2                                                                                                          | CUSIP: 60458HAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $649852.14    | 0.19%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                   | New Hampshire Business Finance Authority, The Vista Project, Series 2019A                                                                      | CUSIP: 63607YAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922214.40    | 0.27%             | 2046-07-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Copperleaf Metropolitan District No. 4                                     | Copperleaf Metropolitan District No. 4, Limited Tax                                                                                            | CUSIP: 21765KAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $908424.60    | 0.27%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency VIII                                           | CMFA Special Finance Agency VIII Junior, Elan Hunting Beach, Series 2021A-2                                                                    | CUSIP: 12574VAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $757837.90    | 0.22%             | 2047-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                 | Capital Trust Agency, Inc., Franklin Academy Project                                                                                           | CUSIP: 14054DAG2<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    365000 | PA      | $366657.47    | 0.11%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Luzerne County Industrial Development Authority                            | Luzerne County Industrial Development Authority                                                                                                | CUSIP: 55072RBD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $72871.95     | 0.02%             | 2024-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                          | Florida Development Finance Corp., Educational Facilities, Renaissance Charter School, Inc. Project                                            | CUSIP: 34061UFA1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    235000 | PA      | $215560.00    | 0.06%             | 2030-09-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| California School Facilities Financing Authority                           | California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District, Series 2018A                            | CUSIP: 13058RAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $152746.72    | 0.04%             | 2030-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                      | Louisiana Public Facilities Authority, Young Audiences Charter School Project                                                                  | CUSIP: 546399HU3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $963128.54    | 0.28%             | 2049-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Gallatin MT                                                      | County of Gallatin, Bozeman Fiber Project, Series 2021A                                                                                        | CUSIP: 363671BB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $905348.80    | 0.27%             | 2032-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                       | New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project                                                           | CUSIP: 64542UFJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1641268.20   | 0.48%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                             | Metropolitan Nashville Airport Authority (The)                                                                                                 | CUSIP: 592190QY1<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046011.40   | 0.31%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                   | Massachusetts Development Finance Agency, Orchid Cove, Inc.                                                                                    | CUSIP: 57584YRE1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $448266.00    | 0.13%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fredericksburg Economic Development Authority                              | Fredericksburg Economic Development Authority, Stadium Project                                                                                 | CUSIP: 355850AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $838883.40    | 0.25%             | 2044-09-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                           | Onondaga Civic Development Corp., Le Moyne College Project                                                                                     | CUSIP: 682832ER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306697.38    | 0.09%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Area School District/PA                                       | Wilkes-Barre Area School District                                                                                                              | CUSIP: 968261NP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $907884.20    | 0.27%             | 2044-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 611                  | City of Las Vegas, Special Improvement District No. 611, Local Improvement                                                                     | CUSIP: 51778CAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $388152.09    | 0.11%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Center Metropolitan District No. 1                               | Jefferson Center Metropolitan District No. 1                                                                                                   | CUSIP: 47248EAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $237145.91    | 0.07%             | 2040-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                      | CSCDA Community Improvement Authority, Essential Housing, Orange Portfolio                                                                     | CUSIP: 126292BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $362214.40    | 0.11%             | 2047-03-01      | Fixed         | 2.80%                 | Yes           |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                   | Arlington Higher Education Finance Corp., TGP Public Schools, Gathering Place                                                                  | CUSIP: 0418067U8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $390486.30    | 0.11%             | 2032-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                  | Indiana Finance Authority, Marian University Project                                                                                           | CUSIP: 45506D5A9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $966166.52    | 0.28%             | 2044-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cross Creek Metropolitan District No. 2                                    | Cross Creek Metropolitan District No. 2, Unlimited Tax                                                                                         | CUSIP: 227516AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954916.30    | 0.28%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                | Washington State Housing Finance Commission, Judson Park Project                                                                               | CUSIP: 939783WJ1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    535000 | PA      | $498273.16    | 0.15%             | 2033-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Wilson Preparatory Academy, Series 2019A                                                                             | CUSIP: 74442EDW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $993899.72    | 0.29%             | 2049-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Rocky Mountain Rail Park Metropolitan District                             | Rocky Mountain Rail Park Metropolitan District, Limited Tax                                                                                    | CUSIP: 774762AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1073925.63   | 0.32%             | 2041-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Flint Hospital Building Authority                                          | Flint Hospital Building Authority, Hurley Medical Center                                                                                       | CUSIP: 339511EX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1618557.48   | 0.48%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                | Commonwealth of Puerto Rico                                                                                                                    | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   3000000 | PA      | $3041128.20   | 0.89%             | 2025-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                           | City of Erie, Higher Education Building Authority, Gannon University Project - AICUP Financing Program                                         | CUSIP: 295435CS8<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    175000 | PA      | $150439.43    | 0.04%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                   | Massachusetts Development Finance Agency, Newbridge On the Charles, Inc.                                                                       | CUSIP: 57584X4M0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1889631.80   | 0.56%             | 2042-10-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                       | Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project                                              | CUSIP: 19645UEQ3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    555000 | PA      | $485011.45    | 0.14%             | 2040-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No. 611                  | City of Las Vegas, Special Improvement District No. 611, Local Improvement                                                                     | CUSIP: 51778CAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $231166.81    | 0.07%             | 2032-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Third Creek Metropolitan District No. 1                                    | Third Creek Metropolitan District No. 1, Limited Tax, Series 2022A-1                                                                           | CUSIP: 88423EAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $567111.09    | 0.17%             | 2051-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                           | Vermont Student Assistance Corp., Education Loan, Series 2018A                                                                                 | CUSIP: 92428CLR3<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |     80000 | PA      | $79341.88     | 0.02%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Yonkers Economic Development Corp.                                         | Yonkers Economic Development Corp., Charter School of Educational Excellence Project                                                           | CUSIP: 98608MAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $186823.62    | 0.05%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                               | Mississippi Development Bank, Harrison County, Coliseum and Convention Center, Series 2010A                                                    | CUSIP: 605341AS5<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    100000 | PA      | $115685.11    | 0.03%             | 2034-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington Higher Education Facilities Authority                           | Washington Higher Education Facilities Authority, Seattle University Project                                                                   | CUSIP: 9397813V0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $252262.56    | 0.07%             | 2039-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                  | City of Houston, Airport System, United Airlines, Inc., Terminal Improvements Projects                                                         | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $460518.25    | 0.14%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                 | Illinois Finance Authority, Lake Forest College                                                                                                | CUSIP: 45204FRB3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $402912.56    | 0.12%             | 2039-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STC Metropolitan District No. 2                                            | STC Metropolitan District No. 2, Limited Tax Improvement                                                                                       | CUSIP: 85780TAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $927080.20    | 0.27%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Crossing Metropolitan District No. 2                              | Colorado Crossing Metropolitan District No. 2, Limited Tax                                                                                     | CUSIP: 19645YAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1685751.60   | 0.50%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plaza at Noah's Ark Community Improvement District                         | Plaza at Noah's Ark Community Improvement District                                                                                             | CUSIP: 72813LAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $259493.05    | 0.08%             | 2026-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Senior Lien, Grand Hyatt                                                                                             | CUSIP: 74447DAA5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $274917.36    | 0.08%             | 2032-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                  | New Jersey Economic Development Authority, White Horse HMT Urban Renewal LLC Project                                                           | CUSIP: 64577XBH8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2267591.70   | 0.67%             | 2040-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                | Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project                                                       | CUSIP: 67756DRS7<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    270000 | PA      | $263314.04    | 0.08%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                               | Massachusetts Port Authority                                                                                                                   | CUSIP: 575896MF9<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510029.85    | 0.15%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                  | New Jersey Economic Development Authority, Marion P. Thomas Charter School, Inc., Project                                                      | CUSIP: 645912ER3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956382.50    | 0.28%             | 2033-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                          | Florida Development Finance Corp., Imagine School at Broward Project                                                                           | CUSIP: 34061UDJ4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    260000 | PA      | $256514.15    | 0.08%             | 2029-12-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                        | Wisconsin Health and Educational Facilities Authority, St. Camillus Health System                                                              | CUSIP: 97712D4A1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    515000 | PA      | $492898.88    | 0.14%             | 2030-11-01      | 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        |   2987724 | NS      | $2989218.20   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                        | Wisconsin Health and Educational Facilities Authority, St. Camillus Health System                                                              | CUSIP: 97712D3Z7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    315000 | PA      | $304097.19    | 0.09%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp./NY                              | Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project                                            | CUSIP: 61075YAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $633297.42    | 0.19%             | 2040-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Wayzata MN                                                         | City of Wayzata, Folkestone Senior Living Community                                                                                            | CUSIP: 946829BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $214810.23    | 0.06%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                       | District of Columbia, Rocketship Obligated Group                                                                                               | CUSIP: 25483VYB4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    400000 | PA      | $365002.32    | 0.11%             | 2051-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                    | Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project                    | CUSIP: 594698RS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924417.10    | 0.27%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Pebble Campus Project                                                                                | CUSIP: 04052BMB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $387312.61    | 0.11%             | 2040-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Lenexa KS                                                          | City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc., Series 2018A                                                              | CUSIP: 526039DL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $822209.68    | 0.24%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                 | New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group - La Vida Llena Expansion Project                                 | CUSIP: 647377AK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $329702.65    | 0.10%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                        | California School Finance Authority, Kipp Projects School Facility                                                                             | CUSIP: 13059TBY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101599.48    | 0.03%             | 2035-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Dallas Area Municipal Authority                                            | Dallas Area Municipal Authority, Misericordia University Project                                                                               | CUSIP: 235171AQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1068474.22   | 0.31%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                     | Iowa Finance Authority, PHS Council Bluffs, Inc., Project                                                                                      | CUSIP: 46245FAN4<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    485000 | PA      | $436879.08    | 0.13%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Woodbury MN                                                        | City of Woodbury, Charter School Lease                                                                                                         | CUSIP: 979134AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $208114.25    | 0.06%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                 | Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project                                                    | CUSIP: 95737TEJ1<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    365000 | PA      | $380500.53    | 0.11%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                       | New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project, Series 2018A                                                | CUSIP: 64542UDY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $786050.80    | 0.23%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                        | Idaho Housing and Finance Association, Compass Public Charter School, Inc., Project, Series 2018A                                              | CUSIP: 45129GDD4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    165000 | PA      | $166748.88    | 0.05%             | 2029-07-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                  | Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project                                                            | CUSIP: 45506EAA1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    105000 | PA      | $98755.04     | 0.03%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                          | Philadelphia Authority for Industrial Development, Philadelphia Electrical and Technology Charter School Project, Series 2021A                 | CUSIP: 71780CBH2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    400000 | PA      | $290969.72    | 0.09%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Pinecrest Academy, Canyon Campus Project                                                             | CUSIP: 04052BMF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2437527.94   | 0.72%             | 2040-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Reunion Metropolitan District                                              | Reunion Metropolitan District, Series 2021A                                                                                                    | CUSIP: 76133UAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $358698.80    | 0.11%             | 2044-12-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Painted Prairie Metropolitan District No. 2                                | Painted Prairie Metropolitan District No. 2                                                                                                    | CUSIP: 69578MAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1820852.40   | 0.53%             | 2048-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Yonkers Economic Development Corp.                                         | Yonkers Economic Development Corp., Charter School of Educational Excellence Project                                                           | CUSIP: 98608MAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $290962.22    | 0.09%             | 2039-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aliquippa School District                                                  | Aliquippa School District, Limited Tax                                                                                                         | CUSIP: 016364CX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028632.60   | 0.60%             | 2033-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DIATC Metropolitan District                                                | DIATC Metropolitan District, Limited Tax and Improvement                                                                                       | CUSIP: 25283QAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1128437.20   | 0.33%             | 2039-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                      | Louisiana Public Facilities Authority, Materra Campus Project, Series 2021C                                                                    | CUSIP: 546399NL6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    440000 | PA      | $358225.47    | 0.11%             | 2041-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Cadence Campus Project                                                                               | CUSIP: 04052BLR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $668045.84    | 0.20%             | 2040-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                           | California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project, Series 2015B-2                        | CUSIP: 130536QW8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    250000 | PA      | $242081.83    | 0.07%             | 2040-11-01      | Variable      | 3.13%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                     | Utah Transit Authority, Sales Tax                                                                                                              | CUSIP: 917565ER0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42084.20     | 0.01%             | 2025-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                          | Philadelphia Authority for Industrial Development, MAST Community Charter School II Project                                                    | CUSIP: 71780CAJ9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    315000 | PA      | $316966.95    | 0.09%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                           | Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project                                                           | CUSIP: 011903GF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1962135.60   | 0.58%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                    | Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project                    | CUSIP: 594698RR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $643328.24    | 0.19%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp.                                      | Newark Higher Education Finance Corp., Hughen Center Inc., Project                                                                             | CUSIP: 650346FR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256842.20    | 0.08%             | 2052-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                       | Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area                                                         | CUSIP: 59561TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1322562.33   | 0.39%             | 2050-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, The Franklin School of Innovation                                                                                    | CUSIP: 74442EHZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $220565.05    | 0.06%             | 2042-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp.                    | Buffalo and Erie County Industrial Land Development Corp., D'youville College Project                                                          | CUSIP: 11943KEA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $966916.67    | 0.28%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Minnesota College of Osteopathic Medicine                                                                            | CUSIP: 74442PLP8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     45647 | PA      | $14150.47     | 0.00%             | 2048-12-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Clackamas County Hospital Facility Authority                               | Clackamas County Hospital Facility Authority, Mary's Woods at Marylhurst Project, Series 2018A                                                 | CUSIP: 179027XZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $266879.16    | 0.08%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kalamazoo Economic Development Corp.                                       | Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project                                                                  | CUSIP: 483228DV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1108890.26   | 0.33%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Franklin IN                                                        | City of Franklin, Otterbeit Homes                                                                                                              | CUSIP: 353593EB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $470984.20    | 0.14%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                           | Maricopa County Industrial Development Authority, Arizona Autism Charter School Project, Series 2021A                                          | CUSIP: 56681NGK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $131486.14    | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Dallas Area Municipal Authority                                            | Dallas Area Municipal Authority, Misericordia University Project                                                                               | CUSIP: 235171AP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $650598.39    | 0.19%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                    | CUSIP: 04052TAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1247856.00   | 0.37%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                           | Maricopa County Industrial Development Authority, Ottawa University                                                                            | CUSIP: 56678RAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125776.70    | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                      | Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project                                               | CUSIP: 91754TH22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $794309.91    | 0.23%             | 2041-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                     | Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc., Project                                                    | CUSIP: 51404PAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $527722.30    | 0.16%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                        | California Public Finance Authority, Enso Village Project, Series 2021A                                                                        | CUSIP: 13057GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $592033.89    | 0.17%             | 2046-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Mida Golf and Equestrian Center Public Infrastructure District             | Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax                                                                    | CUSIP: 59561BAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $735081.31    | 0.22%             | 2036-06-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Viticus Group Project, Series 2022B                                                                                  | CUSIP: 74442PWP6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    215000 | PA      | $210106.41    | 0.06%             | 2024-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                   | New Jersey Higher Education Student Assistance Authority, Senior Student Loan, Series 2018A                                                    | CUSIP: 646080TH4<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185302.96    | 0.05%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                 | Utah Infrastructure Agency, Tax-Exempt Telecommunications                                                                                      | CUSIP: 917467BH4<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $463759.25    | 0.14%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                 | Utah Infrastructure Agency, Tax-Exempt Telecommunications                                                                                      | CUSIP: 917467BL5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    700000 | PA      | $603361.78    | 0.18%             | 2039-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clackamas County Hospital Facility Authority                               | Clackamas County Hospital Facility Authority, Mary's Woods at Marylhurst Project, Series 2018A                                                 | CUSIP: 179027XY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $196808.13    | 0.06%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                           | Vermont Student Assistance Corp., Education Loan, Series 2018A                                                                                 | CUSIP: 92428CLQ5<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99206.55     | 0.03%             | 2033-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp.                    | Buffalo and Erie County Industrial Land Development Corp., D'youville College Project                                                          | CUSIP: 11943KDZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $494411.60    | 0.15%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                    | CUSIP: 04052TAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $712315.80    | 0.21%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                      | Utah Charter School Finance Authority, Summit Academy Incorporated                                                                             | CUSIP: 91754TXX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251803.23    | 0.07%             | 2032-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cascade County Elementary School District No. 1 Great Falls                | Cascade County Elementary School District No. 1 Great Falls, School Building                                                                   | CUSIP: 147231EQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $316200.10    | 0.09%             | 2038-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                              | Berks County Industrial Development Authority, The Highlands at Wyomissing                                                                     | CUSIP: 08452RAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $491538.30    | 0.14%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                     | Iowa Finance Authority, PHS Council Bluffs, Inc., Project                                                                                      | CUSIP: 46245FAP9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    370000 | PA      | $309841.55    | 0.09%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Goshen IN                                                          | City of Goshen, Multi-Family, Green Oaks of Goshen Project, Series 2021A                                                                       | CUSIP: 38327MAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $774251.60    | 0.23%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                 | Capital Trust Agency, Inc., Liza Jackson Preparatory School, Inc., Project                                                                     | CUSIP: 14054CDD8<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    200000 | PA      | $197546.66    | 0.06%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 1 Non-Potable Water System Revenue     | Raindance Metropolitan District No. 1, Non-Potable Water System                                                                                | CUSIP: 75087GAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $681959.63    | 0.20%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                          | Philadelphia Authority for Industrial Development, Independence Charter School West Project                                                    | CUSIP: 71781XFY4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    360000 | PA      | $339363.61    | 0.10%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                       | District of Columbia, Latin American Montessori Bilingual Public Charter School                                                                | CUSIP: 25483VXU3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950738.10    | 0.28%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Greene OH                                                        | County of Greene, Various Purpose, Series 2007A                                                                                                | CUSIP: 394641BZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49611.50     | 0.01%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Viticus Group Project, Series 2022A                                                                                  | CUSIP: 74442PWL5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    400000 | PA      | $359709.28    | 0.11%             | 2031-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                       | Allegheny County Higher Education Building Authority, Chatham University                                                                       | CUSIP: 01728RPU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $480161.26    | 0.14%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trails at Crowfoot Metropolitan District No. 3                             | Trails at Crowfoot Metropolitan District No. 3, Limited Tax, Series 2019A                                                                      | CUSIP: 89286RAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936843.30    | 0.28%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Golf and Equestrian Center Public Infrastructure District             | Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax                                                                    | CUSIP: 59561BAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $866988.43    | 0.25%             | 2041-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Verve Metropolitan District No. 1                                          | Verve Metropolitan District No. 1                                                                                                              | CUSIP: 92538YAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1051664.96   | 0.31%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing                                                   | Montana Board of Housing, Single Family Homeownership                                                                                          | CUSIP: 61212RX76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24990.78     | 0.01%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Piedmont Community Charter School                                                                                    | CUSIP: 74445GAL6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    505000 | PA      | $524238.48    | 0.15%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roanoke County Economic Development Authority                              | Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living                                                     | CUSIP: 76982TAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1535617.40   | 0.45%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Community Facilities District                                | Orange County Community Facilities District                                                                                                    | CUSIP: 68423PZH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $616245.00    | 0.18%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Military Installation Development Authority                                | Military Installation Development Authority, Tax Allocation and Hotel Tax, Series 2021A-1                                                      | CUSIP: 599772AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $420170.90    | 0.12%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                     | California Municipal Finance Authority, Linxs Apartments Project, Senior Lien, Series 2018A                                                    | CUSIP: 13048VBZ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    240000 | PA      | $217473.96    | 0.06%             | 2035-12-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Joplin Industrial Development Authority                                    | Joplin Industrial Development Authority, 32nd Street Place Community Improvement District Project                                              | CUSIP: 48068CAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $996723.13    | 0.29%             | 2050-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Kalamazoo Economic Development Corp.                                       | Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project                                                                  | CUSIP: 483228DY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2428602.90   | 0.71%             | 2055-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                             | Metropolitan Nashville Airport Authority (The)                                                                                                 | CUSIP: 592190QZ8<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    835000 | PA      | $890241.51    | 0.26%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Community Authority Board                                   | Sterling Ranch Community Authority Board, Limited Tax Supported District No. 2                                                                 | CUSIP: 85950NAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $433171.05    | 0.13%             | 2030-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                   | Arlington Higher Education Finance Corp., Winfree Academy Charter Schools, Series 2019A                                                        | CUSIP: 041806RV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975108.80    | 0.29%             | 2043-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                | Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project                                                       | CUSIP: 67756DRT5<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    685000 | PA      | $646779.88    | 0.19%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                      | Utah Charter School Finance Authority, Mountain West Montessori Academy Project                                                                | CUSIP: 91754TYP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $515774.48    | 0.15%             | 2029-06-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Illinois Finance Authority                                                 | Illinois Finance Authority, Playmouth Place Inc.                                                                                               | CUSIP: 45204FSR7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200736.82    | 0.06%             | 2027-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                   | Public Finance Authority, Carson Valley Medical Center, Series 2021A                                                                           | CUSIP: 74442CDG6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $418321.25    | 0.12%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                        | Maryland Economic Development Corp., Morgan State University Project                                                                           | CUSIP: 57420VSK0<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    545000 | PA      | $586616.69    | 0.17%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                         | City of Detroit, Unlimited Tax                                                                                                                 | CUSIP: 2510933P3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511022.45    | 0.15%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broadway Park North Metropolitan District No. 2                            | Broadway Park North Metropolitan District No. 2, Limited Tax                                                                                   | CUSIP: 111561AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $515232.47    | 0.15%             | 2040-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                      | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                          | CUSIP: 546399LP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    700000 | PA      | $548074.10    | 0.16%             | 2051-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                     | City of Mesa, Utility System                                                                                                                   | CUSIP: 590545ZP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $45732.43     | 0.01%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                             | La Paz County Industrial Development Authority, Harmony Public School Project, Series 2018A                                                    | CUSIP: 50376FAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $205228.60    | 0.06%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                       | New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc., Project                                                            | CUSIP: 64542UEX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $264048.24    | 0.08%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Lake FL                                                          | County of Lake, Imagine South Lake Charter School Project                                                                                      | CUSIP: 50825CAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505070.35    | 0.15%             | 2029-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                   | Cleveland-Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project                                               | CUSIP: 18610PAT5<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009277.10   | 0.30%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp./NY                              | Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project                                            | CUSIP: 61075YAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $523664.14    | 0.15%             | 2059-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                        | Wisconsin Health and Educational Facilities Authority, St. Camillus Health System                                                              | CUSIP: 97712D3X2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    370000 | PA      | $361954.76    | 0.11%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                      | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                          | CUSIP: 546399LQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    740000 | PA      | $563408.92    | 0.17%             | 2056-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                             | Metropolitan Nashville Airport Authority (The)                                                                                                 | CUSIP: 592190RA2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020898.30   | 0.30%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                       | New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation, Series 2019A-1                                        | CUSIP: 64542PEU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1304002.76   | 0.38%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                 | Capital Trust Agency, Inc., Franklin Academy Project                                                                                           | CUSIP: 14054DAD9<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    300000 | PA      | $304443.27    | 0.09%             | 2026-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                          | Philadelphia Authority for Industrial Development, MAST Community Charter School II Project                                                    | CUSIP: 71780CAH3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    175000 | PA      | $180540.10    | 0.05%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                   | Build NYC Resource Corp., New World Preparatory Charter School Project, Series 2021A                                                           | CUSIP: 12008ERT5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    225000 | PA      | $161577.74    | 0.05%             | 2056-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Wayzata MN                                                         | City of Wayzata, Folkestone Senior Living Community                                                                                            | CUSIP: 946829BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $303992.61    | 0.09%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                              | Delaware State Economic Development Authority, Newark Charter School, Inc., Project, Series 2022A                                              | CUSIP: 246372BB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $202137.43    | 0.06%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                 | Tarrant County Cultural Education Facilities Finance Corp., CHRISTUS Health                                                                    | CUSIP: 87638TGV9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $901164.50    | 0.26%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                   | Massachusetts Development Finance Agency, Wellforce Issue                                                                                      | CUSIP: 57584YD22<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $956259.84    | 0.28%             | 2045-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                  | Florida Higher Educational Facilities Financial Authority, St. Leo University Project                                                          | CUSIP: 34073TLM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $693290.25    | 0.20%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri         | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects, Series 2019A                          | CUSIP: 60635H2R9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1009075.45   | 0.30%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                        | Maryland Economic Development Corp., Morgan State University Project                                                                           | CUSIP: 57420VSL8<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1294488.93   | 0.38%             | 2038-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                 | Capital Trust Agency, Inc., Franklin Academy Project                                                                                           | CUSIP: 14054DAF4<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    345000 | PA      | $347590.85    | 0.10%             | 2028-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                   | Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project, Series 2021A                                               | CUSIP: 04052BPR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $105352.88    | 0.03%             | 2041-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| DIATC Metropolitan District                                                | DIATC Metropolitan District, Limited Tax and Improvement                                                                                       | CUSIP: 25283QAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $518056.99    | 0.15%             | 2029-12-01      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| County of Frederick MD                                                     | County of Frederick, Educational Facilities, Mount St. Mary's University, Series 2017A                                                         | CUSIP: 355697CF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1442341.50   | 0.42%             | 2037-09-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                   | Arlington Higher Education Finance Corp., Winfree Academy Charter Schools, Series 2019A                                                        | CUSIP: 041806RU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $402703.69    | 0.12%             | 2029-08-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                | Washington State Housing Finance Commission, The Heart Stone Project, Series 2018A                                                             | CUSIP: 939783WQ5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    825000 | PA      | $678783.44    | 0.20%             | 2038-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                | Washington State Housing Finance Commission, Judson Park Project                                                                               | CUSIP: 939783WK8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    300000 | PA      | $269048.22    | 0.08%             | 2038-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Community College Financing Authority                           | California Community College Financing Authority, Orange Coast Properties LLC - Orange Coast College Project                                   | CUSIP: 13012RAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $393267.96    | 0.12%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Thompson Crossing Metropolitan District No. 4                              | Thompson Crossing Metropolitan District No. 4, Unlimited Tax                                                                                   | CUSIP: 88477EAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1330400.25   | 0.39%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sparks NV                                                          | City of Sparks, Senior Sales Tax                                                                                                               | CUSIP: 846562AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $62843.14     | 0.02%             | 2024-06-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| City of Wayzata MN                                                         | City of Wayzata, Folkestone Senior Living Community                                                                                            | CUSIP: 946829BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200185.20    | 0.06%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Transport Metropolitan District No. 3                                      | Transport Metropolitan District No. 3, Limited Tax                                                                                             | CUSIP: 89386FAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $871159.60    | 0.26%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                           | Maricopa County Industrial Development Authority, Arizona Autism Charter School Project, Series 2021A                                          | CUSIP: 56681NGL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $393204.67    | 0.12%             | 2051-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Suffolk County Economic Development Corp.                                  | Suffolk County Economic Development Corp., Peconic Landing at Southold Project, Inc.                                                           | CUSIP: 86476RDH4<br>LEI: 5493003FN78GO4R0BJ89 | Long             | DBT              | MUN               | US        |    750000 | PA      | $771954.98    | 0.23%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                         | South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project, Series 2019A                                 | CUSIP: 83704MAR7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1417842.96   | 0.42%             | 2034-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                         | South Carolina Jobs-Economic Development Authority, Episcopal Home at Still Hopes, Series 2018A                                                | CUSIP: 83704CAW8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1393521.62   | 0.41%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                          | Philadelphia Authority for Industrial Development, Holy Family University Project                                                              | CUSIP: 71780TBF9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    640000 | PA      | $677509.57    | 0.20%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Higher Education Facilities Authority                           | Washington Higher Education Facilities Authority, Seattle University Project                                                                   | CUSIP: 9397813W8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $672666.88    | 0.20%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Joplin Industrial Development Authority                                    | Joplin Industrial Development Authority, 32nd Street Place Community Improvement District Project                                              | CUSIP: 48068CAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $548275.02    | 0.16%             | 2040-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                         | City of Detroit, Unlimited Tax                                                                                                                 | CUSIP: 2510933R9<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507612.05    | 0.15%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                 | Illinois Finance Authority, Clark-Lindsey Village                                                                                              | CUSIP: 45204FQM0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    175000 | PA      | $165321.33    | 0.05%             | 2037-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                       | New Hope Cultural Education Facilities Finance Corp., Beta Academy                                                                             | CUSIP: 64542QBD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $270121.50    | 0.08%             | 2029-08-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Mississippi Development Bank                                               | Mississippi Development Bank, Harrison County, Coliseum and Convention Center                                                                  | CUSIP: 605341AQ9<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    160000 | PA      | $182233.58    | 0.05%             | 2030-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                         | City of Houston, Combined Utility System, Junior Lien                                                                                          | CUSIP: 4424365S6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $25926.27     | 0.01%             | 2027-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Broadway Park North Metropolitan District No. 2                            | Broadway Park North Metropolitan District No. 2, Limited Tax                                                                                   | CUSIP: 111561AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $586515.35    | 0.17%             | 2049-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Plaza at Noah's Ark Community Improvement District                         | Plaza at Noah's Ark Community Improvement District                                                                                             | CUSIP: 72813LAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195422.76    | 0.06%             | 2024-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                   | Build NYC Resource Corp., Inwood Academy for Leadership Charter School Project, Series 2018A                                                   | CUSIP: 12008ENN2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496405.75    | 0.15%             | 2031-05-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                | George L Smith II Congress Center Authority, Convention Center Hotel Second                                                                    | CUSIP: 37255MAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $708652.30    | 0.21%             | 2054-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                       | New Hope Cultural Education Facilities Finance Corp., Beta Academy                                                                             | CUSIP: 64542QBE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $403274.55    | 0.12%             | 2039-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                  | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                         | CUSIP: 45471ASX1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    330000 | PA      | $323710.83    | 0.10%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                     | Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living                                                     | CUSIP: 77008PAB0<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1164908.89   | 0.34%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer