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        <name>Arlington Higher Education Finance Corp.</name>
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        <name>Austin Community College District Public Facility Corp.</name>
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        <lei>549300I8V0Z68JQCB679</lei>
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        <name>Development Authority of Burke County (The)</name>
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        <name>Central Puget Sound Regional Transit Authority</name>
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        <name>City of Chattanooga TN Electric Revenue</name>
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        <name>City of Chicago IL</name>
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        <name>Chicago Midway International Airport</name>
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        <name>City of Columbus OH</name>
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        <name>Dahlonega Downtown Development Authority</name>
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      <invstOrSec>
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        <name>Dallas County Utility &amp; Reclamation District</name>
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        <name>Dallas Fort Worth International Airport</name>
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          <isin value="US23503CFK80"/>
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        <name>State of Nevada Department of Business &amp; Industry</name>
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        <name>District of Columbia</name>
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        <name>District of Columbia</name>
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        <name>Duluth Independent School District No. 709</name>
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        <name>Duluth Independent School District No. 709</name>
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        <name>Effingham Community Unit School District No. 40</name>
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        <name>Energy Northwest</name>
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        <name>City of Farmington NM</name>
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        <name>FNMA</name>
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        <name>Florida Development Finance Corp.</name>
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      <invstOrSec>
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          <couponKind>Fixed</couponKind>
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        <name>Florida Local Government Finance Commission</name>
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        <name>State of Florida</name>
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        <name>State of Florida Department of Transportation Turnpike System Revenue</name>
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        <name>Fort Pierce Utilities Authority</name>
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        <name>Fort Worth Independent School District</name>
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        <name>City of Glendale AZ Excise Tax Revenue</name>
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        <name>Glenview Park District</name>
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        <name>Grady County School Finance Authority</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Grand Parkway Transportation Corp.</name>
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        <name>Grundy &amp; Kendall Counties Consolidated Grade School District No. 60-C/IL</name>
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        <name>Harris County-Houston Sports Authority</name>
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          <isin value="US413890HH02"/>
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        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <name>Metropolitan Transit Authority of Harris County Sales &amp; Use Tax Revenue</name>
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        <name>Hereford Independent School District</name>
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        <name>Highlands County Health Facilities Authority</name>
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        <name>City of Houston TX</name>
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        <name>Deutsche Intermediate Tax-Free Fund</name>
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        <name>Deutsche Intermediate Tax-Free Fund</name>
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        <name>Deutsche Intermediate Tax-Free Fund</name>
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      <invstOrSec>
        <name>Illinois Housing Development Authority</name>
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      <invstOrSec>
        <name>Indiana Finance Authority</name>
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          <isin value="US45506EQF33"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Intermountain Power Agency</name>
        <lei>N/A</lei>
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          <isin value="US45884AA459"/>
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      <invstOrSec>
        <name>Intermountain Power Agency</name>
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          <isin value="US45884AE410"/>
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        <name>JPMorgan Institutional Tax Free Money Market Fund</name>
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          <isin value="US4812A26030"/>
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        <issuerCat>RF</issuerCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Jackson County School District No. R-IV Blue Springs</name>
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          <isin value="US467486XC52"/>
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        <name>Jackson State University Educational Building Corp.</name>
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          <isin value="US468714FG03"/>
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        <name>Deutsche Intermediate Tax-Free Fund</name>
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          <isin value="US472682YV92"/>
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        <name>Jefferson County Port Authority</name>
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        <title>Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023</title>
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          <isin value="US473318AB94"/>
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        <name>Kane &amp; DeKalb Counties Community Unit School District No. 301 Burlington</name>
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          <isin value="US483764KA34"/>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Kansas Department of Transportation</name>
        <lei>5493001635XK841MIO47</lei>
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        <name>State of Kansas Department of Transportation</name>
        <lei>5493001635XK841MIO47</lei>
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        <name>Kentucky State Property &amp; Building Commission</name>
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        <name>Kentucky State Property &amp; Building Commission</name>
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        <name>Kentucky State Property &amp; Building Commission</name>
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        <name>Kentucky State Property &amp; Building Commission</name>
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        <name>City of Lakeland FL Department of Electric Utilities</name>
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          <maturityDt>2028-10-01</maturityDt>
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        <name>Legacy Denton Public Facility Corp.</name>
        <lei>N/A</lei>
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          <isin value="US52474GAC69"/>
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          <maturityDt>2043-11-01</maturityDt>
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      <invstOrSec>
        <name>Lewisville Independent School District</name>
        <lei>N/A</lei>
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        <name>Louisa Industrial Development Authority</name>
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        <lei>549300QJFPW2NNBYR215</lei>
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        <name>Mississippi Business Finance Corp.</name>
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      <invstOrSec>
        <name>Mississippi Development Bank</name>
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          <maturityDt>2029-01-01</maturityDt>
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      <invstOrSec>
        <name>State of Mississippi Gaming Tax Revenue</name>
        <lei>N/A</lei>
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          <isin value="US605638BF16"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Missouri Highway &amp; Transportation Commission</name>
        <lei>N/A</lei>
        <title>Missouri Highway and Transportation Commission, Series 2022A</title>
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          <isin value="US60636WTF22"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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          <isin value="US60637ATR31"/>
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        <curCd>USD</curCd>
        <valUSD>7874574.75000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000040</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Montana Board of Housing</name>
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          <isin value="US61212WXQ31"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Montgomery County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Montgomery County Industrial Development Authority, Constellation Energy Generation, Series 2023B</title>
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          <isin value="US61361TAB70"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
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          <annualizedRt>4.10000000</annualizedRt>
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        <name>County of Montgomery TX</name>
        <lei>N/A</lei>
        <title>County of Montgomery, Series 2025A</title>
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          <isin value="US613682BB84"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Nebraska Investment Finance Authority</name>
        <lei>549300OIIXIM3SRZWK33</lei>
        <title>Nebraska Investment Finance Authority, Single Family Housing, Series 2023C</title>
        <cusip>63968MR76</cusip>
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          <isin value="US63968MR761"/>
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        <balance>4255000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>New Hampshire Municipal Bond Bank</name>
        <lei>N/A</lei>
        <title>New Hampshire Municipal Bond Bank, Series 2020A</title>
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          <isin value="US64465QAJ58"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>5.25000000</annualizedRt>
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        <lei>5493006JS6QWDVU4R678</lei>
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          <isin value="US64577XET90"/>
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        <lei>5493002ONULJL0FIGU24</lei>
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        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>New Jersey Transportation Trust Fund Authority, Transportation System, Series 2006C</title>
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        <debtSec>
          <maturityDt>2030-12-15</maturityDt>
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        <lei>549300L6217Y7X40SP94</lei>
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      <invstOrSec>
        <name>Empire State Development Corp.</name>
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          <isin value="US6500356R42"/>
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          <maturityDt>2032-03-15</maturityDt>
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      <invstOrSec>
        <name>Norfolk Economic Development Authority</name>
        <lei>N/A</lei>
        <title>Norfolk Economic Development Authority, Sentara Healthcare, Series 2018A</title>
        <cusip>65588TAS8</cusip>
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          <isin value="US65588TAS87"/>
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        <fairValLevel>2</fairValLevel>
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        <name>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-01-01</maturityDt>
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      <invstOrSec>
        <name>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
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        <cusip>65820BCH7</cusip>
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          <isin value="US65820BCH78"/>
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          <maturityDt>2056-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
        <title>North Carolina Housing Finance Agency, Series 2024</title>
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          <isin value="US65821BAM72"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>North Dakota Housing Finance Agency</name>
        <lei>549300DVQAGW0B16JX70</lei>
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          <couponKind>Fixed</couponKind>
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        <name>Borough of North Slope AK</name>
        <lei>N/A</lei>
        <title>Borough of North Slope</title>
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          <isin value="US662523X876"/>
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          <maturityDt>2030-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
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        <cusip>66285WWG7</cusip>
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        <name>Ohio Turnpike &amp; Infrastructure Commission</name>
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        <name>Oklahoma County Independent School District No. 52 Midwest City-Del City</name>
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        <name>Pennsylvania Turnpike Commission</name>
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      <invstOrSec>
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        <name>City of San Antonio TX</name>
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        <name>City of San Antonio TX Electric &amp; Gas Systems Revenue</name>
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        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
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        <name>Village of Skokie IL</name>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        <name>South Carolina Public Service Authority</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>General Authority of Southcentral Pennsylvania</name>
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      <invstOrSec>
        <name>Southeast Community College Area</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Southeast Community College Area</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Southeast Community College Area</name>
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          <isin value="US84134TAJ88"/>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Southeast Energy Authority A Cooperative District</name>
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          <isin value="US84136FBB22"/>
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        <valUSD>5200781.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000040</annualizedRt>
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      <invstOrSec>
        <name>Southeastern Pennsylvania Transportation Authority</name>
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          <isin value="US842039FC84"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado</name>
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        <cusip>844090AD2</cusip>
        <identifiers>
          <isin value="US844090AD23"/>
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        <balance>2500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Spring Independent School District</name>
        <lei>N/A</lei>
        <title>Spring Independent School District, Unlimited Tax, Series 2024B</title>
        <cusip>850001BL1</cusip>
        <identifiers>
          <isin value="US850001BL19"/>
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        <balance>1575000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Springfield IL Electric Revenue</name>
        <lei>N/A</lei>
        <title>City of Springfield Electric, Senior Lien</title>
        <cusip>850578UA1</cusip>
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        <balance>5000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Springfield IL Electric Revenue</name>
        <lei>N/A</lei>
        <title>City of Springfield Electric, Senior Lien</title>
        <cusip>850578UB9</cusip>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Sun Prairie Area School District/WI</name>
        <lei>N/A</lei>
        <title>Sun Prairie Area School District</title>
        <cusip>866854RR5</cusip>
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          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Tampa Bay Water</name>
        <lei>N/A</lei>
        <title>Tampa Bay Water, Utility System, Series 2001A</title>
        <cusip>875128FC9</cusip>
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          <isin value="US875128FC94"/>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
        <lei>549300ROY505NVTMMI25</lei>
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        <cusip>87638QSG5</cusip>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>Tarrant County Cultural Education Facilities Finance Corp., Health Resources System, Series 2025B</title>
        <cusip>87638TJT1</cusip>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>Tarrant County Cultural Education Facilities Finance Corp., Health Resources System, Series 2025C</title>
        <cusip>87638TJU8</cusip>
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        <name>Tennergy Corp./TN</name>
        <lei>5493008K3JJFBSC4C235</lei>
        <title>Tennergy Corp., Gas Supply, Series 2021A</title>
        <cusip>880397BW3</cusip>
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          <isin value="US880397BW31"/>
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        <balance>6500000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2051-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Texas A&amp;M University</name>
        <lei>N/A</lei>
        <title>Texas A&amp;M University, Financing System, Series 2017E</title>
        <cusip>88213AKW4</cusip>
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          <isin value="US88213AKW44"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <name>Texas Municipal Gas Acquisition and Supply Corp. I</name>
        <lei>6AZ7FRSNC3ZFPM0Z8L86</lei>
        <title>Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply, Senior Lien, Series 2008D</title>
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          <isin value="US88256CEX39"/>
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        <name>Texas Municipal Gas Acquisition &amp; Supply Corp. IV</name>
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        <name>State of Texas</name>
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        <name>Texas State University System</name>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tobacco Settlement Financing Corp.</name>
        <lei>N/A</lei>
        <title>Tobacco Settlement Financing Corp., Series 2018A</title>
        <cusip>888808HD7</cusip>
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          <isin value="US888808HD75"/>
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          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Toledo OH</name>
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          <isin value="US889278ZY69"/>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <name>Tulsa County Independent School District No. 1 Tulsa</name>
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        <name>University of Central Arkansas</name>
        <lei>N/A</lei>
        <title>University of Central Arkansas, Student Housing System, Series 2019C</title>
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          <isin value="US914115Q293"/>
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        <name>University of Central Arkansas</name>
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        <name>University of Utah (The)</name>
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        <name>Upper St. Clair Township School District</name>
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        <name>County of Warren MS</name>
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        <name>Washington Metropolitan Area Transit Authority</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
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          <isin value="US93974ES727"/>
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        <curCd>USD</curCd>
        <valUSD>3086541.90000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Washington Health Care Facilities Authority</name>
        <lei>549300ZVPWQIL3N5TL85</lei>
        <title>Washington Health Care Facilities Authority, Commonspirit Health, Series 2019B-3</title>
        <cusip>93978HVB8</cusip>
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          <isin value="US93978HVB85"/>
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        <curCd>USD</curCd>
        <valUSD>15046419.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Waukegan IL Water &amp; Sewer System Revenue</name>
        <lei>N/A</lei>
        <title>City of Waukegan, First Lien, Water and Sewer System, Series 2018C</title>
        <cusip>943011JX5</cusip>
        <identifiers>
          <isin value="US943011JX59"/>
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        <balance>680000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>695166.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>City of Waukegan IL Water &amp; Sewer System Revenue</name>
        <lei>N/A</lei>
        <title>City of Waukegan, First Lien, Water and Sewer System, Series 2018C</title>
        <cusip>943011JY3</cusip>
        <identifiers>
          <isin value="US943011JY33"/>
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        <balance>710000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>727616.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>West Travis County Public Utility Agency</name>
        <lei>549300O1CP7CFGPMMX97</lei>
        <title>West Travis County Public Utility Agency</title>
        <cusip>95632CDG1</cusip>
        <identifiers>
          <isin value="US95632CDG15"/>
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        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>362933.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>West Valley City Municipal Building Authority</name>
        <lei>N/A</lei>
        <title>West Valley City Municipal Building Authority</title>
        <cusip>95640EHX6</cusip>
        <identifiers>
          <isin value="US95640EHX67"/>
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        <balance>720000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>737801.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>West Valley City Municipal Building Authority</name>
        <lei>N/A</lei>
        <title>West Valley City Municipal Building Authority</title>
        <cusip>95640EHZ1</cusip>
        <identifiers>
          <isin value="US95640EHZ16"/>
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        <balance>1070000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1097857.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Wichita KS</name>
        <lei>549300Y20JVN3VP2V718</lei>
        <title>City of Wichita, Sales Tax, River District Stadium Star Bond Project, Series 2018</title>
        <cusip>967323AJ5</cusip>
        <identifiers>
          <isin value="US967323AJ58"/>
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        <balance>465000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>472704.17000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Will County Forest Preserve District</name>
        <lei>N/A</lei>
        <title>Will County Forest Preservation District, Limited Tax</title>
        <cusip>968661HR2</cusip>
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          <isin value="US968661HR26"/>
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        <balance>805000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>842887.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Wisconsin Housing and Economic Development Authority, Home Ownership</name>
        <lei>N/A</lei>
        <title>Wisconsin Housing and Economic Development Authority, Home Ownership, Series 2024C</title>
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          <isin value="US97689QWD41"/>
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        <balance>1480000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>State of Wisconsin</name>
        <lei>549300VTAT608CNZ5827</lei>
        <title>State of Wisconsin, Series 2025A</title>
        <cusip>97705MS71</cusip>
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          <isin value="US97705MS716"/>
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        <valUSD>1106059.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group, Series 2018B-1</title>
        <cusip>97712JEF6</cusip>
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          <isin value="US97712JEF66"/>
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        <balance>1280000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
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        <cusip>97712JHE6</cusip>
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          <isin value="US97712JHE64"/>
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        <name>Wyandotte County Unified School District No. 202 Turner</name>
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          <isin value="US982683FJ80"/>
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        <name>N/A</name>
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        <title>U.S. Treasury 10 Year Note</title>
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          <other otherDesc="Future Ticker" value="TYH6 Comdty"/>
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        <name>N/A</name>
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        <title>U.S. Treasury Long Bond</title>
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              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
                <issueTitle>U.S. Treasury Long Bond</issueTitle>
                <identifiers>
                  <ticker value="USH6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-20</expDate>
            <notionalAmt>3875437.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>23662.98000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Ultra Note</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="UXYH6CM"/>
          <other otherDesc="Future Ticker" value="UXYH6 Comdty"/>
        </identifiers>
        <balance>-25.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-11595.18000000</valUSD>
        <pctVal>-0.00142840894</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
                <issueTitle>U.S. Treasury 10 Year Ultra Note</issueTitle>
                <identifiers>
                  <ticker value="UXYH6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-20</expDate>
            <notionalAmt>-2904687.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-11595.18000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Ultra Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="WNH6COS"/>
          <other otherDesc="Future Ticker" value="WNH6 Comdty"/>
        </identifiers>
        <balance>-12.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-10802.49000000</valUSD>
        <pctVal>-0.00133075754</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
                <issueTitle>U.S. Treasury Ultra Bond</issueTitle>
                <identifiers>
                  <ticker value="WNH6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-20</expDate>
            <notionalAmt>-1451250.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-10802.49000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>








    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>JPMorgan Trust II</ncom:nameOfApplicant>
      <ncom:signature>Timothy J. Clemens</ncom:signature>
      <ncom:signerName>Timothy J. Clemens</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
