# EDGAR Filing Document

**Accession Number:** 0000763852
**File Stem:** 0001752724-23-016733
**Filing Date:** 2023-1
**Character Count:** 374646
**Document Hash:** a1121857552f9156e34ba54642804f8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016733.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016733

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230228

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04236
- **FILM NUMBER:** 23563120

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

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

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

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

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

## Series and Classes Contracts Data

### JPMorgan Sustainable Municipal Income Fund (Series ID: S000003497)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000009683 | Class I      | HLTAX           |
| C000009684 | Class A      | OTBAX           |
| C000009686 | Class C      | OMICX           |
| C000195051 | Class R6     | HLTZX           |

## Nport-Ex

**JPMorgan Sustainable Municipal Income 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 Sustainable Municipal Income 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 — 95.7%** (a) | **Municipal Bonds — 95.7%** (a) | **Municipal Bonds — 95.7%** (a) |
| **Alabama — 1.2%** | **Alabama — 1.2%** | **Alabama — 1.2%** |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project No. 8 Series 2022A, Rev., 4.00%, 12/1/2029 (b) | 645 | 618 |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District (The), Gas Project Series 2016A, Rev., 5.00%, 9/1/2031 | 1000 | 1055 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2031 (b) | 1175 | 1130 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 2803 |
| **Alaska — 0.1%** | **Alaska — 0.1%** | **Alaska — 0.1%** |
| &nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046 | 300 | 298 |
| **Arizona — 3.2%** | **Arizona — 3.2%** | **Arizona — 3.2%** |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Academies of Math & Science Projects Rev., 5.00%, 7/1/2032 (c) | 300 | 303 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 3.00%, 12/15/2031 (c) | 260 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/15/2041 (c) | 250 | 204 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Equitable School Revolving Fund LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2033 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, KIPP Nashville Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Macombs Facility Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Pebble Campus Project Series 2020A, Rev., 4.00%, 7/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721 |
| &nbsp;&nbsp;&nbsp; Arizona State University Series 2015A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima (The) Series 2022B-3, Rev., 5.13%, 11/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751 |
| &nbsp;&nbsp;&nbsp; La Paz County Industrial Development Authority, Harmony Public School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 2/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Arizona Autism Charter School Project Series 2021A, Rev., 4.00%, <br> 7/1/2041 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Arizona Autism Charter Schools Project Series 2021A, Rev., 4.00%, <br> 7/1/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, HonorHealth Series 2019A, Rev., 5.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 7823 |
| **California — 5.7%** | **California — 5.7%** | **California — 5.7%** |
| &nbsp;&nbsp;&nbsp; California Community Housing Agency, Fountains at Emerald Park Series 2021A-2, Rev., 4.00%, 8/1/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp; California Community Housing Agency, Glendale Properties Series 2021A-2, Rev., 4.00%, 8/1/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2 Rev., 4.00%, <br> 6/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, On Lok Senior Health Service Rev., 3.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, Equitable School Revolving Fund LLC Series B, Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 |
| &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., 4.00%, 12/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 12/1/2027 (c) | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 12/1/2028 (c) | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 12/1/2029 (c) | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 12/1/2031 (c) | 65 | 67 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2026 | 410 | 428 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, San Antonio Gardens Project Series 2022B2, Rev., 2.13%, 11/15/2026 | 410 | 375 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Enso Village Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-1, Rev., 3.13%, 5/15/2029 (c) | 300 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2036 (c) | 300 | 272 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority Series 2022-A, Rev., 5.00%, 8/1/2032 (c) | 350 | 366 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Classical Academies Oceanside Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 10/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 10/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, John Adams Academies Series 2022A, Rev., 4.50%, 7/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 802 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Kipp SoCal Public Schools Series A, Rev., 5.00%, 7/1/2039 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Kipp Social Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 7/1/2040 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Emanate Health, Tax-Exempt Series 2020A, Rev., 3.00%, 4/1/2050 | 2645 | &nbsp;&nbsp;&nbsp;&nbsp; 1933 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Front Porch Communities Series 2021A, Rev., 4.00%, 4/1/2039 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 962 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Rev., 4.00%, 8/1/2056 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Towne at Glendale Apartments Rev., 5.00%, 9/1/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District, Water System Series 2022A, Rev., 5.00%, 6/1/2033 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2984 |
| &nbsp;&nbsp;&nbsp; Orange County Community Facilities District No. 2021-1, Rienda Series A, Rev., 5.00%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp; River Islands Public Financing Authority, Facilities District No. 2003 Series 2022A-1, Rev., AGM, 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp; State of California, Department of Veterans Affairs, Farm and Home Purchase Program Series B, Rev., 3.50%, 12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp; 13841 |
| **Colorado — 3.6%** | **Colorado — 3.6%** | **Colorado — 3.6%** |
| &nbsp;&nbsp;&nbsp; Aspen Fire Protection District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project Rev., 4.00%, 12/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Golden View Classical Academy Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Rev., 5.00%, 2/1/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Tax Exempt Series 2021B-3, Rev., 2.13%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274 |

---

------

**JPMorgan Sustainable Municipal Income 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; Colorado Housing and Finance Authority, Single Family Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019F, Rev., GNMA COLL, 4.25%, 11/1/2049 | 205 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020H, Rev., GNMA COLL, 3.00%, 5/1/2050 | 840 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 3.75%, 5/1/2050 | 1570 | 1560 |
| &nbsp;&nbsp;&nbsp; Dominion Water and Sanitation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2027 | 590 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/1/2032 | 500 | 491 |
| &nbsp;&nbsp;&nbsp; State of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 6/15/2039 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 6/15/2040 | 1320 | 1323 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 8691 |
| **Connecticut — 1.4%** | **Connecticut — 1.4%** | **Connecticut — 1.4%** |
| &nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Housing Mortgage Finance Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 4.00%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Subseries D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries A-1, Rev., 4.00%, 11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Yale New Haven Health Series B, Rev., 1.80%, 7/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series 2019B, Rev., AMT, 5.00%, <br> 11/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp; Stamford Housing Authority Rev., BAN, 11.00%, 12/1/2027 (c) (d) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp; University of Connecticut Series 2019A, Rev., 5.00%, 11/1/2035 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1357 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 3529 |
| **Delaware — 1.1%** | **Delaware — 1.1%** | **Delaware — 1.1%** |
| &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 |
| &nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Newark Charter School, Inc. Project Rev., 4.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp; Delaware State Health Facilities Authority, Beebe Medical Center Project Rev., 5.00%, 6/1/2034 | 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2315 |
| &nbsp;&nbsp;&nbsp; Total Delaware |  | &nbsp;&nbsp;&nbsp;&nbsp; 2742 |
| **District of Columbia — 2.2%** | **District of Columbia — 2.2%** | **District of Columbia — 2.2%** |
| &nbsp;&nbsp;&nbsp; District of Columbia, Gallaudet University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Rocketship Obligated Group Series 2021A, Rev., 5.00%, 6/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Two Rivers Public Charter School, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 6/1/2030 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2050 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1451 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series A, Rev., 5.00%, 10/1/2045 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1572 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 5395 |
| **Florida — 10.4%** | **Florida — 10.4%** | **Florida — 10.4%** |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Sustainability Bonds - The Marie Rev., 4.00%, 6/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; City of Pompano Beach, John Knox Village Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 3.50%, 9/1/2035 | 1375 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2040 | 1000 | 851 |
| &nbsp;&nbsp;&nbsp; City of Port St. Lucie, Utility System Rev., NATL-RE, 5.25%, 9/1/2024 | 5000 | 5223 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Central Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 8/15/2032 (c) | 225 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.25%, 8/15/2037 (c) | 350 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.63%, 8/15/2042 (c) | 1515 | 1394 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Cornerstone Charter Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 10/1/2032 (c) | 460 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 10/1/2042 (c) | 275 | 253 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., IDEA Florida, Inc., Jacksonville IV Project Rev., 5.25%, 6/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Mater Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/15/2036 | 1325 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., The Glenridge on Palmer Ranch Project Rev., 4.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority, Health Care Facilities Series 2022B2, Rev., 3.25%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480 |
| &nbsp;&nbsp;&nbsp; Lee Memorial Health System Series 2019A-1, Rev., 5.00%, 4/1/2036 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054 |
| &nbsp;&nbsp;&nbsp; Miami Beach Redevelopment Agency, City Center, Historic Convention Village Series A, Rev., 5.00%, 2/1/2027 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2049 |
| &nbsp;&nbsp;&nbsp; Middleton Community Development District A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Jupiter Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp; School Board of Miami-Dade County (The) Series 2015D, COP, 5.00%, 2/1/2027 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning Series 2021A, Rev., 4.00%, <br> 6/15/2041 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; South Florida Water Management District COP, 5.00%, 10/1/2032 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2380 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp; 25293 |
| **Georgia — 1.4%** | **Georgia — 1.4%** | **Georgia — 1.4%** |
| &nbsp;&nbsp;&nbsp; Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project Series 2019B, Rev., 5.00%, 7/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp; Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project Series A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 898 |
| &nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 2.38%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437 |
| &nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel Second |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 3.63%, 1/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 1/1/2036 (c) | 500 | 467 |
| &nbsp;&nbsp;&nbsp; Georgia Housing and Finance Authority, Single Family Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 12/1/2047 | 265 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 12/1/2047 | 520 | 520 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 3498 |
| **Illinois — 4.9%** | **Illinois — 4.9%** | **Illinois — 4.9%** |
| &nbsp;&nbsp;&nbsp; City of Aurora, Single Family Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., GNMA/FNMA/FHLMC, 5.45%, 12/1/2039 | 51 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A, Rev., AMT, GNMA/FNMA/FHLMC, 5.50%, 12/1/2039 | 57 | 58 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Clark-Lindsey Village Series A, Rev., 4.60%, 6/1/2027 | 200 | 196 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Lake Forest College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Play Mouth Place, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-3, Rev., 4.75%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-2, Rev., 5.25%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-1, Rev., 6.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Plymouth Place, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Social Bonds-Learn Chapter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc. Series C, Rev., 5.00%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Homeowner Mortgage Series C, Rev., 3.50%, 8/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461 |
| &nbsp;&nbsp;&nbsp; Peoria City School District No. 150 Series 2020A, GO, AGM, 4.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp; Southern Illinois University, Housing and Auxiliary Facilities System Series 2021A, Rev., 5.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 |
| &nbsp;&nbsp;&nbsp; Southwestern Illinois Development Authority, Flood Prevention District Council Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2025 | 1945 | &nbsp;&nbsp;&nbsp;&nbsp; 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707 |
| &nbsp;&nbsp;&nbsp; Will County Forest Preservation District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2035 | 1170 | &nbsp;&nbsp;&nbsp;&nbsp; 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2036 | 1460 | &nbsp;&nbsp;&nbsp;&nbsp; 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2037 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp; 11933 |
| **Indiana — 2.8%** | **Indiana — 2.8%** | **Indiana — 2.8%** |
| &nbsp;&nbsp;&nbsp; City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387 |
| &nbsp;&nbsp;&nbsp; City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 4.75%, 11/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; County of St. Joseph, Economic Development, St. Mary's College Project Series 2017A, Rev., 5.00%, 4/1/2026 | 1880 | &nbsp;&nbsp;&nbsp;&nbsp; 1979 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, DePauw University Series 2022-A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384 |

---

------

**JPMorgan Sustainable Municipal Income 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, Educational Facilities, Valparaiso University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/1/2034 | 165 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/1/2035 | 220 | 211 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Rose-Hulman Institute of Technology Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 5.00%, 6/1/2031 | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2033 | 110 | 112 |
| &nbsp;&nbsp;&nbsp; Indiana Health Facility Financing Authority, Ascension Health Credit Group Series A-1, Rev., 5.00%, 11/15/2034 | 1670 | 1736 |
| &nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Single Family Mortgage Series 2020A, Rev., 3.75%, 1/1/2049 | 770 | 765 |
| &nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021B, Rev., 4.00%, 4/1/2024 | 500 | 484 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 6828 |
| **Iowa — 0.8%** | **Iowa — 0.8%** | **Iowa — 0.8%** |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394 |
| &nbsp;&nbsp;&nbsp; Iowa Student Loan Liquidity Corp., Student Loan Series 2015A, Rev., AMT, 5.00%, 12/1/2025 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1043 |
| &nbsp;&nbsp;&nbsp; Total Iowa |  | &nbsp;&nbsp;&nbsp;&nbsp; 1827 |
| **Kansas — 0.3%** | **Kansas — 0.3%** | **Kansas — 0.3%** |
| &nbsp;&nbsp;&nbsp; City of Manhattan, Meadowlark Hills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-2, Rev., 2.38%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp; City of Topeka Series 2022-B, Rev., 5.13%, 12/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704 |
| **Kentucky — 0.2%** | **Kentucky — 0.2%** | **Kentucky — 0.2%** |
| &nbsp;&nbsp;&nbsp; City of Hermiston Series 2022B, Rev., AMT, 3.70%, 1/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570 |
| **Louisiana — 1.0%** | **Louisiana — 1.0%** | **Louisiana — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., <br> 5.00%, 10/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 741 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Lincoln Preparatory School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Mentorship Steam Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2042 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 2320 |
| **Maine — 0.4%** | **Maine — 0.4%** | **Maine — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of Portland, General Airport Rev., 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp; Maine Health and Higher Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 7/1/2024 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 7/1/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp; Maine State Housing Authority, Mortgage Purchase Series A, Rev., 4.00%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp; Total Maine |  | &nbsp;&nbsp;&nbsp;&nbsp; 1033 |

---

------

**JPMorgan Sustainable Municipal Income 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** |
| **Maryland — 1.2%** | **Maryland — 1.2%** | **Maryland — 1.2%** |
| &nbsp;&nbsp;&nbsp; County of Baltimore, Riderwood Village, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2032 | 475 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2033 | 600 | 611 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Annapolis Mobility and Resilience Project Series 2022-A, Rev., 5.00%, 12/31/2037 | 795 | 831 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Stevenson University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2029 | 150 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2031 | 175 | 186 |
| &nbsp;&nbsp;&nbsp; Montgomery County Housing Opportunities Commission, Single Family Mortgage Series 2017A, Rev., 4.00%, 7/1/2048 | 645 | 646 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 2919 |
| **Massachusetts — 4.0%** | **Massachusetts — 4.0%** | **Massachusetts — 4.0%** |
| &nbsp;&nbsp;&nbsp; Massachusetts Clean Water Trust (The), Poll Program Rev., 5.25%, 8/1/2024 | 3000 | 3131 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Salem Community Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.13%, 1/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021G, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021G, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series L, Rev., 5.25%, <br> 7/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Single Family Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 169, Rev., 4.00%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 183, Rev., 3.50%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 214, Rev., GNMA/FNMA/FHLMC, 3.75%, 12/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955 |
| &nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2029 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2303 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 9877 |
| **Michigan — 1.5%** | **Michigan — 1.5%** | **Michigan — 1.5%** |
| &nbsp;&nbsp;&nbsp; City of Detroit, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, GO, 5.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803 |
| &nbsp;&nbsp;&nbsp; Eastern Michigan University Series 2017A, Rev., 5.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Trinity Health Credit Group Series 2013MI-4, Rev., 4.00%, 12/1/2038 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Single Family Mortgage Series B, Rev., AMT, 3.50%, 6/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387 |
| &nbsp;&nbsp;&nbsp; Western Michigan University, Tax Exempt Series 2021A, Rev., AGM, 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 3633 |
| **Minnesota — 2.5%** | **Minnesota — 2.5%** | **Minnesota — 2.5%** |
| &nbsp;&nbsp;&nbsp; City of Ramsey Series 2022-A, Rev., 5.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp; City of Woodbury, Charter School Lease, Woodbury Leadership Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354 |
| &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; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Minnesota — continued** | **Minnesota — continued** | **Minnesota — continued** |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency Series 2022-M, Rev., GNMA/FNMA/FHLMC COLL, 6.00%, 1/1/2053 (d) | 1275 | 1391 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 8/1/2024 | 1015 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 8/1/2025 | 1070 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 8/1/2026 | 825 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Residential Housing Finance Series B, Rev., AMT, GNMA / FNMA / FHLMC COLL, 4.00%, <br> 7/1/2047<br>| 295 | 295 |
| &nbsp;&nbsp;&nbsp; Minnesota Office of Higher Education, Supplemental Student Loan Program Rev., AMT, 5.00%, 11/1/2027 | 300 | 317 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 6079 |
| **Mississippi — 0.4%** | **Mississippi — 0.4%** | **Mississippi — 0.4%** |
| &nbsp;&nbsp;&nbsp; Mississippi Home Corp., Single Family Mortgage Series 2019A, Rev., GNMA/FNMA/FHLMC, 4.00%, 12/1/2048 (d) | 935 | 936 |
| **Missouri — 0.6%** | **Missouri — 0.6%** | **Missouri — 0.6%** |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series 2018A, Rev., 5.00%, 6/1/2031 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of St. Louis Missouri (The), Innovation District Rev., 5.00%, 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 1505 |
| **Nebraska — 0.7%** | **Nebraska — 0.7%** | **Nebraska — 0.7%** |
| &nbsp;&nbsp;&nbsp; Madison County Hospital Authority No. 1, Faith Regional Health Services Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2030 | 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp;&nbsp;&nbsp; 1788 |
| **Nevada — 0.5%** | **Nevada — 0.5%** | **Nevada — 0.5%** |
| &nbsp;&nbsp;&nbsp; Carson City Nevada Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654 |
| &nbsp;&nbsp;&nbsp; Total Nevada |  | &nbsp;&nbsp;&nbsp;&nbsp; 1236 |
| **New Hampshire — 2.6%** | **New Hampshire — 2.6%** | **New Hampshire — 2.6%** |
| &nbsp;&nbsp;&nbsp; City of Manchester, School Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL-RE, 5.50%, 6/1/2024 | 3545 | &nbsp;&nbsp;&nbsp;&nbsp; 3690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL - RE, 5.50%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Springpoint Senior Living Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp; 6386 |
| **New Jersey — 3.1%** | **New Jersey — 3.1%** | **New Jersey — 3.1%** |
| &nbsp;&nbsp;&nbsp; Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AGM, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AGM, 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AGM, 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AGM, 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AGM, 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AGM, 4.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |

---

------

**JPMorgan Sustainable Municipal Income 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 2021A, Rev., AGM, 4.00%, 7/1/2037 | 75 | 73 |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority (The), Camden Prep High School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2027 (c) | 215 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2032 (c) | 285 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2042 (c) | 590 | 590 |
| &nbsp;&nbsp;&nbsp; Egg Harbor Township School District GO, AGM, 5.75%, 7/15/2024 | 1215 | 1274 |
| &nbsp;&nbsp;&nbsp; Essex County Improvement Authority, CHF-Newark, LLC, NJIT Student Housing Project Series 2021A, Rev., 5.00%, 8/1/2033 | 170 | 188 |
| &nbsp;&nbsp;&nbsp; Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., 2020 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2023 (c) | 115 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2025 (c) | 370 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2027 (c) | 400 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021QQQ, Rev., 5.00%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021QQQ, Rev., 5.00%, 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Stevens Institute of Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, University Hospital Issue Series 2015A, Rev., AGM, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 7512 |
| **New Mexico — 0.3%** | **New Mexico — 0.3%** | **New Mexico — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series 2019C, Class I, Rev., GNMA/FNMA/FHLMC, <br> 4.00%, 1/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845 |
| **New York — 5.1%** | **New York — 5.1%** | **New York — 5.1%** |
| &nbsp;&nbsp;&nbsp; Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.50%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Global Community Charter School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 6/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Grand Concourse Academy Charter School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 3.40%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303 |
| &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%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp; Huntington Local Development Corp., Fountaingate Garden Project Series 2021C, Rev., 3.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Dedicated Tax Fund Series 2012A, Rev., 5.00%, 11/15/2029 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project Series 2022-A, Rev., 5.00%, <br> 7/1/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp; New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series FF, Rev., 5.00%, 6/15/2031 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project Rev., <br> AMT, 5.00%, 1/1/2025<br>| 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1766 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated Series 194, Rev., 5.00%, 10/15/2030 | 2000 | 2112 |
| &nbsp;&nbsp;&nbsp; State of New York Mortgage Agency, Homeowner Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 197, Rev., 3.50%, 10/1/2044 | 480 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 195, Rev., 4.00%, 10/1/2046 | 440 | 440 |
| &nbsp;&nbsp;&nbsp; Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project Rev., 4.63%, 11/1/2031 (c) | 1250 | 1073 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Kendal on Hudson Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 1/1/2027 | 140 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 1/1/2037 | 265 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 1/1/2041 | 250 | 245 |
| &nbsp;&nbsp;&nbsp; Yonkers Economic Development Corp., Charter School of Educational Excellence Project Rev., 4.00%, 10/15/2030 | 355 | 327 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp; 12423 |
| **North Carolina — 0.5%** | **North Carolina — 0.5%** | **North Carolina — 0.5%** |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership Series 43, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Lutheran Services for The Aging Series 2021A, Rev., 4.00%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, The Forest at Duke Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 1309 |
| **North Dakota — 0.8%** | **North Dakota — 0.8%** | **North Dakota — 0.8%** |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Home Mortgage Finance Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, Rev., 3.50%, 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 4.00%, 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, Rev., FHA, 4.00%, 1/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686 |
| &nbsp;&nbsp;&nbsp; University of North Dakota, Housing Infrastructure Project Series 2021A, COP, AGM, 4.00%, 6/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp; Total North Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp; 1862 |
| **Ohio — 4.4%** | **Ohio — 4.4%** | **Ohio — 4.4%** |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Solar Electricity Prepayment Project Series 2019A, Rev., 5.00%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892 |
| &nbsp;&nbsp;&nbsp; Butler County Port Authority, Community First Solutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 5/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp; County of Cuyahoga, Eliza Jennings Senior Care Network Series 2022-A, Rev., 5.00%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp; County of Hardin, Economic Development Facilities Improvement, Ohio Northern University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp; Lakota Local School District Series A, GO, NATL-RE, 5.25%, 12/1/2025 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1611 |
| &nbsp;&nbsp;&nbsp; Northeast Ohio Medical University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 12/1/2037 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1174 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission Rev., 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Capital University 2022 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2027 | 325 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | 340 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2029 | 355 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.75%, 9/1/2037 | 500 | 522 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Cleveland Institute of Music 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2027 | 275 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2032 | 100 | 105 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Kenyon College Rev., 4.00%, 7/1/2044 | 1340 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Mortgage-Backed Securities Program Series 2016D, Rev., GNMA/FNMA/FHLMC, 4.00%, <br> 3/1/2047<br>| 335 | 335 |
| &nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, FC Cincinnati Public Improvements Project Rev., 3.75%, 12/1/2031 (c) | 245 | 210 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp; 10654 |
| **Oklahoma — 0.0% ^** | **Oklahoma — 0.0% ^** | **Oklahoma — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; IDK PARTNERS III Trust, Mortgage Pass-Through Certificates Series 1999A, Rev., 5.10%, 8/1/2023 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Oregon — 1.1%** | **Oregon — 1.1%** | **Oregon — 1.1%** |
| &nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority, Capital Manor Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp; Union County Hospital Facility Authority, Grande Ronde Hospital, Inc. Series 2022, Rev., 5.00%, 7/1/2035 | 1360 | &nbsp;&nbsp;&nbsp;&nbsp; 1412 |
| &nbsp;&nbsp;&nbsp; Yamhill County Hospital Authority, Friendsview, Tax Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-3, Rev., 1.75%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 2784 |
| **Other — 0.4%** | **Other — 0.4%** | **Other — 0.4%** |
| &nbsp;&nbsp;&nbsp; Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series 8, Rev., 5.95%, 11/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865 |
| **Pennsylvania — 5.3%** | **Pennsylvania — 5.3%** | **Pennsylvania — 5.3%** |
| &nbsp;&nbsp;&nbsp; Allegheny County Higher Education Building Authority, Chatham University Rev., 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475 |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, Pittsburgh Medical Center Series 2019A, Rev., 5.00%, 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648 |
| &nbsp;&nbsp;&nbsp; Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp; Cambria County General Financing Authority, Mount Aloysius Project Series 2021TT4, Rev., 4.00%, 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492 |
| &nbsp;&nbsp;&nbsp; Chester County Industrial Development Authority, Longwood Gardens Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp; City of Erie, Higher Education Building Authority, Gannon University Project - AICUP Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021TT1, Rev., 4.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021TT1, Rev., 4.00%, 5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; Delaware County Authority, Neumann University Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp; Lancaster Industrial Development Authority, Landis Homes Retirement Community Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp; Lehigh County Industrial Development Authority, Seven Generation Charter School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310 |

---

------

**JPMorgan Sustainable Municipal Income 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;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 5/1/2041 | 885 | 688 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project Rev., 4.00%, 7/1/2041 | 750 | 646 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System Rev., 4.00%, 8/15/2034 | 175 | 178 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Single Family Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 121, Rev., 3.50%, 10/1/2046 | 530 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 122, Rev., AMT, 4.00%, 10/1/2046 | 185 | 185 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 12/1/2026 | 1550 | 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 12/1/2027 | 680 | 737 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Electrical and Charter School Project Series 2021A, Rev., 4.00%, 6/1/2031 | 335 | 313 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Holy Family University Rev., 5.00%, 9/1/2026 (d) | 775 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Philadelphia Electrical and Technology Charter School Project Series 2021A, <br> Rev., 4.00%, 6/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Russell Byers Charter School Project Rev., 5.00%, 5/1/2030 | 1130 | &nbsp;&nbsp;&nbsp;&nbsp; 1161 |
| &nbsp;&nbsp;&nbsp; Township of Hampton GO, 4.00%, 1/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 752 |
| &nbsp;&nbsp;&nbsp; West Cornwall Township Municipal Authority, Lebanon Valley Brethren Home Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp; 12971 |
| **South Carolina — 0.3%** | **South Carolina — 0.3%** | **South Carolina — 0.3%** |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Kiawah Life Plan Village, Inc., Project Rev., 8.75%, 7/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance and Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 1/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., FHA, GNMA/FNMA/FHLMC, 4.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722 |
| **South Dakota — 0.8%** | **South Dakota — 0.8%** | **South Dakota — 0.8%** |
| &nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority, Homeownership Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, Rev., 4.00%, 11/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 5/1/2049 | 1325 | &nbsp;&nbsp;&nbsp;&nbsp; 1326 |
| &nbsp;&nbsp;&nbsp; Total South Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp; 1896 |
| **Tennessee — 1.8%** | **Tennessee — 1.8%** | **Tennessee — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Green Hills Series 2020A, Rev., <br> 4.00%, 11/1/2038<br>| 1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University <br> Project<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 4.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 4.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 4.00%, 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The) Series 2022-B, Rev., AMT, 5.00%, 7/1/2052 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, <br> 10/1/2049<br>| 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 891 |

---

------

**JPMorgan Sustainable Municipal Income 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** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| &nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency, Residential Finance Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2B, Rev., AMT, 4.00%, 7/1/2043 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.50%, 1/1/2048 (d) | 765 | 759 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 4347 |
| **Texas — 3.6%** | **Texas — 3.6%** | **Texas — 3.6%** |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 8/15/2027 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 8/15/2028 | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 8/15/2029 | 40 | 37 |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Newman International Academy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 8/15/2031 | 200 | 182 |
| &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; Arlington Higher Education Finance Corp., Wayside Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien Series 2021A, Rev., 2.50%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp; Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 2.50%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp; Houston Higher Education Finance Corp., Houston Baptist University Rev., 3.38%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; Irving Hospital Authority, Baylor Scott and White Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp; Midtown Redevelopment Authority, Tax Increment Contract |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp, Outlook at Windhaven Forefront Living Series 2022B-3, Rev., 4.25%, <br> 10/1/2026<br>| 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1721 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project Rev., 4.00%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Westminster Project Rev., 4.00%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp; Newark Higher Education Finance Corp., The Hughen Center, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., PSF-GTD, 5.00%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., PSF-GTD, 5.00%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., PSF-GTD, 5.00%, 8/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., PSF-GTD, 5.00%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 |
| &nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., University of The Incarnate Word Series 2021A, Rev., 4.00%, 4/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396 |
| &nbsp;&nbsp;&nbsp; State of Texas, Water Financial Assistance Series 2015D, GO, 5.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Christus Health Series A, Rev., 4.00%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Affordable Housing Corp., Single Family Mortgage, Heroes Home Loan Program Series 2019A, Rev., GNMA COLL, <br> 4.25%, 3/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp; Uptown Development Authority, Tax Increment Contract Rev., 4.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 8899 |
| **Utah — 3.2%** | **Utah — 3.2%** | **Utah — 3.2%** |
| &nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2 Rev., 4.00%, 8/1/2030 (c) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 924 |
| &nbsp;&nbsp;&nbsp; Military Installation Development Authority, Tax Allocation and Hotel Tax Series 2021A-1, Rev., 4.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp; Utah Associated Municipal Power System, Horse Butte Wind Project Series 2017B, Rev., 5.00%, 9/1/2033 | 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project Series 2021A, Rev., <br> 3.25%, 6/15/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476 |

---

------

**JPMorgan Sustainable Municipal Income 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 Charter School Finance Authority, Wallace Stegner Academy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.25%, 6/15/2032 (c) | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.63%, 6/15/2042 (c) | 400 | 388 |
| &nbsp;&nbsp;&nbsp; Utah Housing Corp., Single Family Mortgage Series D-2, Class III, Rev., FHA, 4.00%, 1/1/2045 | 570 | 570 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency Rev., 5.00%, 10/15/2027 | 130 | 133 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Tax-Exempt Telecommunications Rev., 5.00%, 10/15/2032 | 310 | 318 |
| &nbsp;&nbsp;&nbsp; Utah State Board of Regents, Student Fee and Housing System Rev., NATL-RE, 5.25%, 4/1/2023 | 1670 | 1685 |
| &nbsp;&nbsp;&nbsp; Utah Transit Authority, Sales Tax Series C, Rev., AGM, 5.25%, 6/15/2029 | 970 | 1099 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 7875 |
| **Vermont — 1.6%** | **Vermont — 1.6%** | **Vermont — 1.6%** |
| &nbsp;&nbsp;&nbsp; Vermont Housing Finance Agency, Multiple Purpose Series B, Rev., AMT, 3.75%, 11/1/2045 | 300 | 299 |
| &nbsp;&nbsp;&nbsp; Vermont Student Assistance Corp., Education Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., AMT, 5.00%, 6/15/2024 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., AMT, 5.00%, 6/15/2025 | 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2221 |
| &nbsp;&nbsp;&nbsp; Total Vermont |  | &nbsp;&nbsp;&nbsp;&nbsp; 3950 |
| **Virginia — 0.5%** | **Virginia — 0.5%** | **Virginia — 0.5%** |
| &nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, Westminster Canterbury Richmond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462 |
| &nbsp;&nbsp;&nbsp; Virginia College Building Authority, Education Facilities, Regent University Project Rev., 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 1096 |
| **Washington — 4.2%** | **Washington — 4.2%** | **Washington — 4.2%** |
| &nbsp;&nbsp;&nbsp; FYI Properties, State of Washington District Project Rev., 5.00%, 6/1/2039 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5343 |
| &nbsp;&nbsp;&nbsp; King County Housing Authority, Highland Village Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp; North Thurston Public Schools GO, 4.00%, 12/1/2036 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Multi-care Health System Series B, Rev., 5.00%, 8/15/2035 | 1850 | &nbsp;&nbsp;&nbsp;&nbsp; 1908 |
| &nbsp;&nbsp;&nbsp; Washington Higher Education Facilities Authority, Seattle Pacific University Project Series 2020A, Rev., 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 736 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Single Family Program Series 2A-R, Rev., AMT, 3.50%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp; 10349 |
| **Wisconsin — 3.8%** | **Wisconsin — 3.8%** | **Wisconsin — 3.8%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Carson Valley Medical Center Series 2021A, Rev., 4.00%, 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, College Achieve Central Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Coral Academy of Science Series 2021A, Rev., 4.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Roseman University of Health Sciences Project Rev., 4.00%, 4/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Senior Lien, Grand Hyatt Series 2022A, Rev., 3.75%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 3.25%, 1/1/2026 | 1545 | &nbsp;&nbsp;&nbsp;&nbsp; 1494 |

---

------

**JPMorgan Sustainable Municipal Income 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; Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2042 (c) | 145 | 128 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Viticus Group Project Series 2022A, Rev., 4.00%, 12/1/2031 (c) | 240 | 216 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2024 | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2025 | 250 | 261 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2024 (e) | 580 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2025 (e) | 235 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2026 (e) | 385 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2027 (e) | 785 | 857 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service Rev., 5.00%, <br> 4/1/2035<br>| 1165 | &nbsp;&nbsp;&nbsp;&nbsp; 1248 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Rev., 4.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 9266 |
| **Wyoming — 0.2%** | **Wyoming — 0.2%** | **Wyoming — 0.2%** |
| &nbsp;&nbsp;&nbsp; Wyoming Community Development Authority Series 5, Rev., 4.00%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $248,167)<br>|  | 233537 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** |
| **Investment Companies — 3.6%** | **Investment Companies — 3.6%** | **Investment Companies — 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.77% (f) (g) <br>(Cost $8,847)<br>| 8844 | &nbsp;&nbsp;&nbsp;&nbsp; 8848 |
| **Total Investments — 99.3%** <br>**(Cost $257,014)**<br>|  | **242385** |
| **Other Assets Less Liabilities — 0.7%** |  | **1721** |
| **NET ASSETS — 100.0%** |  | **244106** |

---

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

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AGM | Insured by Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| CHESLA | Connecticut Higher Education Supplemental Loan Authority |
| COLL | Collateral |
| COP | Certificate of Participation |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |

---

------

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

---

| | |
|:---|:---|
| GO | General Obligation |
| 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. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2022. <br>|
| (c) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (d) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (e) | Security is prerefunded or escrowed to maturity. |
| (f) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (g) | The rate shown is the current yield as of November 30, 2022. |

---

**Futures contracts outstanding as of November 30, 2022 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | (12) | 03/22/2023 | USD | (1442) | (15) |

---

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

---

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

---

**Over-the-Counter ("OTC") 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 10,550 | 426 | (729) | (303) |

---

&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 Sustainable Municipal Income 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.

A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services"), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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

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

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

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

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

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

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

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

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

------

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

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>observable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alabama | $— | $2803 | $— | $2803 |
| &nbsp;&nbsp;&nbsp; Alaska | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298 |
| &nbsp;&nbsp;&nbsp; Arizona | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7823 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7823 |
| &nbsp;&nbsp;&nbsp; California | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13841 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13841 |
| &nbsp;&nbsp;&nbsp; Colorado | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8691 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8691 |
| &nbsp;&nbsp;&nbsp; Connecticut | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3529 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3529 |
| &nbsp;&nbsp;&nbsp; Delaware | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2742 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2742 |
| &nbsp;&nbsp;&nbsp; District of Columbia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5395 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5395 |
| &nbsp;&nbsp;&nbsp; Florida | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25293 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25293 |
| &nbsp;&nbsp;&nbsp; Georgia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3498 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3498 |
| &nbsp;&nbsp;&nbsp; Illinois | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11933 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11933 |
| &nbsp;&nbsp;&nbsp; Indiana | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6828 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6828 |
| &nbsp;&nbsp;&nbsp; Iowa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1827 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1827 |
| &nbsp;&nbsp;&nbsp; Kansas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704 |
| &nbsp;&nbsp;&nbsp; Kentucky | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570 |
| &nbsp;&nbsp;&nbsp; Louisiana | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2320 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2320 |
| &nbsp;&nbsp;&nbsp; Maine | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1033 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1033 |
| &nbsp;&nbsp;&nbsp; Maryland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2919 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2919 |
| &nbsp;&nbsp;&nbsp; Massachusetts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9877 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9877 |
| &nbsp;&nbsp;&nbsp; Michigan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3633 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3633 |
| &nbsp;&nbsp;&nbsp; Minnesota | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6079 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6079 |
| &nbsp;&nbsp;&nbsp; Mississippi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936 |
| &nbsp;&nbsp;&nbsp; Missouri | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505 |
| &nbsp;&nbsp;&nbsp; Nebraska | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1788 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1788 |
| &nbsp;&nbsp;&nbsp; Nevada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1236 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1236 |
| &nbsp;&nbsp;&nbsp; New Hampshire | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6386 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6386 |
| &nbsp;&nbsp;&nbsp; New Jersey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7512 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7512 |
| &nbsp;&nbsp;&nbsp; New Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845 |
| &nbsp;&nbsp;&nbsp; New York | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12423 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12423 |
| &nbsp;&nbsp;&nbsp; North Carolina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1309 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1309 |
| &nbsp;&nbsp;&nbsp; North Dakota | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1862 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1862 |
| &nbsp;&nbsp;&nbsp; Ohio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10654 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10654 |
| &nbsp;&nbsp;&nbsp; Oklahoma | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Oregon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2784 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2784 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865 |
| &nbsp;&nbsp;&nbsp; Pennsylvania | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12971 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12971 |
| &nbsp;&nbsp;&nbsp; South Carolina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722 |
| &nbsp;&nbsp;&nbsp; South Dakota | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1896 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1896 |
| &nbsp;&nbsp;&nbsp; Tennessee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4347 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4347 |
| &nbsp;&nbsp;&nbsp; Texas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8899 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8899 |
| &nbsp;&nbsp;&nbsp; Utah | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7875 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7875 |
| &nbsp;&nbsp;&nbsp; Vermont | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3950 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3950 |
| &nbsp;&nbsp;&nbsp; Virginia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1096 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1096 |
| &nbsp;&nbsp;&nbsp; Washington | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10349 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10349 |

---

------

**JPMorgan Sustainable Municipal Income 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> observable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; Wisconsin | $— | $9266 | $— | $9266 |
| &nbsp;&nbsp;&nbsp; Wyoming | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 |
| Total Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 233537 | &nbsp;&nbsp; — | &nbsp;&nbsp; 233537 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 8848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8848 |
| **Total Investments in Securities** | $8848 | $233537 | $— | $242385 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(15) | $— | $— | $(15) |
| &nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (729) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (729) |
| **Total Depreciation in Other Financial Instruments** | $(15) | $(729) | $— | $(744) |

---

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

(a) Amount rounds to less than one thousand.

**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>| $4996 | $153518 | $149669 | $3 | $—(c) | $8848 | 8844 | $92 | $— |

---

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

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

(b) The rate shown is the current yield as of November 30, 2022.

(c) Amount rounds to less than one thousand.

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

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

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

------

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

ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

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

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

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

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

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

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

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

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

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

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

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

<u>Credit Default Swaps</u>

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

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of

------

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

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 II

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan Sustainable Municipal Income Fund

- **b. EDGAR series identifier (if any):** S000003497

- **c. LEI of Series:** 4EQGS74NUXVBA5VKOM76

**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:** $248114886.93

**Total Liabilities:** $4880500.77

**Net Assets:** $243234386.16

**Cash Not Reported:** $140079.72

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 112.34298000 | **1-Year:** 10696.76634000 | **5-Year:** 37213.00442000 | **10-Year:** 43137.90701000 | **30-Year:** 12308.82521000

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

- **3-Month:** -4129.91461000 | **1-Year:** 1283.32479000 | **5-Year:** 8881.35787000 | **10-Year:** 15637.12048000 | **30-Year:** 3350.84915000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009684 | -3.21%               | -0.91%               | 3.59%                |
| Class ID C000009686 | -3.29%               | -0.97%               | 3.47%                |
| Class ID C000195051 | -3.21%               | -0.89%               | 3.53%                |
| Class ID C000009683 | -3.22%               | -0.90%               | 3.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-128996.72              | $-9669146.27                               |
| Month 2  | $-1819603.33             | $-390070.74                                |
| Month 3  | $-406221.62              | $8657880.43                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Atlantic County Improvement Authority (The)                                               | Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project                                                                | CUSIP: 048501JB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $110377.06    | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, The Forest at Duke Project                                                                                | CUSIP: 65820YSK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    415000 | PA      | $358026.31    | 0.15%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                                          | CUSIP: 01728RPT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $475052.37    | 0.20%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                         | Northeast Ohio Medical University                                                                                                                 | CUSIP: 66433RAZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $133610.81    | 0.05%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                              | Butler County Port Authority, Community First Solutions                                                                                           | CUSIP: 12355RAL0<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    115000 | PA      | $112118.93    | 0.05%             | 2039-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cambria County General Financing Authority                                                | Cambria County General Financing Authority, Mount Aloysius Project, Series 2021TT4                                                                | CUSIP: 132034AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $491613.75    | 0.20%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                                        | Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., 2020 Project                                               | CUSIP: 29681CAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $369950.09    | 0.15%             | 2025-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Port St. Lucie FL Utility System Revenue                                          | City of Port St. Lucie, Utility System                                                                                                            | CUSIP: 735352LR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5223100.50   | 2.15%             | 2024-09-01      | Fixed         | 5.25%                 | 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        |    120000 | PA      | $120239.32    | 0.05%             | 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        |   1750000 | PA      | $1765737.23   | 0.73%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                      | Massachusetts Housing Finance Agency, Single Family Housing                                                                                       | CUSIP: 57587A2Z0<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    960000 | PA      | $955356.96    | 0.39%             | 2049-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                          | Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation                                                                         | CUSIP: 60415N6K3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1017562.98   | 0.42%             | 2024-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc.                                                                  | CUSIP: 97712DXD3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261225.08    | 0.11%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., Kendal on Hudson Project                                                                              | CUSIP: 95737TFA9<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    140000 | PA      | $143678.46    | 0.06%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Gallaudet University Project, Series 2021A                                                                                  | CUSIP: 25483VYM0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    165000 | PA      | $166646.37    | 0.07%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp.                                                                                                          | CUSIP: 041806K90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40174.26     | 0.02%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc.                                                                  | CUSIP: 97712DXC5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257885.85    | 0.11%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  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        |    150000 | PA      | $135594.17    | 0.06%             | 2031-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Green Hills, Series 2020A                          | CUSIP: 592041YW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1122826.83   | 0.46%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, School Facilities Construction, Series 2021QQQ                                                         | CUSIP: 64577XCF1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    270000 | PA      | $298752.30    | 0.12%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Central Charter School Project                                                                                 | CUSIP: 34061ULF3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    225000 | PA      | $213526.87    | 0.09%             | 2032-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                              | South Carolina State Housing Finance and Development Authority                                                                                    | CUSIP: 83712DYP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375311.96    | 0.15%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Lincoln Preparatory School Project                                                                         | CUSIP: 546399KW5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    525000 | PA      | $445967.60    | 0.18%             | 2041-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Minnesota Office of Higher Education                                                      | Minnesota Office of Higher Education, Supplemental Student Loan Program                                                                           | CUSIP: 60416MBR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $317212.56    | 0.13%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County Forest Preserve District                                                      | Will County Forest Preservation District, Limited Tax                                                                                             | CUSIP: 968661HX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1636904.70   | 0.67%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Global Community Charter School                                                                                         | CUSIP: 12008ETE6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    640000 | PA      | $586553.98    | 0.24%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                                                                       | CUSIP: 67756DJ23<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    355000 | PA      | $363995.24    | 0.15%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC                                                                     | CUSIP: 04052FDK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $953914.68    | 0.39%             | 2037-11-01      | Fixed         | 5.00%                 | 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: 71780CBG4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    175000 | PA      | $139212.26    | 0.06%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, KIPP Nashville Project                                                                                  | CUSIP: 04052BSP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $257973.80    | 0.11%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                                  | East Bay Municipal Utility District, Water System                                                                                                 | CUSIP: 271014K84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2983517.00   | 1.23%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lehigh County Industrial Development Authority                                            | Lehigh County Industrial Development Authority, Seven Generation Charter School                                                                   | CUSIP: 52481MAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $688457.87    | 0.28%             | 2041-05-01      | Fixed         | 4.00%                 | 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        |    200000 | PA      | $206306.12    | 0.08%             | 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        |    500000 | PA      | $366432.05    | 0.15%             | 2047-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Springpoint Senior Living Project                                                                       | CUSIP: 63608SAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $244560.03    | 0.10%             | 2027-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Associated Municipal Power Systems                                                   | Utah Associated Municipal Power System, Horse Butte Wind Project, Series 2017B                                                                    | CUSIP: 917328SE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1825619.97   | 0.75%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                               | New Jersey Educational Facilities Authority, Stevens Institute of Technology                                                                      | CUSIP: 6460666B1<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    280000 | PA      | $296851.32    | 0.12%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lehigh County Industrial Development Authority                                            | Lehigh County Industrial Development Authority, Seven Generation Charter School                                                                   | CUSIP: 52481MAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $309645.89    | 0.13%             | 2031-05-01      | 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: 13048VUV8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62044.70     | 0.03%             | 2028-12-01      | Fixed         | 5.00%                 | Yes           |                  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        |    795000 | PA      | $831124.96    | 0.34%             | 2037-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project                                                                | CUSIP: 19645UGD0<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     30000 | PA      | $28573.61     | 0.01%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Kipp Social Projects                                                                                         | CUSIP: 13059TGV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $115891.22    | 0.05%             | 2028-07-01      | Fixed         | 5.00%                 | Yes           |                  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    | 0.37%             | 2049-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                         | Northeast Ohio Medical University, Series 2021A                                                                                                   | CUSIP: 66433RBC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $144298.41    | 0.06%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                    | County of Baltimore, Riderwood Village, Inc., Project                                                                                             | CUSIP: 059151CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $486796.91    | 0.20%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Salem Community Corp.                                                                                   | CUSIP: 57584Y2T5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488211.35    | 0.20%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                               | Washington State Housing Finance Commission, Single Family Program                                                                                | CUSIP: 93978TVD8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |     90000 | PA      | $89469.83     | 0.04%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Broome County Local Development Corp.                                                     | Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc.                                                                     | CUSIP: 114731BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $474887.95    | 0.20%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                              | New Jersey Housing and Mortgage Finance Agency, Single Family Housing, Series 2018A                                                               | CUSIP: 64613AAC6<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    655000 | PA      | $664140.79    | 0.27%             | 2048-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                          | Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation                                                                         | CUSIP: 60415N6L1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1072474.91   | 0.44%             | 2025-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                              | Industrial Development Authority of the County of Pima (The)                                                                                      | CUSIP: 72178AAM4<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750748.65    | 0.31%             | 2029-11-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| City of Detroit MI                                                                        | City of Detroit, Unlimited Tax                                                                                                                    | CUSIP: 2510934S6<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    215000 | PA      | $225797.04    | 0.09%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County Forest Preserve District                                                      | Will County Forest Preservation District, Limited Tax                                                                                             | CUSIP: 968661HY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021991.40   | 0.42%             | 2037-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project                       | CUSIP: 71783DAR6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1674209.56   | 0.69%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Cleveland Institute of Music 2                                                                       | CUSIP: 67756DD45<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    275000 | PA      | $282991.61    | 0.12%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                              | CUSIP: 46247CCA5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    445000 | PA      | $394147.71    | 0.16%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Cornwall Township Municipal Authority                                                | West Cornwall Township Municipal Authority, Lebanon Valley Brethren Home Project                                                                  | CUSIP: 95235TAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $327621.59    | 0.13%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, College Achieve Central Charter School Project, Series 2021A                                                            | CUSIP: 74442PUC7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    315000 | PA      | $310481.48    | 0.13%             | 2031-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Macombs Facility Project, Series 2021A                                                                  | CUSIP: 04052BQE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $140733.72    | 0.06%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc.                                                                        | CUSIP: 45204EYZ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    365000 | PA      | $381828.80    | 0.16%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc., Series 2017A           | CUSIP: 97712DYA8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    580000 | PA      | $601301.83    | 0.25%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Grand Concourse Academy Charter School                                                                                  | CUSIP: 12008ESX5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105220.28    | 0.04%             | 2032-07-01      | 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        |    175000 | PA      | $162052.14    | 0.07%             | 2037-09-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                                                                       | CUSIP: 67756DH82<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    325000 | PA      | $332553.36    | 0.14%             | 2027-09-01      | Fixed         | 5.00%                 | 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    | 0.20%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                                      | City of Henderson, Series 2022B                                                                                                                   | CUSIP: 425099AC2<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    600000 | PA      | $570117.48    | 0.23%             | 2032-01-01      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                     | Connecticut Housing Finance Authority, Housing Mortgage Finance Program                                                                           | CUSIP: 20775CDD3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70056.34     | 0.03%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                     | North Carolina Housing Finance Agency, Homeownership                                                                                              | CUSIP: 658207YQ2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    520000 | PA      | $520266.19    | 0.21%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project                                                                | CUSIP: 19645UGF5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     90000 | PA      | $77177.14     | 0.03%             | 2041-05-01      | 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        |    200000 | PA      | $137915.00    | 0.06%             | 2051-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                             | CUSIP: 546399LS3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    440000 | PA      | $364246.78    | 0.15%             | 2042-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Educational Facilities, Valparaiso University Project                                                                  | CUSIP: 45470EAQ8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    220000 | PA      | $211331.69    | 0.09%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, College Achieve Central Charter School Project, Series 2021A                                                            | CUSIP: 74442PUA1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    285000 | PA      | $284052.38    | 0.12%             | 2029-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                              | District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien                                                                 | CUSIP: 254845LR9<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1572063.75   | 0.65%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                     | Connecticut Housing Finance Authority, Housing Mortgage Finance Program                                                                           | CUSIP: 20775CQB3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    145000 | PA      | $145114.12    | 0.06%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Woodbury MN                                                                       | City of Woodbury, Charter School Lease, Woodbury Leadership Academy Project                                                                       | CUSIP: 979134AS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $160491.85    | 0.07%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Higher Education Facilities Authority                                          | Washington Higher Education Facilities Authority, Seattle Pacific University Project                                                              | CUSIP: 9397812M1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $735738.07    | 0.30%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlantic County Improvement Authority (The)                                               | Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project                                                                | CUSIP: 048501JJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98780.31     | 0.04%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Madison County Hospital Authority No. 1                                                   | Madison County Hospital Authority No. 1, Faith Regional Health Services Project                                                                   | CUSIP: 557352FL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $738932.62    | 0.30%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc., Series 2017A           | CUSIP: 97712DYC4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    385000 | PA      | $413547.25    | 0.17%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                              | CUSIP: 46247CBZ1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    105000 | PA      | $98536.60     | 0.04%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                         | Northeast Ohio Medical University                                                                                                                 | CUSIP: 66433RCU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1173770.18   | 0.48%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Plymouth Place, Inc.                                                                                                  | CUSIP: 45204FHN8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    135000 | PA      | $129975.62    | 0.05%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Jupiter Medical Center                                                                             | CUSIP: 69651ABS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106666.96    | 0.04%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Cornwall Township Municipal Authority                                                | West Cornwall Township Municipal Authority, Lebanon Valley Brethren Home Project                                                                  | CUSIP: 95235TAS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $320101.69    | 0.13%             | 2041-11-15      | 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: 13048VUU0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51486.64     | 0.02%             | 2027-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                           | Chester County Industrial Development Authority, Longwood Gardens Project                                                                         | CUSIP: 165588EG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $194465.65    | 0.08%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority                                   | Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology, Series L                                        | CUSIP: 57585K3G1<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |    820000 | PA      | $1007435.44   | 0.41%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Westminster Project                                                                         | CUSIP: 64542UFN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $405923.82    | 0.17%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Cornwall Township Municipal Authority                                                | West Cornwall Township Municipal Authority, Lebanon Valley Brethren Home Project                                                                  | CUSIP: 95235TAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $130145.95    | 0.05%             | 2029-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County Housing Authority                                                             | King County Housing Authority, Highland Village Project                                                                                           | CUSIP: 494762MS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $135939.31    | 0.06%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                            | State of Texas, Water Financial Assistance, Series 2015D                                                                                          | CUSIP: 882723D89<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    450000 | PA      | $472867.92    | 0.19%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp.                                                                                                          | CUSIP: 041806L32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $36982.69     | 0.02%             | 2030-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                              | Butler County Port Authority, Community First Solutions                                                                                           | CUSIP: 12355RAM8<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    115000 | PA      | $111339.23    | 0.05%             | 2040-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                                    | San Antonio Education Facilities Corp., University of The Incarnate Word, Series 2021A                                                            | CUSIP: 796247DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $395969.95    | 0.16%             | 2051-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp.                                                                                                          | CUSIP: 041806L40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $41078.30     | 0.02%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                               | George L Smith II Congress Center Authority, Convention Center Hotel Second                                                                       | CUSIP: 37255MAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $366883.90    | 0.15%             | 2031-01-01      | Fixed         | 3.62%                 | 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    | 0.19%             | 2036-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015, Series FF                                                      | CUSIP: 64972GFQ2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056204.90   | 0.43%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Social Bonds-Learn Chapter School Project                                                                             | CUSIP: 45204FLE3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    135000 | PA      | $131513.87    | 0.05%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                                        | Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., 2020 Project                                               | CUSIP: 29681CAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $424408.02    | 0.17%             | 2029-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Golden View Classical Academy Projects                                                    | CUSIP: 19645UKS2<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    475000 | PA      | $456100.51    | 0.19%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc.                                                      | CUSIP: 97712DZU3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    375000 | PA      | $392141.96    | 0.16%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Midtown Redevelopment Authority                                                           | Midtown Redevelopment Authority, Tax Increment Contract                                                                                           | CUSIP: 598076GU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $380307.04    | 0.16%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project, Series 2021B | CUSIP: 592029AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $728166.27    | 0.30%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Multi-care Health System                                                                             | CUSIP: 93978HTN5<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1907451.57   | 0.78%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                              | CUSIP: 46247CBW8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    195000 | PA      | $187633.89    | 0.08%             | 2028-09-01      | 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        |    500000 | PA      | $521754.60    | 0.21%             | 2037-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lakota Local School District/Butler County                                                | Lakota Local School District                                                                                                                      | CUSIP: 512804RD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1611058.50   | 0.66%             | 2025-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Plymouth Place, Inc.                                                                                                  | CUSIP: 45204FHP3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    145000 | PA      | $137193.77    | 0.06%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Rocketship Obligated Group                                                                                                  | CUSIP: 25483VXZ2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    400000 | PA      | $406203.96    | 0.17%             | 2031-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, DePauw University Project                                                                                              | CUSIP: 45470ECN3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    350000 | PA      | $383495.07    | 0.16%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Playmouth Place Inc.                                                                                                  | CUSIP: 45204FSS5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100373.18    | 0.04%             | 2027-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                          | Maricopa County Industrial Development Authority, Arizona Autism Charter Schools Project, Series 2021A                                            | CUSIP: 56681NGJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $227331.45    | 0.09%             | 2031-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Woodbury MN                                                                       | City of Woodbury, Charter School Lease, Woodbury Leadership Academy Project                                                                       | CUSIP: 979134AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $354182.00    | 0.15%             | 2041-07-01      | Fixed         | 4.00%                 | 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        |    425000 | PA      | $413997.64    | 0.17%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                                       | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series 2017D                                                                  | CUSIP: 658909NJ1<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    685000 | PA      | $685544.71    | 0.28%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Kipp Social Projects                                                                                         | CUSIP: 13059TGW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $148224.05    | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency                                                                                                                        | CUSIP: 917467CG5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    310000 | PA      | $318024.97    | 0.13%             | 2032-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                              | Butler County Port Authority, Community First Solutions                                                                                           | CUSIP: 12355RAK2<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    110000 | PA      | $108002.57    | 0.04%             | 2038-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Two Rivers Public Charter School, Inc.                                                                                      | CUSIP: 25483VXP4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $915234.20    | 0.38%             | 2030-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Texas State Affordable Housing Corp.                                                      | Texas State Affordable Housing Corp., Single Family Mortgage, Heroes Home Loan Program                                                            | CUSIP: 88271HGM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $402562.04    | 0.17%             | 2049-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Classical Academies Oceanside Project                                                                        | CUSIP: 13058TPZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $744283.96    | 0.31%             | 2032-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Wyoming Community Development Authority                                                   | Wyoming Community Development Authority                                                                                                           | CUSIP: 98322QPM3<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |    425000 | PA      | $425351.31    | 0.17%             | 2046-12-01      | 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: 91754TG98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $475739.01    | 0.20%             | 2031-06-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc.                                                      | CUSIP: 97712DZS8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    400000 | PA      | $421390.68    | 0.17%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Dedicated Tax Fund, Series 2012A                                                                           | CUSIP: 59259NR88<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001113.30   | 0.41%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Enso Village Project, Series 2021B-1                                                                         | CUSIP: 13057GAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $261728.19    | 0.11%             | 2029-05-15      | Fixed         | 3.12%                 | Yes           |                  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        |    275000 | PA      | $253513.07    | 0.10%             | 2042-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Conroe Local Government Corp.                                                             | Conroe Local Government Corp., Conroe Convention Center Hotel, Series 2021A                                                                       | CUSIP: 208419AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $187110.50    | 0.08%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Gallaudet University Project                                                                                                | CUSIP: 25483VYF5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    150000 | PA      | $159106.52    | 0.07%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, Mercy Health, Series 2018A                                                  | CUSIP: 60637AND0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091038.00   | 0.45%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                                        | Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., 2020 Project                                               | CUSIP: 29681CAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115203.06    | 0.05%             | 2023-07-15      | Fixed         | 4.00%                 | 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        |    750000 | PA      | $721280.10    | 0.30%             | 2029-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                       | Pennsylvania Housing Finance Agency, Single Family Mortgage                                                                                       | CUSIP: 7087964B0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    530000 | PA      | $527019.81    | 0.22%             | 2046-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                              | Alaska Housing Finance Corp., General Mortgage, Series 2016A                                                                                      | CUSIP: 01170RFN7<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    300000 | PA      | $298406.76    | 0.12%             | 2046-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                                | Middleton Community Development                                                                                                                   | CUSIP: 596681AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506918.45    | 0.21%             | 2037-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| City of Ramsey MN                                                                         | City of Ramsey                                                                                                                                    | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |    535000 | PA      | $523532.54    | 0.22%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Aliante and Skye Canyon Campus Project                                                                  | CUSIP: 04052BMS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $204036.28    | 0.08%             | 2041-12-15      | Fixed         | 4.00%                 | Yes           |                  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    | 0.10%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority     | Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project                                    | CUSIP: 54628CCR1<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    670000 | PA      | $741329.81    | 0.30%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                                                      | City of Manhattan, Meadowlark Hills, Series 2021A                                                                                                 | CUSIP: 563017EA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $251676.36    | 0.10%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carson City NV                                                                            | Carson City, Nevada Hospital                                                                                                                      | CUSIP: 145810DJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $582250.94    | 0.24%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                           | Chester County Industrial Development Authority, Longwood Gardens Project                                                                         | CUSIP: 165588EJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $220564.90    | 0.09%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Dakota                                                                | University of North Dakota, Housing Infrastructure Project, Series 2021A                                                                          | CUSIP: 914724CR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $452263.95    | 0.19%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects                                                    | CUSIP: 34061UGL6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    290000 | PA      | $285479.54    | 0.12%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Jupiter Medical Center                                                                             | CUSIP: 69651ABR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106951.25    | 0.04%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                                    | Colorado Housing and Finance Authority, Single Family Mortgage, Class I                                                                           | CUSIP: 196480FK8<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1560454.87   | 0.64%             | 2050-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects                                                    | CUSIP: 34061UGN2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    155000 | PA      | $151174.23    | 0.06%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                                   | Massachusetts Water Resources Authority                                                                                                           | CUSIP: 576049W22<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2302846.80   | 0.95%             | 2029-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                         | Indiana Housing and Community Development Authority, Vita of Marion Project                                                                       | CUSIP: 45506CBB2<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    500000 | PA      | $484151.15    | 0.20%             | 2024-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Project No. 2, Series 2021B                                                                    | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1130280.91   | 0.46%             | 2031-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County Hospital Authority                                                         | Yamhill County Hospital Authority, Friendsview, Tax Exempt, Series 2021A                                                                          | CUSIP: 98464UAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $407450.05    | 0.17%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Housing Authority                                                             | King County Housing Authority, Highland Village Project                                                                                           | CUSIP: 494762MR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $134210.20    | 0.06%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                 | Camden County Improvement Authority (The), Camden Prep High School Project                                                                        | CUSIP: 13281UAC0<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    590000 | PA      | $590365.68    | 0.24%             | 2042-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., The Glenridge on Palmer Ranch Project                                                                          | CUSIP: 34061WAV6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    110000 | PA      | $104479.60    | 0.04%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                    | Maine Health and Higher Educational Facilities Authority, Series 2020A                                                                            | CUSIP: 56042RS52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $142857.76    | 0.06%             | 2024-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Springpoint Senior Living Project                                                                       | CUSIP: 63608SAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $288381.03    | 0.12%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp., Newman International Academy                                                                            | CUSIP: 041806E97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $181916.62    | 0.07%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Irving Hospital Authority                                                                 | Irving Hospital Authority, Baylor Scott and White Medical Center, Series 2017A                                                                    | CUSIP: 463794JU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527571.15    | 0.22%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Hampton PA                                                                    | Township of Hampton                                                                                                                               | CUSIP: 409468LE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $751526.48    | 0.31%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Health Facility Financing Authority                                               | Indiana Health Facility Financing Authority, Ascension Health Credit Group                                                                        | CUSIP: 454798SZ3<br>LEI: 549300P2SI60HN6M7V39 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1736340.42   | 0.71%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc., Series 2017A           | CUSIP: 97712DYD2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    785000 | PA      | $856861.26    | 0.35%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware County Authority                                                                 | Delaware County Authority, Neumann University                                                                                                     | CUSIP: 246008PK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $241926.34    | 0.10%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                                | Stamford Housing Authority                                                                                                                        | CUSIP: 852640AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001385.30   | 0.41%             | 2027-12-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project                                                           | CUSIP: 19645UEV2<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    300000 | PA      | $276737.88    | 0.11%             | 2034-02-01      | 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: 19645UEP5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    595000 | PA      | $532169.49    | 0.22%             | 2030-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Manchester NH                                                                     | City of Manchester, School Facilities                                                                                                             | CUSIP: 562358CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $996080.40    | 0.41%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                          | CUSIP: 34061UKC1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    270000 | PA      | $278641.65    | 0.11%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Eisenhower Medical Center, Series 2017B                                                                   | CUSIP: 13048T4T7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    410000 | PA      | $427691.05    | 0.18%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                      | Massachusetts Housing Finance Agency, Single Family Housing                                                                                       | CUSIP: 57587ABA5<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35014.41     | 0.01%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Health Facilities Authority                                                | Delaware State Health Facilities Authority, Beebe Medical Center Project                                                                          | CUSIP: 246388TF9<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2315113.46   | 0.95%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc.                                                       | CUSIP: 13048VVA3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     65000 | PA      | $67401.71     | 0.03%             | 2031-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Aurora IL                                                                         | City of Aurora, Single Family Mortgage, Series 2007-A                                                                                             | CUSIP: 051687DB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     57509 | PA      | $57778.47     | 0.02%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  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    | 0.16%             | 2042-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Essex County Improvement Authority                                                        | Essex County Improvement Authority, CHF-Newark, LLC, NJIT Student Housing Project                                                                 | CUSIP: 296806PB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $187684.28    | 0.08%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                                 | University of Connecticut                                                                                                                         | CUSIP: 914233U74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1356934.25   | 0.56%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jeffersonville IN                                                                 | City of Jeffersonville, Vivera Senior Living of Jeffersonville Project                                                                            | CUSIP: 475666AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $499673.86    | 0.21%             | 2030-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp.                                                     | Newark Higher Education Finance Corp., The Hughen Center, Inc.                                                                                    | CUSIP: 650346DR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $203814.16    | 0.08%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                              | Butler County Port Authority, Community First Solutions                                                                                           | CUSIP: 12355RAN6<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    125000 | PA      | $120060.33    | 0.05%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Baytown Municipal Development District                                                    | Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien, Series 2021A                                                 | CUSIP: 073201AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $229395.13    | 0.09%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District (The)                                                          | Lower Alabama Gas District (The), Gas Project, Series 2016A                                                                                       | CUSIP: 547804AD6<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055388.30   | 0.43%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects                                                    | CUSIP: 34061UJS8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    230000 | PA      | $224402.65    | 0.09%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlantic County Improvement Authority (The)                                               | Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project                                                                | CUSIP: 048501JH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $83059.45     | 0.03%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Tax Exempt, Series 2021B-3                                                                                  | CUSIP: 19648FTM6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    300000 | PA      | $274067.19    | 0.11%             | 2028-05-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue                                                          | CUSIP: 57584YF79<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    150000 | PA      | $163430.78    | 0.07%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eastern Michigan University                                                               | Eastern Michigan University, Series 2017A                                                                                                         | CUSIP: 276731ZM1<br>LEI: 549300K3C21R17LKDU63 | Long             | DBT              | MUN               | US        |    575000 | PA      | $615910.73    | 0.25%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc.                                                       | CUSIP: 13048VUW6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103814.06    | 0.04%             | 2029-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities                                                    | CUSIP: 97712D7R1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    825000 | PA      | $710117.68    | 0.29%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Jupiter Medical Center                                                                             | CUSIP: 69651ACD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503935.45    | 0.21%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine State Housing Authority                                                             | Maine State Housing Authority, Mortgage Purchase                                                                                                  | CUSIP: 56052FEA9<br>LEI: 549300SO05LH6D240016 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150271.20    | 0.06%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp.                                                                                                          | CUSIP: 041806K82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100867.81    | 0.04%             | 2027-08-15      | Fixed         | 5.00%                 | 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        |    400000 | PA      | $306523.04    | 0.13%             | 2047-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                            | Lee County Industrial Development Authority, Health Care Facilities, Series 2022B2                                                                | CUSIP: 52349EEN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $479742.20    | 0.20%             | 2026-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                         | Northeast Ohio Medical University                                                                                                                 | CUSIP: 66433RCR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $1037113.20   | 0.43%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp.                                                     | Newark Higher Education Finance Corp., Hughen Center Inc., Project                                                                                | CUSIP: 650346FN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265324.30    | 0.11%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Enso Village Project, Series 2021A                                                                           | CUSIP: 13057GAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $272433.63    | 0.11%             | 2036-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                              | Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project                                                    | CUSIP: 362762LH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $897661.89    | 0.37%             | 2026-02-15      | 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        |    500000 | PA      | $504423.90    | 0.21%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Topeka KS                                                                         | City of Topeka                                                                                                                                    | CUSIP: 890585BV3<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250053.68    | 0.10%             | 2026-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                                | South Dakota Housing Development Authority, Homeownership Mortgage, Series 2019A                                                                  | CUSIP: 83756CXV2<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1325833.82   | 0.55%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue                                                          | CUSIP: 57584YF87<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    150000 | PA      | $165101.88    | 0.07%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Housing Authority                                                             | King County Housing Authority, Highland Village Project                                                                                           | CUSIP: 494762MV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506948.95    | 0.21%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Will County Forest Preserve District                                                      | Will County Forest Preservation District, Limited Tax                                                                                             | CUSIP: 968661HW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1317506.23   | 0.54%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development, Electrical and Charter School Project, Series 2021A                                            | CUSIP: 71780CBF6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    335000 | PA      | $313362.18    | 0.13%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, School Facilities Construction, Series 2021QQQ                                                         | CUSIP: 64577XCJ3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    300000 | PA      | $328798.47    | 0.14%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Salem Community Corp.                                                                                   | CUSIP: 57584Y2S7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    265000 | PA      | $260678.46    | 0.11%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aspen Fire Protection District                                                            | Aspen Fire Protection District                                                                                                                    | CUSIP: 045269AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $360122.67    | 0.15%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  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    | 0.11%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Lincoln Preparatory School Project                                                                         | CUSIP: 546399KV7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    450000 | PA      | $431353.04    | 0.18%             | 2031-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                 | CUSIP: 452152Q46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1945000 | PA      | $2006995.12   | 0.83%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County Hospital Authority                                                         | Yamhill County Hospital Authority, Friendsview, Tax Exempt, Series 2021A                                                                          | CUSIP: 98464UAV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $271402.08    | 0.11%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Pebble Campus Project                                                                                   | CUSIP: 04052BMA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $232057.15    | 0.10%             | 2030-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                                      | Tennessee Housing Development Agency, Residential Finance Program                                                                                 | CUSIP: 880461QY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $758955.89    | 0.31%             | 2048-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                             | Delaware State Economic Development Authority, Newark Charter School, Inc., Project                                                               | CUSIP: 246372AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225055.26    | 0.09%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                                    | Utah Transit Authority, Sales Tax                                                                                                                 | CUSIP: 917565ET6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $1098774.97   | 0.45%             | 2029-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                                      | Dominion Water and Sanitation District                                                                                                            | CUSIP: 25755AAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490860.30    | 0.20%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Aliante and Skye Canyon Campus Project                                                                  | CUSIP: 04052BMR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $225835.74    | 0.09%             | 2031-12-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Cleveland Institute of Music 2                                                                       | CUSIP: 67756DD94<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105266.70    | 0.04%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Higher Education Finance Corp.                                                    | Houston Higher Education Finance Corp., Houston Baptist University                                                                                | CUSIP: 44237QAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $209133.30    | 0.09%             | 2037-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Connecticut State Higher Education Supplement Loan Authority                              | Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program                                                               | CUSIP: 207743UY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267246.45    | 0.11%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency                                                                                                                        | CUSIP: 917467CF7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    130000 | PA      | $133316.64    | 0.05%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Michigan University                                                               | Western Michigan University, Tax Exempt                                                                                                           | CUSIP: 958638XM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $111793.17    | 0.05%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Grand Concourse Academy Charter School                                                                                  | CUSIP: 12008ESW7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    300000 | PA      | $294021.03    | 0.12%             | 2027-07-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                                        | Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., 2020 Project                                               | CUSIP: 29681CAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $397671.04    | 0.16%             | 2027-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Arizona State University                                                                  | Arizona State University                                                                                                                          | CUSIP: 04048RLG9<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79111.07     | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                             | Bucks County Industrial Development Authority, Grand View Hospital Project                                                                        | CUSIP: 11861MBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513722.30    | 0.21%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Springpoint Senior Living Project                                                                       | CUSIP: 63608SAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $271640.10    | 0.11%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, College Achieve Central Charter School Project, Series 2021A                                                            | CUSIP: 74442PTY1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    260000 | PA      | $261986.69    | 0.11%             | 2027-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Lee Memorial Health System                                                                | Lee Memorial Health System                                                                                                                        | CUSIP: 52385LDJ5<br>LEI: 54930018FIX4OVLGH070 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053980.30   | 0.43%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Clark-Lindsey Village                                                                                                 | CUSIP: 45204FQK4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    200000 | PA      | $195711.94    | 0.08%             | 2027-06-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                                | South Dakota Housing Development Authority, Homeownership Mortgage, Series 2015D                                                                  | CUSIP: 83756CLL7<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    570000 | PA      | $570479.37    | 0.23%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hardin OH                                                                       | County of Hardin, Economic Development Facilities Improvement, Ohio Northern University                                                           | CUSIP: 412003AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $203668.92    | 0.08%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                          | Minnesota Housing Finance Agency, Residential Housing Finance                                                                                     | CUSIP: 60416SUC2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    295000 | PA      | $295242.58    | 0.12%             | 2047-07-01      | Fixed         | 4.00%                 | 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        |    300000 | PA      | $291121.74    | 0.12%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                                         | State of New York Mortgage Agency, Homeowner Mortgage                                                                                             | CUSIP: 649883L29<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    440000 | PA      | $440377.83    | 0.18%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Atlantic County Improvement Authority (The)                                               | Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project                                                                | CUSIP: 048501JD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $112791.43    | 0.05%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Rose-Hulman Institute of Technology Project                                                                            | CUSIP: 45506EBJ1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    110000 | PA      | $111496.23    | 0.05%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                               | New Jersey Educational Facilities Authority, Stevens Institute of Technology                                                                      | CUSIP: 6460666A3<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    350000 | PA      | $373254.70    | 0.15%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                                     | New Jersey Health Care Facilities Financing Authority, University Hospital Issue, Series 2015A                                                    | CUSIP: 64579F7F4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $831758.47    | 0.34%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority, Front Porch Communities                                                                   | CUSIP: 13080SC36<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962456.50    | 0.40%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., New World Preparatory Charter School Project, Series 2021A                                                              | CUSIP: 12008ERQ1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    150000 | PA      | $140871.57    | 0.06%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Manchester NH                                                                     | City of Manchester, School Facilities                                                                                                             | CUSIP: 562358CG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3545000 | PA      | $3689806.51   | 1.52%             | 2024-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Salem Community Corp.                                                                                   | CUSIP: 57584Y2W8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    510000 | PA      | $466769.90    | 0.19%             | 2040-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Aspen Fire Protection District                                                            | Aspen Fire Protection District                                                                                                                    | CUSIP: 045269AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207572.74    | 0.09%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Academies of Math and Science Projects                                                                  | CUSIP: 04052BSJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302757.78    | 0.12%             | 2032-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Kipp Social Projects                                                                                         | CUSIP: 13059TGU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $83763.75     | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | 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        |    300000 | PA      | $229667.31    | 0.09%             | 2046-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Vermont Housing Finance Agency                                                            | Vermont Housing Finance Agency, Multiple Purpose                                                                                                  | CUSIP: 924190HG9<br>LEI: 549300RD7EYN90K0W008 | Long             | DBT              | MUN               | US        |    300000 | PA      | $298832.28    | 0.12%             | 2045-11-01      | Fixed         | 3.75%                 | 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    | 0.10%             | 2032-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                          | Port of Greater Cincinnati Development Authority, FC Cincinnati Public Improvements Project                                                       | CUSIP: 734195BQ2<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    245000 | PA      | $209556.22    | 0.09%             | 2031-12-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| City of Detroit MI                                                                        | City of Detroit, Unlimited Tax                                                                                                                    | CUSIP: 2510934R8<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    475000 | PA      | $497062.42    | 0.20%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, On Lok Senior Health Service                                                                    | CUSIP: 13032UYB8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     50000 | PA      | $49336.56     | 0.02%             | 2025-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project, Series 2021B | CUSIP: 592029AN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $100759.80    | 0.04%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                              | South Carolina State Housing Finance and Development Authority, Series 2017A                                                                      | CUSIP: 83712DXJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140117.74    | 0.06%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                                    | Colorado Housing and Finance Authority, Single Family Mortgage, Class I                                                                           | CUSIP: 1964794J5<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    205000 | PA      | $206493.02    | 0.08%             | 2049-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                                      | Tennessee Housing Development Agency, Residential Finance Program                                                                                 | CUSIP: 880461CE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25005.55     | 0.01%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                              | CUSIP: 46247CBY4<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    110000 | PA      | $104166.33    | 0.04%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peoria City School District No. 150                                                       | Peoria City School District No. 150                                                                                                               | CUSIP: 713040JQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $527871.20    | 0.22%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Atlantic County Improvement Authority (The)                                               | Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project                                                                | CUSIP: 048501JC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $111691.47    | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Macombs Facility Project, Series 2021A                                                                  | CUSIP: 04052BQD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $339753.91    | 0.14%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aspen Fire Protection District                                                            | Aspen Fire Protection District                                                                                                                    | CUSIP: 045269AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $232605.09    | 0.10%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Madison County Hospital Authority No. 1                                                   | Madison County Hospital Authority No. 1, Faith Regional Health Services Project                                                                   | CUSIP: 557352FK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1048843.15   | 0.43%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carson City NV                                                                            | Carson City, Nevada Hospital                                                                                                                      | CUSIP: 145810DM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $653979.78    | 0.27%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                     | CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim                                                                        | CUSIP: 126292AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $380636.35    | 0.16%             | 2056-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Roseman University of Health Sciences Project                                                                           | CUSIP: 74442PVT9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    230000 | PA      | $208199.22    | 0.09%             | 2032-04-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project                                                                | CUSIP: 19645UGB4<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     35000 | PA      | $33874.34     | 0.01%             | 2029-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                           | Chester County Industrial Development Authority, Longwood Gardens Project                                                                         | CUSIP: 165588EH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $204852.15    | 0.08%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Macombs Facility Project, Series 2021A                                                                  | CUSIP: 04052BQF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $426779.15    | 0.18%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project, Series 2021B | CUSIP: 592029AP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $208985.74    | 0.09%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC                                                                     | CUSIP: 04052FDF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084641.30   | 0.45%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Social Bonds-Learn Chapter School Project                                                                             | CUSIP: 45204FLF0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    375000 | PA      | $333994.91    | 0.14%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Kenyon College                                                                                       | CUSIP: 67756DJG2<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1222121.81   | 0.50%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp.                                                                                                          | CUSIP: 041806L24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $37396.26     | 0.02%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                          | CUSIP: 34061UKE7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    400000 | PA      | $410024.72    | 0.17%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Social Bonds-Learn Chapter School Project                                                                             | CUSIP: 45204FLD5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    130000 | PA      | $127484.57    | 0.05%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Yonkers Economic Development Corp.                                                        | Yonkers Economic Development Corp., Charter School of Educational Excellence Project                                                              | CUSIP: 98608MAJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $327539.40    | 0.13%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Broome County Local Development Corp.                                                     | Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc.                                                                     | CUSIP: 114731BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $702776.18    | 0.29%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Springpoint Senior Living Project                                                                       | CUSIP: 63608SAL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $634350.30    | 0.26%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County Housing Authority                                                             | King County Housing Authority, Highland Village Project                                                                                           | CUSIP: 494762MU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $342041.54    | 0.14%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                              | Southern Illinois University, Housing and Auxiliary Facilities System                                                                             | CUSIP: 8431464Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $320004.78    | 0.13%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Gallaudet University Project, Series 2021A                                                                                  | CUSIP: 25483VYP3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    200000 | PA      | $197335.80    | 0.08%             | 2035-04-01      | 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: 57421CBX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $186028.43    | 0.08%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Housing Authority                                                             | King County Housing Authority, Highland Village Project                                                                                           | CUSIP: 494762MT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $137416.65    | 0.06%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                                      | Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2                                                         | CUSIP: 59561TAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923962.10    | 0.38%             | 2030-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Aurora IL                                                                         | City of Aurora, Single Family Mortgage, Series B                                                                                                  | CUSIP: 051687DD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     51017 | PA      | $51155.93     | 0.02%             | 2039-12-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Cornerstone Charter Academy Project                                                                            | CUSIP: 34061ULL0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    460000 | PA      | $462081.82    | 0.19%             | 2032-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Classical Academies Oceanside Project                                                                        | CUSIP: 13058TPY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501587.85    | 0.21%             | 2027-10-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                              | Michigan State Housing Development Authority, Single Family Mortgage                                                                              | CUSIP: 5946537N1<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    390000 | PA      | $387303.23    | 0.16%             | 2047-06-01      | Fixed         | 3.50%                 | 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: 295435CR0<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    100000 | PA      | $91325.35     | 0.04%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                       | Georgia Housing and Finance Authority, Single Family Mortgage                                                                                     | CUSIP: 3735397Z2<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    520000 | PA      | $520436.07    | 0.21%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                    | Maine Health and Higher Educational Facilities Authority, Series 2020A                                                                            | CUSIP: 56042RT77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111954.33    | 0.05%             | 2024-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Central Charter School Project                                                                                 | CUSIP: 34061ULG1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    350000 | PA      | $321993.28    | 0.13%             | 2037-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FYI Properties                                                                            | FYI Properties, State of Washington District Project                                                                                              | CUSIP: 302716BT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5343098.00   | 2.20%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                                       | North Dakota Housing Finance Agency, Home Mortgage Finance Program                                                                                | CUSIP: 658909JU1<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    510000 | PA      | $510908.11    | 0.21%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Florida Water Management District                                                   | South Florida Water Management District                                                                                                           | CUSIP: 83786PCR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2379544.43   | 0.98%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                         | Iowa Student Loan Liquidity Corp., Series 2015A                                                                                                   | CUSIP: 462590KB5<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042809.60   | 0.43%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami Beach Redevelopment Agency                                                          | Miami Beach Redevelopment Agency, City Center, Historic Convention Village                                                                        | CUSIP: 593237FF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2049407.60   | 0.84%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Rose-Hulman Institute of Technology Project                                                                            | CUSIP: 45506EBG7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $110068.04    | 0.05%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., Kendal on Hudson Project                                                                              | CUSIP: 95737TFC5<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    265000 | PA      | $264752.12    | 0.11%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlantic County Improvement Authority (The)                                               | Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project                                                                | CUSIP: 048501JG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $66860.21     | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program                     | State of California, Department of Veterans Affairs, Farm and Home Purchase Program                                                               | CUSIP: 130658NL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $229022.52    | 0.09%             | 2045-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Grand Concourse Academy Charter School                                                                                  | CUSIP: 12008ESY3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303397.80    | 0.12%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Union County Hospital Facility Authority                                                  | Union County Hospital Facility Authority, Grande Ronde Hospital, Inc.                                                                             | CUSIP: 906420BZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1411686.26   | 0.58%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                          | CUSIP: 34061UKD9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    380000 | PA      | $390964.06    | 0.16%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                         | Salem Hospital Facility Authority, Capital Manor Project                                                                                          | CUSIP: 794458GE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $121673.44    | 0.05%             | 2029-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                    | County of Baltimore, Riderwood Village, Inc., Project                                                                                             | CUSIP: 059151DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $611455.98    | 0.25%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Egg Harbor Township School District                                                       | Egg Harbor Township School District                                                                                                               | CUSIP: 282317HH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1274419.70   | 0.52%             | 2024-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, KIPP Nashville Project                                                                                  | CUSIP: 04052BSQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $272732.77    | 0.11%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                                | Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project                                                     | CUSIP: 61075YAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $244778.23    | 0.10%             | 2032-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| North Thurston Public Schools                                                             | North Thurston Public Schools                                                                                                                     | CUSIP: 66285THK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016203.10   | 0.42%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                                                                       | CUSIP: 67756DJ31<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    275000 | PA      | $282462.70    | 0.12%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                       | Georgia Housing and Finance Authority, Single Family Mortgage, Series 2017A                                                                       | CUSIP: 3735396T7<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    265000 | PA      | $265235.27    | 0.11%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project                                                                | CUSIP: 19645UGC2<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     30000 | PA      | $28832.27     | 0.01%             | 2030-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                             | Henrico County Economic Development Authority, Westminster Canterbury Richmond                                                                    | CUSIP: 42605QGS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $462201.25    | 0.19%             | 2030-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                         | Salem Hospital Facility Authority, Capital Manor Project                                                                                          | CUSIP: 794458GD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $154630.48    | 0.06%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                                                                       | CUSIP: 67756DH90<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    340000 | PA      | $348428.97    | 0.14%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service                                          | CUSIP: 97712DT63<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1247595.47   | 0.51%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Golden View Classical Academy Projects                                                    | CUSIP: 19645ULK8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    200000 | PA      | $197962.48    | 0.08%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                                            | La Paz County Industrial Development Authority, Harmony Public School Project                                                                     | CUSIP: 50376FBQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $358352.06    | 0.15%             | 2041-02-15      | Fixed         | 4.00%                 | 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        |    100000 | PA      | $85965.39     | 0.04%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Kipp Social Projects                                                                                         | CUSIP: 13059TGX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106230.04    | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                 | CUSIP: 452153DL0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    665000 | PA      | $707035.18    | 0.29%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Gas Project No. 8, Series 2022A                                                                                   | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | STIV             | MUN               | US        |    645000 | PA      | $617393.16    | 0.25%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | CDI                                                                                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |  10550000 | PA      | $-729089.49   | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                                  | River Islands Public Financing Authority, Facilities District No. 2003                                                                            | CUSIP: 76827QGD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $253926.10    | 0.10%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                       | Pennsylvania Housing Finance Agency, Single Family Mortgage                                                                                       | CUSIP: 7087964R5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185155.83    | 0.08%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority, Emanate Health, Tax-Exempt                                                                | CUSIP: 13080SYY4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2645000 | PA      | $1933416.44   | 0.79%             | 2050-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                        | Montgomery County Housing Opportunities Commission, Single Family Mortgage, Series 2017A                                                          | CUSIP: 6133493W7<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    645000 | PA      | $645515.16    | 0.27%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Salem Community Corp.                                                                                   | CUSIP: 57584Y2V0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    240000 | PA      | $230430.36    | 0.09%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                                                      | City of Manhattan, Meadowlark Hills                                                                                                               | CUSIP: 563017EH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $202316.63    | 0.08%             | 2027-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Lake Forest College                                                                                                   | CUSIP: 45204FRB3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    380000 | PA      | $382766.93    | 0.16%             | 2039-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IDK PARTNERS III                                                                          | IDK PARTNERS III Trust, Mortgage Pass-Through Certificates, Series 1999A                                                                          | CUSIP: 449385AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |       107 | PA      | $106.57       | 0.00%             | 2023-08-01      | Fixed         | 5.10%                 | No            |                  3 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects                                                    | CUSIP: 34061UGM4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    150000 | PA      | $146971.82    | 0.06%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                    | Maine Health and Higher Educational Facilities Authority, Series 2020A                                                                            | CUSIP: 56042RS94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $223138.94    | 0.09%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                          | Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation                                                                         | CUSIP: 60415N6M9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    825000 | PA      | $826901.46    | 0.34%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                         | State of Colorado                                                                                                                                 | CUSIP: 196711SP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1322613.20   | 0.54%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York and New Jersey, Consolidated, Series 194                                                                               | CUSIP: 73358WZB3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2111931.80   | 0.87%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Senior Lien, Grand Hyatt                                                                                                | CUSIP: 74447DAA5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $183278.24    | 0.08%             | 2032-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                          | Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning, Series 2021A                                               | CUSIP: 816686AK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $169669.77    | 0.07%             | 2041-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                                       | U.S. Treasury 10 Year Ultra Note                                                                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -12 | NC      | $-14650.20    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Vermont Student Assistance Corp.                                                          | Vermont Student Assistance Corp., Education Loan, Series 2016A                                                                                    | CUSIP: 92428CKF0<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1429866.90   | 0.59%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                                         | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                                       | CUSIP: 46645V725<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   8717744 | NS      | $8722102.86   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach, John Knox Village Project                                                                                                  | CUSIP: 732203BB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1152200.09   | 0.47%             | 2035-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Lake Forest College                                                                                                   | CUSIP: 45204FQZ1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    215000 | PA      | $217512.06    | 0.09%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc., Series 2017A           | CUSIP: 97712DYB6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    235000 | PA      | $248140.38    | 0.10%             | 2025-09-01      | 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: 12008ERR9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    135000 | PA      | $110012.38    | 0.05%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects                                                    | CUSIP: 34061UGP7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    215000 | PA      | $208458.78    | 0.09%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Salem Community Corp.                                                                                   | CUSIP: 57584Y2R9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    305000 | PA      | $301998.10    | 0.12%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                         | State of Colorado                                                                                                                                 | CUSIP: 196711SN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003433.40   | 0.41%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, San Antonio Gardens Project, Series 2022B2                                                                | CUSIP: 13049RBU9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    410000 | PA      | $375092.11    | 0.15%             | 2026-11-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                                         | State of New York Mortgage Agency, Homeowner Mortgage                                                                                             | CUSIP: 649883R72<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    480000 | PA      | $476543.04    | 0.20%             | 2044-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development, Holy Family University Project                                                                 | CUSIP: 71780TBD4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    775000 | PA      | $807135.92    | 0.33%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Project                                                         | CUSIP: 57421CBV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $158464.25    | 0.07%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwestern Illinois Development Authority                                               | Southwestern Illinois Development Authority, Flood Prevention District Council Project                                                            | CUSIP: 84552YQY0<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |    290000 | PA      | $323509.79    | 0.13%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., Kendal on Hudson Project                                                                              | CUSIP: 95737TFD3<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    250000 | PA      | $245494.85    | 0.10%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust (The)                                                     | Massachusetts Clean Water Trust (The), Poll Program                                                                                               | CUSIP: 57604PB29<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3131292.60   | 1.29%             | 2024-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                           | Allegheny County Hospital Development Authority, Pittsburgh Medical Center                                                                        | CUSIP: 01728A4T0<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    600000 | PA      | $647647.80    | 0.27%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Kipp SoCal Public Schools                                                                                    | CUSIP: 13059TFT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510871.10    | 0.21%             | 2039-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Salem Community Corp.                                                                                   | CUSIP: 57584Y2Q1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    285000 | PA      | $283544.13    | 0.12%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Two Rivers Public Charter School, Inc.                                                                                      | CUSIP: 25483VXR0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1451106.00   | 0.60%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, The Franklin School of Innovation                                                                                       | CUSIP: 74442EHZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    145000 | PA      | $127927.73    | 0.05%             | 2042-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                     | New Mexico Mortgage Finance Authority, Single Family Mortgage Program, Class I                                                                    | CUSIP: 647201FY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $845436.10    | 0.35%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                                      | Dominion Water and Sanitation District                                                                                                            | CUSIP: 25755AAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $583079.65    | 0.24%             | 2027-12-01      | 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: 56681NGK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $159377.14    | 0.07%             | 2041-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Essex County Improvement Authority                                                        | Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., 2020 Project                                               | CUSIP: 29681CAJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $196286.26    | 0.08%             | 2030-07-15      | 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: 13048VUT3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98739.15     | 0.04%             | 2026-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project                                                         | CUSIP: 70869PNJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $645990.60    | 0.27%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                     | California Infrastructure and Economic Development Bank, Equitable School Revolving Fund LLC                                                      | CUSIP: 13035ACR8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    210000 | PA      | $227840.13    | 0.09%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, John Adams Academies                                                                                         | CUSIP: 13058TQD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $802446.92    | 0.33%             | 2032-07-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| West Cornwall Township Municipal Authority                                                | West Cornwall Township Municipal Authority, Lebanon Valley Brethren Home Project                                                                  | CUSIP: 95235TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $183886.64    | 0.08%             | 2031-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                                        | Utah Housing Corp., Single Family Mortgage                                                                                                        | CUSIP: 9174366Y8<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    570000 | PA      | $570500.86    | 0.23%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach, John Knox Village Project                                                                                                  | CUSIP: 732203BC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $850560.00    | 0.35%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Columbus Medical Center Hospital Authority                                                | Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project                                                                     | CUSIP: 199124BR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $543901.45    | 0.22%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Global Community Charter School                                                                                         | CUSIP: 12008ETC0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    135000 | PA      | $127107.39    | 0.05%             | 2032-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, The Forest at Duke Project                                                                                | CUSIP: 65820YSH0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    180000 | PA      | $167864.62    | 0.07%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                          | CUSIP: 34061UKG2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1349945.38   | 0.55%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                     | Connecticut Housing Finance Authority, Housing Mortgage Finance Program                                                                           | CUSIP: 20775CVJ0<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    470000 | PA      | $470191.38    | 0.19%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Trinity Health Corp.                                                                                                  | CUSIP: 59447TYB3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991790.00    | 0.41%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                 | Camden County Improvement Authority (The), Camden Prep High School Project                                                                        | CUSIP: 13281UAA4<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    215000 | PA      | $211794.57    | 0.09%             | 2027-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                                          | Vermont Student Assistance Corp., Education Loan, Series 2016A                                                                                    | CUSIP: 92428CKG8<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2221145.44   | 0.91%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                             | Henrico County Economic Development Authority, Westminster Canterbury Richmond                                                                    | CUSIP: 42605QGR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $467521.30    | 0.19%             | 2029-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Gallaudet University Project                                                                                                | CUSIP: 25483VYG3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    160000 | PA      | $171592.46    | 0.07%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Uptown Development Authority                                                              | Uptown Development Authority, Tax Increment Contract                                                                                              | CUSIP: 916856HL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $378590.40    | 0.16%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                                       | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series 2016D                                                                  | CUSIP: 658877FQ3<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    215000 | PA      | $213239.11    | 0.09%             | 2046-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Tax Exempt                                                                                                   | CUSIP: 13059THF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $365514.52    | 0.15%             | 2032-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Butler County Port Authority                                                              | Butler County Port Authority, Community First Solutions                                                                                           | CUSIP: 12355RAJ5<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    210000 | PA      | $207437.62    | 0.09%             | 2037-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Goshen IN                                                                         | City of Goshen, Multi-Family, Green Oaks of Goshen Project, Series 2021A                                                                          | CUSIP: 38327MAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $387125.80    | 0.16%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Detroit MI                                                                        | City of Detroit                                                                                                                                   | CUSIP: 2510934U1<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    770000 | PA      | $803621.59    | 0.33%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multifamily Housing Revenue Bond Pass-Through Certificates                                | Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments                                                                    | CUSIP: 62544MCD4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    865000 | PA      | $864971.20    | 0.36%             | 2035-11-01      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                       | Virginia College Building Authority, Education Facilities, Regent University Project                                                              | CUSIP: 92778FKM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $165898.75    | 0.07%             | 2031-06-01      | Fixed         | 5.00%                 | 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        |    240000 | PA      | $215825.57    | 0.09%             | 2031-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp, Outlook at Windhaven Forefront Living                                                        | CUSIP: 64542UGL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1720785.50   | 0.71%             | 2026-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Portland ME General Airport Revenue                                               | City of Portland, General Airport                                                                                                                 | CUSIP: 736564EG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $404891.59    | 0.17%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County Hospital Authority                                                         | Yamhill County Hospital Authority, Friendsview, Tax Exempt, Series 2021B-3                                                                        | CUSIP: 98464UBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $110590.79    | 0.05%             | 2026-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                                | Middleton Community Development District A                                                                                                        | CUSIP: 596681AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $226042.58    | 0.09%             | 2027-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                         | Northeast Ohio Medical University, Series 2021A                                                                                                   | CUSIP: 66433RBB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $70189.76     | 0.03%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Gallaudet University Project, Series 2021A                                                                                  | CUSIP: 25483VYN8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160652.62    | 0.07%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Macombs Facility Project, Series 2021A                                                                  | CUSIP: 04052BQB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $316587.62    | 0.13%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                    | Illinois Housing Development Authority, Homeowner Mortgage                                                                                        | CUSIP: 45201YM87<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    465000 | PA      | $461057.27    | 0.19%             | 2046-08-01      | Fixed         | 3.50%                 | 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        |    400000 | PA      | $410830.00    | 0.17%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of St Joseph IN                                                                    | County of St. Joseph, Economic Development, St. Mary's College Project, Series 2017A                                                              | CUSIP: 790608EQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1880000 | PA      | $1978506.17   | 0.81%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Lake Forest College                                                                                                   | CUSIP: 45204FRA5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    475000 | PA      | $465943.65    | 0.19%             | 2035-10-01      | 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        |    250000 | PA      | $210085.45    | 0.09%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Global Community Charter School                                                                                         | CUSIP: 12008ETD8<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    360000 | PA      | $341078.18    | 0.14%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                             | CUSIP: 546399LN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    385000 | PA      | $337399.56    | 0.14%             | 2036-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Educational Facilities, Valparaiso University Project                                                                  | CUSIP: 45470EAP0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    165000 | PA      | $160048.58    | 0.07%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Playmouth Place Inc.                                                                                                  | CUSIP: 45204FSR7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100368.41    | 0.04%             | 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        |    250000 | PA      | $209160.63    | 0.09%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Industrial Development Authority                                                | Lancaster Industrial Development Authority, Landis Homes Retirement Community Project                                                             | CUSIP: 51434NAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $146651.33    | 0.06%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                      | Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System                                                    | CUSIP: 70917S6Q1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $177954.70    | 0.07%             | 2034-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Board of Higher Education                                                            | Utah Board of Higher Education, Student Fee and Housing System                                                                                    | CUSIP: 91754RML8<br>LEI: 549300SAYC054T80UK17 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1684651.41   | 0.69%             | 2023-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                               | George L Smith II Congress Center Authority, Convention Center Hotel First                                                                        | CUSIP: 37255MAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $436906.45    | 0.18%             | 2031-01-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Coral Academy of Science, Series 2021A                                                                                  | CUSIP: 74442EGT1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $422554.15    | 0.17%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                               | Ohio Housing Finance Agency, Mortgage-Backed Securities Program, Series 2016D                                                                     | CUSIP: 67756QPJ0<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    335000 | PA      | $335271.55    | 0.14%             | 2047-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Yale New Haven Health                                                              | CUSIP: 20775DBF8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | STIV             | MUN               | US        |    225000 | PA      | $217884.94    | 0.09%             | 2049-07-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                         | Indiana Housing and Community Development Authority, Single Family Mortgage                                                                       | CUSIP: 45505TQU8<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    770000 | PA      | $765442.06    | 0.31%             | 2049-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Central Charter School Project                                                                                 | CUSIP: 34061ULH9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1393935.44   | 0.57%             | 2042-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                                                    | CUSIP: 592190RA2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510449.15    | 0.21%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlantic County Improvement Authority (The)                                               | Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project                                                                | CUSIP: 048501JK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $73273.34     | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Midtown Redevelopment Authority                                                           | Midtown Redevelopment Authority, Tax Increment Contract                                                                                           | CUSIP: 598076GV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517434.25    | 0.21%             | 2032-01-01      | 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    | 0.08%             | 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        |    750000 | PA      | $675873.38    | 0.28%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Huntington Local Development Corp.                                                        | Huntington Local Development Corp., Fountaingate Garden Project                                                                                   | CUSIP: 446490AT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $86616.08     | 0.04%             | 2025-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp.                                                     | Newark Higher Education Finance Corp.                                                                                                             | CUSIP: 650346FP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $361759.93    | 0.15%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project                       | CUSIP: 71783DAS4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    680000 | PA      | $737358.34    | 0.30%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwestern Illinois Development Authority                                               | Southwestern Illinois Development Authority, Flood Prevention District Council Project                                                            | CUSIP: 84552YQV6<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266605.58    | 0.11%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                               | California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2                                    | CUSIP: 13069AAR9<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    300000 | PA      | $286769.73    | 0.12%             | 2027-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                          | Maricopa County Industrial Development Authority, HonorHealth, Series 2019A                                                                       | CUSIP: 56678PAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212539.82    | 0.09%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                                    | Colorado Housing and Finance Authority, Single Family Mortgage                                                                                    | CUSIP: 196480MJ3<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    840000 | PA      | $818220.14    | 0.34%             | 2050-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Suffolk County Economic Development Corp.                                                 | Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project                                                             | CUSIP: 86476RDL5<br>LEI: 5493003FN78GO4R0BJ89 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1072660.63   | 0.44%             | 2031-11-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Lancaster Industrial Development Authority                                                | Lancaster Industrial Development Authority, Landis Homes Retirement Community Project                                                             | CUSIP: 51434NAP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $395753.55    | 0.16%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                          | Minnesota Housing Finance Agency                                                                                                                  | CUSIP: 60416TYA0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1391203.25   | 0.57%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                                   | School Board of Miami-Dade County (The), Series 2015D                                                                                             | CUSIP: 59333MT70<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3188234.10   | 1.31%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, The Carmelite System, Inc., Obligated Group                                                                             | CUSIP: 74442PQP3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1493863.28   | 0.61%             | 2026-01-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects, Series 2022B                                      | CUSIP: 34061UJR0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    165000 | PA      | $169759.52    | 0.07%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Playmouth Place Inc.                                                                                                  | CUSIP: 45204FST3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100376.19    | 0.04%             | 2027-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Kipp Social Projects                                                                                         | CUSIP: 13059TGY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $265870.55    | 0.11%             | 2040-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Irving Hospital Authority                                                                 | Irving Hospital Authority, Baylor Scott and White Medical Center, Series 2017A                                                                    | CUSIP: 463794JT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264137.35    | 0.11%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Lutheran Services for The Aging                                                                           | CUSIP: 65821DYD7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    290000 | PA      | $262523.98    | 0.11%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project                                                              | CUSIP: 64542UFW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $361561.79    | 0.15%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development, Russell Byers Charter School Project                                                           | CUSIP: 71781XGB3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1161343.49   | 0.48%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwestern Illinois Development Authority                                               | Southwestern Illinois Development Authority, Flood Prevention District Council Project                                                            | CUSIP: 84552YQX2<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |    390000 | PA      | $429459.93    | 0.18%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Cornwall Township Municipal Authority                                                | West Cornwall Township Municipal Authority, Lebanon Valley Brethren Home Project                                                                  | CUSIP: 95235TAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $181376.83    | 0.07%             | 2030-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Gallaudet University Project, Series 2021A                                                                                  | CUSIP: 25483VYQ1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    200000 | PA      | $194851.14    | 0.08%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                 | Camden County Improvement Authority (The), Camden Prep High School Project                                                                        | CUSIP: 13281UAB2<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    285000 | PA      | $294274.81    | 0.12%             | 2032-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                            | American Municipal Power, Inc., Solar Electricity Prepayment Project, Series 2019A                                                                | CUSIP: 02765MAR3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    825000 | PA      | $891524.12    | 0.37%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                                                    | Mississippi Home Corp., Single Family Mortgage, Series 2019A                                                                                      | CUSIP: 60535QSR2<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    935000 | PA      | $935649.26    | 0.38%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp.                                                     | Newark Higher Education Finance Corp., The Hughen Center, Inc.                                                                                    | CUSIP: 650346DS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $228899.02    | 0.09%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                                            | La Paz County Industrial Development Authority, Harmony Public School Project                                                                     | CUSIP: 50376FBR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $274584.56    | 0.11%             | 2046-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, KIPP Nashville Project                                                                                  | CUSIP: 04052BSR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $281954.52    | 0.12%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                      | Massachusetts Housing Finance Agency, Single Family Housing                                                                                       | CUSIP: 57587ASJ8<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |     85000 | PA      | $84493.77     | 0.03%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Springpoint Senior Living Project                                                                       | CUSIP: 63608SAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $261294.80    | 0.11%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust II

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer