JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited)
Investments | Principal Amount ($000) | Value ($000) | ||||||
MUNICIPAL BONDS — 97.1%(a) |
| |||||||
Alaska — 0.5% |
| |||||||
Alaska Industrial Development and Export Authority, Providence Health and Services Series 2011A, Rev., 5.50%, 10/1/2041 | 325 | 335 | ||||||
|
| |||||||
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2036 | 2,000 | 2,323 | ||||||
|
| |||||||
Total Alaska | 2,658 | |||||||
|
| |||||||
Arizona — 5.0% |
| |||||||
Arizona Industrial Development Authority, Academics of Math and Science Projects | ||||||||
Rev., 4.00%, 7/1/2029(b) | 400 | 426 | ||||||
Rev., 5.00%, 7/1/2039(b) | 1,000 | 1,116 | ||||||
Arizona Industrial Development Authority, Cadence Campus Project | ||||||||
Series 2020A, Rev., 4.00%, 7/15/2030(b) | 500 | 535 | ||||||
Series 2020A, Rev., 4.00%, 7/15/2040(b) | 800 | 825 | ||||||
Arizona Industrial Development Authority, Equitable School Revolving Funds Series A, Rev., 5.00%, 11/1/2044 | 750 | 911 | ||||||
Arizona Industrial Development Authority, Fire MESA and Red Rock Campus Projects | ||||||||
Series 2019A, Rev., 3.55%, 7/15/2029(b) | 1,360 | 1,440 | ||||||
Series 2019A, Rev., 5.00%, 7/15/2039(b) | 1,325 | 1,482 | ||||||
Series 2019A, Rev., 5.00%, 7/15/2049(b) | 1,675 | 1,848 | ||||||
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project | ||||||||
Series 2019A, Rev., 5.00%, 1/1/2029 | 1,500 | 1,495 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2037 | 1,000 | 944 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2038 | 1,000 | 938 | ||||||
Series 2019A, Rev., 4.25%, 1/1/2039 | 1,000 | 840 | ||||||
Series 2019A, Rev., 4.50%, 1/1/2049 | 2,000 | 1,616 | ||||||
Arizona Industrial Development Authority, Pebble Campus Project Series 2020A, Rev., 5.00%, | 415 | 463 | ||||||
Arizona Industrial Development Authority, Pinecrest Academy, Canoyn Campus Project Rev., 5.00%, 7/15/2040(b) | 2,515 | 2,803 | ||||||
Arizona Industrial Development Authority, Pinecrest Academy, Horizon, Inspirada and St. Rose Campus Projects | ||||||||
Series 2018A, Rev., 5.00%, 7/15/2028(b) | 1,000 | 1,114 | ||||||
Series 2018A, Rev., 5.75%, 7/15/2038(b) | 1,000 | 1,143 | ||||||
City of Mesa, Utility System Rev., AGM, 5.25%, 7/1/2029 | 40 | 55 | ||||||
Glendale Industrial Development Authority, Terraces of Phoenix Project | ||||||||
Series 2018A, Rev., 4.00%, 7/1/2028 | 450 | 459 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2033 | 600 | 635 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2038 | 300 | 313 | ||||||
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project | ||||||||
Series 2018A, Rev., 5.00%, 7/1/2032 | 350 | 384 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2033 | 150 | 164 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2037 | 200 | 216 | ||||||
La Paz County Industrial Development Authority, Charter School Solutions-Harmony Public Schools Project | ||||||||
Series 2018A, Rev., 5.00%, 2/15/2028 | 200 | 231 | ||||||
Series 2018A, Rev., 5.00%, 2/15/2038 | 405 | 468 | ||||||
Maricopa County Industrial Development Authority, Arizona Autism Charter School Project | ||||||||
Series 2020A, Rev., 4.00%, 7/1/2030(b) | 320 | 340 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2040(b) | 620 | 687 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2050(b) | 780 | 850 | ||||||
|
| |||||||
Total Arizona | 24,741 | |||||||
|
| |||||||
California — 1.7% |
| |||||||
California Community College Financing Authority, Orange Coast Properties LLC — Orange Coast College Project | ||||||||
Rev., 5.00%, 5/1/2037 | 750 | 759 | ||||||
Rev., 5.00%, 5/1/2038 | 400 | 404 | ||||||
California Health Facilities Financing Authority, Children’s Hospital | ||||||||
Series 2017A, Rev., 5.00%, 8/15/2047 | 500 | 581 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2047 | 200 | 228 | ||||||
California Municipal Finance Authority, John Adams Academies Lincoln Project | ||||||||
Series 2019A, Rev., 4.00%, 10/1/2029(b) | 410 | 422 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2039(b) | 900 | 951 | ||||||
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien | ||||||||
Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032 | 245 | 263 | ||||||
Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035 | 240 | 261 | ||||||
California Municipal Finance Authority, San Antonio Gardens Project Rev., 5.00%, 11/15/2039 | 850 | 943 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project Series 2015B-2, Rev., AMT, 3.13%, 11/3/2025(c) | 250 | 278 | ||||||
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2029 | 200 | 234 | ||||||
California Public Finance Authority, Laverne Elementary Preparatory Academy | ||||||||
Series 2019A, Rev., 4.25%, 6/15/2029(b) | 795 | 813 | ||||||
Series 2019A, Rev., 5.00%, 6/15/2039(b) | 785 | 806 | ||||||
California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2018A, Rev., AGM, Zero Coupon, 8/1/2030 | 200 | 175 | ||||||
California School Finance Authority, Klare Holdings Series 2015A, Rev., 5.00%, 7/1/2035(b) | 100 | 114 | ||||||
Eastern Municipal Water District Financing Authority, Water and Wastewater System Series 2020A, Rev., 5.00%, 7/1/2037 | 80 | 109 | ||||||
Palomar Health Rev., 5.00%, 11/1/2039 | 500 | 571 | ||||||
Pomona Unified School District Series C, GO, 6.00%, 8/1/2029(d) | 160 | 230 | ||||||
San Mateo Union High School District, Election of 2006 Series A, GO, Zero Coupon, 9/1/2028 | 100 | 73 | ||||||
Sunnyvale School District, Election of 2013 Series C, GO, 5.50%, 9/1/2034 | 175 | 262 | ||||||
|
| |||||||
Total California | 8,477 | |||||||
|
| |||||||
Colorado — 8.7% |
| |||||||
Aviation Station, North Metropolitan District No. 2 Series A, GO, 5.00%, 12/1/2039 | 750 | 782 | ||||||
Bradburn Metropolitan District No. 2 | ||||||||
Series 2018A, GO, 5.00%, 12/1/2038 | 500 | 548 | ||||||
Series 2018B, GO, 7.25%, 12/15/2047 | 500 | 529 | ||||||
Broadway Park North Metropolitan District No. 2 | ||||||||
GO, 5.00%, 12/1/2040(b) | 550 | 578 | ||||||
GO, 5.00%, 12/1/2049(b) | 650 | 675 | ||||||
Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project | ||||||||
Series 2018A, Rev., 5.00%, 12/1/2032 | 500 | 618 | ||||||
Series 2018A, Rev., 5.00%, 12/1/2033 | 500 | 615 | ||||||
Series 2018A, Rev., 4.00%, 12/1/2048 | 500 | 548 | ||||||
Colorado Health Facilities Authority, Christian Living Neighborhoods | ||||||||
Rev., 4.00%, 1/1/2028 | 500 | 539 | ||||||
Rev., 4.00%, 1/1/2038 | 550 | 557 | ||||||
Rev., 5.00%, 1/1/2038 | 1,550 | 1,697 | ||||||
Colorado Health Facilities Authority, Commonspirit Health Series A-1, Rev., 4.00%, 8/1/2044 | 2,000 | 2,229 | ||||||
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project | ||||||||
Series 2017A, Rev., 5.00%, 5/15/2022 | 280 | 290 | ||||||
Series A, Rev., 5.25%, 5/15/2028 | 1,000 | 1,147 | ||||||
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Series 2020A, Rev., 4.00%, 9/1/2050 | 675 | 756 | ||||||
Copper Ridge Metropolitan District, Tax Increment and Sales Tax | ||||||||
Rev., 4.00%, 12/1/2029 | 1,000 | 957 | ||||||
Rev., 5.00%, 12/1/2039 | 1,000 | 974 | ||||||
Copperleaf Metropolitan District No. 4 | ||||||||
Series 2020A, GO, 5.00%, 12/1/2039 | 775 | 816 | ||||||
Series 2020A, GO, 5.00%, 12/1/2049 | 1,000 | 1,036 | ||||||
Cottonwood Highlands Metropolitan District No. 1 Series 2019A, GO, 5.00%, 12/1/2049 | 900 | 930 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Cross Creek Metropolitan District No. 2, Unlimited Tax GO, AGM, 4.00%, 12/1/2045 | 1,000 | 1,130 | ||||||
Denver Health and Hospital Authority Series 2019A, Rev., 4.00%, 12/1/2037 | 1,250 | 1,399 | ||||||
DIATC Metropolitan District, Limited Tax | ||||||||
GO, 3.25%, 12/1/2029(b) | 590 | 585 | ||||||
GO, 5.00%, 12/1/2039(b) | 1,240 | 1,301 | ||||||
Jefferson Center Metropolitan District No. 1 Series 2020A-2, Rev., 4.13%, 12/1/2040 | 285 | 293 | ||||||
Lanterns Metropolitan District No. 1 Series A, GO, 5.00%, 12/1/2039 | 1,375 | 1,445 | ||||||
Mirabelle Metropolitan District No. 2 | ||||||||
Series 2020A, GO, 5.00%, 12/1/2039 | 700 | 728 | ||||||
Series 2020A, GO, 5.00%, 12/1/2049 | 1,250 | 1,281 | ||||||
Painted Prairie Metropolitan District No. 2 GO, 5.25%, 12/1/2048 | 2,000 | 2,069 | ||||||
Painted Prairie Public Improvement Authority | ||||||||
Rev., 4.00%, 12/1/2029 | 1,000 | 1,042 | ||||||
Rev., 5.00%, 12/1/2039 | 2,500 | 2,671 | ||||||
Public Authority for Colorado Energy, Natural Gas Purchase Rev., 6.13%, 11/15/2023 | 70 | 77 | ||||||
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.00%, 12/1/2040 | 750 | 769 | ||||||
South Suburban Park and Recreation District | ||||||||
COP, 4.00%, 12/15/2036 | 1,350 | 1,566 | ||||||
COP, 4.00%, 12/15/2037 | 500 | 578 | ||||||
STC Metropolitan District No. 2, Limited Tax Improvement | ||||||||
Series 2019A, GO, 3.00%, 12/1/2025 | 555 | 548 | ||||||
Series 2019A, GO, 4.00%, 12/1/2029 | 1,000 | 1,022 | ||||||
Series 2019A, GO, 5.00%, 12/1/2038 | 1,700 | 1,772 | ||||||
Sterling Ranch Community Authority Board, Limited Tax Supported District No. 2 | ||||||||
Series 2020A, Rev., 3.38%, 12/1/2030 | 500 | 509 | ||||||
Series 2020A, Rev., 3.75%, 12/1/2040 | 500 | 509 | ||||||
Thompson Crossing Metropolitan District No. 4 | ||||||||
GO, 5.00%, 12/1/2039 | 1,400 | 1,490 | ||||||
GO, 5.00%, 12/1/2049 | 1,500 | 1,554 | ||||||
Trails at Crowfoot Metropolitan District No. 3, Limited Tax | ||||||||
Series A, GO, 4.38%, 12/1/2030 | 620 | 637 | ||||||
Series A, GO, 5.00%, 12/1/2039 | 1,000 | 1,039 | ||||||
Willow Bend Metropolitan District Convertible Tax Series A, GO, 5.00%, 12/1/2039 | 600 | 627 | ||||||
|
| |||||||
Total Colorado | 43,462 | |||||||
|
| |||||||
Connecticut — 1.8% |
| |||||||
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue | ||||||||
Series A-1, Rev., 5.00%, 10/1/2029(b) | 400 | 430 | ||||||
Series A-1, Rev., 4.50%, 10/1/2034(b) | 2,350 | 2,369 | ||||||
Series A-1, Rev., 5.00%, 10/1/2039(b) | 1,000 | 1,028 | ||||||
Connecticut State Health and Educational Facilities Authority, McLean Issue | ||||||||
Series 2020B-2, Rev., 2.75%, 1/1/2026(b) | 650 | 654 | ||||||
Series 2020B-1, Rev., 3.25%, 1/1/2027(b) | 700 | 706 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2030(b) | 250 | 276 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2045(b) | 500 | 534 | ||||||
Connecticut State Health and Educational Facilities Authority, The Griffin Hospital Issue Series G-1, Rev., 5.00%, 7/1/2034(b) | 225 | 256 | ||||||
State of Connecticut Series A, GO, 5.00%, 4/15/2037 | 1,000 | 1,244 | ||||||
Town of Hamden, Whitney Center Project Rev., 5.00%, 1/1/2030 | 1,500 | 1,589 | ||||||
|
| |||||||
Total Connecticut | 9,086 | |||||||
|
| |||||||
Delaware — 0.2% |
| |||||||
Delaware Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048 | 700 | 794 | ||||||
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029 | 120 | 121 | ||||||
|
| |||||||
Total Delaware | 915 | |||||||
|
| |||||||
District of Columbia — 0.8% |
| |||||||
District of Columbia, International School Issue Rev., 5.00%, 7/1/2039 | 650 | 766 | ||||||
|
|
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
District of Columbia, Kipp DC Issue | ||||||||
Series 2017B, Rev., 5.00%, 7/1/2037 | 500 | 593 | ||||||
Rev., 4.00%, 7/1/2039 | 200 | 222 | ||||||
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue | ||||||||
Rev., 4.00%, 6/1/2030 | 1,000 | 1,103 | ||||||
Rev., 5.00%, 6/1/2040 | 1,000 | 1,146 | ||||||
|
| |||||||
Total District of Columbia | 3,830 | |||||||
|
| |||||||
Florida — 10.2% |
| |||||||
Capital Trust Agency, Inc., Advantage Academy of Hillsborough Project | ||||||||
Series A, Rev., 5.00%, 12/15/2029 | 405 | 458 | ||||||
Series A, Rev., 5.00%, 12/15/2039 | 1,775 | 1,957 | ||||||
Capital Trust Agency, Inc., Franklin Academy Project | ||||||||
Rev., 4.00%, 12/15/2025(b) | 300 | 318 | ||||||
Rev., 5.00%, 12/15/2026(b) | 300 | 335 | ||||||
Rev., 5.00%, 12/15/2027(b) | 330 | 367 | ||||||
Rev., 5.00%, 12/15/2028(b) | 345 | 383 | ||||||
Rev., 5.00%, 12/15/2029(b) | 365 | 404 | ||||||
Rev., 5.00%, 12/15/2030(b) | 510 | 562 | ||||||
Rev., 5.00%, 12/15/2035(b) | 1,080 | 1,173 | ||||||
Rev., 5.00%, 12/15/2040(b) | 1,200 | 1,290 | ||||||
Capital Trust Agency, Inc., Imagine School at Land O’Lakes Project | ||||||||
Series 2020A, Rev., 3.00%, 12/15/2029(b) | 420 | 416 | ||||||
Series 2020A, Rev., 5.00%, 12/15/2039(b) | 640 | 717 | ||||||
Capital Trust Agency, Inc., Liza Jackson Preparatory School, Inc., Project | ||||||||
Series 2020A, Rev., 4.00%, 8/1/2030 | 200 | 227 | ||||||
Series 2020A, Rev., 5.00%, 8/1/2040 | 300 | 355 | ||||||
Charlotte County, Utility System | ||||||||
Rev., AGM, 5.25%, 10/1/2021(d) | 70 | 73 | ||||||
Rev., AGM, 5.25%, 10/1/2024 | 130 | 135 | ||||||
City of Tampa, H. Lee Moffitt Cancer Center Project | ||||||||
Series 2020B, Rev., 4.00%, 7/1/2038 | 190 | 221 | ||||||
Series 2020B, Rev., 4.00%, 7/1/2039 | 250 | 290 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2040 | 390 | 487 | ||||||
Series 2020B, Rev., 4.00%, 7/1/2045 | 750 | 856 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2050 | 1,785 | 2,201 | ||||||
City of Venice, Village on the Isle Project | ||||||||
Rev., 5.00%, 1/1/2037 | 1,000 | 1,090 | ||||||
Rev., 5.00%, 1/1/2047 | 1,000 | 1,076 | ||||||
County of Broward, Airport System Series 2019A, Rev., AMT, 4.00%, 10/1/2044 | 2,475 | 2,810 | ||||||
County of Lake, Imagine South Lake Charter School Project | ||||||||
Series A, Rev., 5.00%, 1/15/2029(b) | 500 | 540 | ||||||
Series A, Rev., 5.00%, 1/15/2039(b) | 550 | 592 | ||||||
Series A, Rev., 5.00%, 1/15/2049(b) | 825 | 873 | ||||||
County of Palm Beach, Atlantic University | ||||||||
Rev., 5.00%, 4/1/2029(b) | 400 | 419 | ||||||
Rev., 5.00%, 4/1/2039(b) | 900 | 907 | ||||||
County of Palm Beach, Tuscan Gardens of Delray Beach Project | ||||||||
Series 2018-A, Rev., 4.25%, 4/1/2022(c) | 1,000 | 900 | ||||||
Series 2018C, Rev., 6.25%, 4/2/2022(c) | 1,000 | 850 | ||||||
Florida Development Finance Corp., Educational Facilities, Renaissance Charter School Inc., Project | ||||||||
Series 2020C, Rev., 4.00%, 9/15/2030(b) | 235 | 247 | ||||||
Series 2020C, Rev., 5.00%, 9/15/2040(b) | 525 | 568 | ||||||
Florida Development Finance Corp., Educational Facilities, UCP Charter Schools Project | ||||||||
Series 2020A, Rev., 4.00%, 6/1/2030 | 500 | 509 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2040 | 830 | 870 | ||||||
Florida Development Finance Corp., Imagine School at Broward Project | ||||||||
Series A, Rev., 4.00%, 12/15/2029(b) | 260 | 290 | ||||||
Series A, Rev., 5.00%, 12/15/2034(b) | 525 | 622 | ||||||
Series A, Rev., 5.00%, 12/15/2039(b) | 305 | 357 | ||||||
Florida Development Finance Corp., Mater Academy Project Series 2020A, Rev., 5.00%, 6/15/2040 | 590 | 675 | ||||||
Florida Development Finance Corp., Pepin Academics of Pasco County, Inc., Project Series 2020A, Rev., 5.00%, 1/1/2040(b) | 2,430 | 2,508 | ||||||
Florida Higher Educational Facilities Financial Authority, Ringling College Project | ||||||||
Rev., 5.00%, 3/1/2034 | 385 | 431 | ||||||
Rev., 5.00%, 3/1/2035 | 1,165 | 1,302 | ||||||
Rev., 5.00%, 3/1/2036 | 1,230 | 1,371 | ||||||
Rev., 5.00%, 3/1/2037 | 1,130 | 1,256 | ||||||
Rev., 5.00%, 3/1/2044 | 2,000 | 2,187 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Florida Higher Educational Facilities Financial Authority, St. Leo University Project Rev., 5.00%, 3/1/2039 | 750 | 821 | ||||||
JEA Electric System Series B, Rev., 5.00%, 10/1/2034 | 25 | 26 | ||||||
Lakeland Educational Facilities, Southern College Project Series 2012A, Rev., 5.00%, 9/1/2025 | 500 | 531 | ||||||
Miami Beach Health Facilities Authority, Mount Sinai Medical Center Rev., 5.00%, 11/15/2029 | 545 | 616 | ||||||
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020B, Rev., 4.00%, 11/15/2041 | 250 | 275 | ||||||
Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Residences of Boca Raton Expansion Rev., 3.00%, 6/1/2027 | 1,255 | 1,276 | ||||||
Pinellas County Educational Facilities Authority, Pinellas Academy of Math and Science Project Series 2018A, Rev., 4.13%, 12/15/2028(b) | 985 | 1,074 | ||||||
Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc., Project Rev., 5.00%, 7/1/2029 | 625 | 696 | ||||||
Polk County Industrial Development Authority, Retirement Facilities, Carpenter’s Home Estates Series 2019A, Rev., 5.00%, 1/1/2029 | 440 | 485 | ||||||
Sarasota County Health Facilities Authority, Sunnyside Village Project Rev., 5.00%, 5/15/2038 | 1,050 | 1,141 | ||||||
Seminole County Industrial Development Authority, Legacy Pointe at UCF Project | ||||||||
Series 2019B-2, Rev., 3.75%, 11/15/2025 | 2,000 | 1,884 | ||||||
Series 2019B-1, Rev., 4.25%, 11/15/2026 | 2,000 | 1,902 | ||||||
Series 2019A, Rev., 5.00%, 11/15/2029 | 1,000 | 990 | ||||||
Series 2019A, Rev., 5.25%, 11/15/2039 | 2,000 | 1,879 | ||||||
Tampa Bay Water Utility System Series A, Rev., NATL-RE, 6.00%, 10/1/2029 | 500 | 719 | ||||||
|
| |||||||
Total Florida | 50,790 | |||||||
|
| |||||||
Georgia — 0.3% |
| |||||||
City of Atlanta, Water and Wastewater Series 2012C, Rev., 5.00%, 1/1/2042 | 500 | 518 | ||||||
Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project Series 2020A, Rev., 5.00%, 4/1/2050 | 230 | 289 | ||||||
Downtown Smyrna Development Authority Rev., 5.25%, 2/1/2028 | 240 | 285 | ||||||
Georgia Housing and Finance Authority, Single Family Mortgage Series B, Rev., AMT, 4.00%, 12/1/2029 | 5 | 5 | ||||||
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 4.00%, 8/1/2036 | 375 | 428 | ||||||
|
| |||||||
Total Georgia | 1,525 | |||||||
|
| |||||||
Idaho — 0.0%(e) |
| |||||||
Idaho Housing and Finance Association, Compass Public Charter School, Inc., Project Series A, Rev., 4.63%, 7/1/2029(b) | 180 | 191 | ||||||
|
| |||||||
Illinois — 3.2% |
| |||||||
Chicago O’Hare International Airport, Transportation Infrastructure Properties LLC (TRIPS) Obligated Group Rev., AMT, 5.00%, 7/1/2038 | 500 | 584 | ||||||
City of Chicago, Waterworks, Second Lien Rev., AMBAC, BHAC-CR, 5.75%, 11/1/2030 | 150 | 192 | ||||||
County of Du Page, The Morton Abroretum Project Rev., 3.00%, 5/15/2047 | 1,265 | 1,289 | ||||||
Illinois Finance Authority, University of Illinois, Urbana-Champaign Project | ||||||||
Series 2019A, Rev., 5.00%, 10/1/2036 | 300 | 364 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2037 | 400 | 483 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2038 | 400 | 482 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2039 | 350 | 420 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2044 | 1,000 | 1,182 | ||||||
Lake County Community Consolidated School District No. 50 Woodland Series C, GO, 5.25%, 1/1/2021(d) | 150 | 151 | ||||||
Metropolitan Pier and Exposition Authority, MC Cormik Place Expansion Project Series 2012B, Rev., 5.00%, 12/15/2028 | 1,610 | 1,676 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Metropolitan Water Reclamation District of Greater Chicago Series C, GO, 5.25%, 12/1/2027 | 50 | 64 | ||||||
Northern Illinois University | ||||||||
Series 2020B, Rev., 4.00%, 4/1/2039 | 650 | 739 | ||||||
Series 2020B, Rev., 4.00%, 4/1/2041 | 1,450 | 1,641 | ||||||
Regional Transportation Authority Series A, Rev., NATL-RE, 6.00%, 7/1/2024 | 250 | 296 | ||||||
Sales Tax Securitization Corp., Second Lien Series 2020A, Rev., 5.00%, 1/1/2037 | 1,050 | 1,288 | ||||||
State of Illinois | ||||||||
GO, 5.13%, 5/1/2022 | 250 | 261 | ||||||
GO, 5.38%, 5/1/2023 | 250 | 268 | ||||||
GO, 4.13%, 3/1/2028 | 170 | 172 | ||||||
Upper Illinois River Valley Development Authority, Morris Hospital | ||||||||
Rev., 5.00%, 12/1/2027 | 1,145 | 1,415 | ||||||
Rev., 5.00%, 12/1/2028 | 1,050 | 1,319 | ||||||
Rev., 5.00%, 12/1/2029 | 875 | 1,092 | ||||||
Rev., 5.00%, 12/1/2033 | 250 | 302 | ||||||
Rev., 5.00%, 12/1/2034 | 20 | 24 | ||||||
|
| |||||||
Total Illinois | 15,704 | |||||||
|
| |||||||
Indiana — 2.0% |
| |||||||
City of Franklin, Otterbeit Homes | ||||||||
Series B, Rev., 4.00%, 7/1/2036 | 870 | 977 | ||||||
Series B, Rev., 4.00%, 7/1/2037 | 905 | 1,014 | ||||||
Series B, Rev., 4.00%, 7/1/2038 | 940 | 1,052 | ||||||
Series B, Rev., 4.00%, 7/1/2039 | 750 | 836 | ||||||
Series B, Rev., 4.00%, 7/1/2040 | 500 | 556 | ||||||
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project | ||||||||
Series 2020A, Rev., 4.00%, 7/1/2030 | 105 | 113 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2040 | 170 | 189 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2055 | 455 | 496 | ||||||
Indiana Finance Authority, Goshen Health | ||||||||
Series A, Rev., 5.00%, 11/1/2035 | 665 | 818 | ||||||
Series A, Rev., 4.00%, 11/1/2036 | 235 | 269 | ||||||
Series A, Rev., 4.00%, 11/1/2037 | 330 | 376 | ||||||
Series A, Rev., 4.00%, 11/1/2038 | 340 | 387 | ||||||
Series A, Rev., 4.00%, 11/1/2039 | 360 | 409 | ||||||
Indiana Finance Authority, Marian University Project Series A, Rev., 4.00%, 9/15/2044 | 1,090 | 1,135 | ||||||
Indiana Finance Authority, Marquette Project Series A, Rev., 5.00%, 3/1/2030 | 1,000 | 1,082 | ||||||
Indiana Housing and Community Development Authority, Home First Mortgage Series C, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/1/2027 | 5 | 5 | ||||||
Indiana State Finance Authority, Wastewater Utility, First Lien Series 2101A, Rev., 5.25%, 10/1/2031 | 250 | 260 | ||||||
|
| |||||||
Total Indiana | 9,974 | |||||||
|
| |||||||
Iowa — 0.5% |
| |||||||
Iowa Finance Authority, Northcrest Inc., Project | ||||||||
Series 2018A, Rev., 5.00%, 3/1/2028 | 890 | 962 | ||||||
Series 2018A, Rev., 5.00%, 3/1/2038 | 250 | 265 | ||||||
Iowa Finance Authority, Phs Council Bluffs, Inc., Project | ||||||||
Rev., 3.95%, 8/1/2023 | 150 | 152 | ||||||
Rev., 4.45%, 8/1/2028 | 250 | 258 | ||||||
Rev., 5.00%, 8/1/2033 | 485 | 505 | ||||||
Rev., 5.00%, 8/1/2038 | 370 | 385 | ||||||
|
| |||||||
Total Iowa | 2,527 | |||||||
|
| |||||||
Kansas — 0.5% |
| |||||||
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc. | ||||||||
Series A, Rev., 5.00%, 5/15/2032 | 500 | 543 | ||||||
Series A, Rev., 5.00%, 5/15/2039 | 850 | 915 | ||||||
City of Wichita, Health Care Facilities, Presbyterian Manors, Inc. | ||||||||
Series 2018 I, Rev., 5.00%, 5/15/2033 | 500 | 518 | ||||||
Series I, Rev., 5.00%, 5/15/2038 | 500 | 510 | ||||||
|
| |||||||
Total Kansas | 2,486 | |||||||
|
| |||||||
Kentucky — 0.3% |
| |||||||
City of Ashland, Kings Daughters Medical Center | ||||||||
Series 2016A, Rev., 4.00%, 2/1/2036 | 1,000 | 1,047 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Series 2016A, Rev., 5.00%, 2/1/2040 | 500 | 552 | ||||||
|
| |||||||
Total Kentucky | 1,599 | |||||||
|
| |||||||
Louisiana — 0.8% |
| |||||||
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2042 | 500 | 596 | ||||||
Louisiana Public Facilities Authority, Young Audiences Charter School Project | ||||||||
Series A, Rev., 5.00%, 4/1/2030(b) | 525 | 555 | ||||||
Series A, Rev., 5.00%, 4/1/2039(b) | 1,425 | 1,453 | ||||||
Series A, Rev., 5.00%, 4/1/2049(b) | 1,135 | 1,143 | ||||||
New Orleans Aviation Board, General Airport, North Terminal Project Series B, Rev., AMT, 5.00%, 1/1/2048 | 250 | 290 | ||||||
|
| |||||||
Total Louisiana | 4,037 | |||||||
|
| |||||||
Maine — 0.0%(e) |
| |||||||
Maine Health and Higher Educational Facilities Authority, Central Maine Medical Central Center Series A, Rev., 5.00%, 7/1/2023(d) | 25 | 28 | ||||||
|
| |||||||
Maryland — 0.8% |
| |||||||
County of Frederick, Educational Facilities, Mount St. Mary’s University Series A, Rev., | 1,500 | 1,596 | ||||||
Maryland Economic Development Corp., Bowie State University Project | ||||||||
Rev., 4.00%, 7/1/2040 | 300 | 305 | ||||||
Rev., 4.00%, 7/1/2050 | 1,500 | 1,503 | ||||||
Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue | ||||||||
Rev., 3.25%, 7/1/2039 | 175 | 182 | ||||||
Rev., 4.00%, 7/1/2040 | 215 | 245 | ||||||
|
| |||||||
Total Maryland | 3,831 | |||||||
|
| |||||||
Massachusetts — 2.0% |
| |||||||
Massachusetts Bay Transportation Authority, Mass Sales Tax Series B, Rev., NATL-RE, 5.50%, 7/1/2028 | 300 | 407 | ||||||
Massachusetts Development Finance Agency, Emerson College Issue | ||||||||
Rev., 5.00%, 1/1/2037 | 500 | 585 | ||||||
Rev., 5.00%, 1/1/2038 | 405 | 473 | ||||||
Rev., 5.00%, 1/1/2043 | 500 | 577 | ||||||
Massachusetts Development Finance Agency, Emmanuel College Issue Series 2016A, Rev., 5.00%, 10/1/2043 | 500 | 559 | ||||||
Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Rev., 4.13%, 10/1/2042(b) | 2,000 | 2,036 | ||||||
Massachusetts Development Finance Agency, Orchid Cove, Inc. | ||||||||
Rev., 4.00%, 10/1/2029 | 925 | 994 | ||||||
Rev., 4.00%, 10/1/2039 | 500 | 516 | ||||||
Rev., 5.00%, 10/1/2039 | 250 | 272 | ||||||
Massachusetts Development Finance Agency, Suffolk University Issue | ||||||||
Rev., 5.00%, 7/1/2036 | 450 | 538 | ||||||
Rev., 5.00%, 7/1/2037 | 605 | 720 | ||||||
Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 3.00%, 10/1/2045 | 1,280 | 1,327 | ||||||
Massachusetts Port Authority Series A, Rev., 5.00%, 7/1/2044 | 500 | 569 | ||||||
Massachusetts State College Building Authority Series B, Rev., AGC, 5.50%, 5/1/2028 | 350 | 442 | ||||||
Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2032 | 100 | 146 | ||||||
|
| |||||||
Total Massachusetts | 10,161 | |||||||
|
| |||||||
Michigan — 4.3% |
| |||||||
City of Detroit | ||||||||
GO, 5.00%, 4/1/2035 | 500 | 549 | ||||||
GO, 5.00%, 4/1/2036 | 500 | 549 | ||||||
GO, 5.00%, 4/1/2037 | 500 | 548 | ||||||
Flint Hospital Building Authority, Hurley Medical Center Rev., 4.00%, 7/1/2038 | 1,800 | 1,943 | ||||||
Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project | ||||||||
Rev., 5.00%, 5/15/2037 | 980 | 1,091 | ||||||
Rev., 5.00%, 5/15/2044 | 2,000 | 2,186 | ||||||
Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project | ||||||||
Rev., 5.00%, 5/15/2037 | 1,230 | 1,330 | ||||||
Rev., 5.00%, 5/15/2055 | 3,000 | 3,174 | ||||||
Michigan Finance Authority, Kettering University Project | ||||||||
Rev., 4.00%, 9/1/2045 | 500 | 550 | ||||||
Rev., 4.00%, 9/1/2050 | 1,000 | 1,093 | ||||||
Michigan Finance Authority, Universal Learning Academy Rev., 6.00%, 11/1/2032 | 750 | 851 | ||||||
Michigan Strategic Fund, Holland Home Obligated Group Rev., 5.00%, 11/15/2043 | 750 | 811 | ||||||
Michigan Strategic Fund, I-75, Improvement Project Rev., AMT, AGM, 4.13%, 6/30/2035 | 2,500 | 2,936 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project | ||||||||
Rev., 5.00%, 5/15/2037 | 670 | 746 | ||||||
Rev., 5.00%, 5/15/2044 | 1,000 | 1,093 | ||||||
Michigan Strategic Fund, United Methodist Retirement Communities, Inc., Project Rev., 5.00%, 11/15/2034 | 1,280 | 1,428 | ||||||
Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone Rev., 5.00%, 12/1/2020 | 40 | 40 | ||||||
Wayne County Airport Authority, Detroit Metropolitan Airport Series B, Rev., AMT, 5.00%, 12/1/2021 | 400 | 418 | ||||||
|
| |||||||
Total Michigan | 21,336 | |||||||
|
| |||||||
Minnesota — 0.9% |
| |||||||
City of Apple Valley, Senior Housing, Orchard Path Project Rev., 4.25%, 9/1/2038 | 750 | 760 | ||||||
City of Minneapolis, Health Care System, Fairview Health Services Series A, Rev., 4.00%, 11/15/2038 | 750 | 862 | ||||||
City of Wayzata, Folkestone Senior Living Community | ||||||||
Rev., 5.00%, 8/1/2032 | 100 | 106 | ||||||
Rev., 5.00%, 8/1/2033 | 200 | 213 | ||||||
Rev., 5.00%, 8/1/2035 | 200 | 213 | ||||||
Rev., 3.75%, 8/1/2036 | 250 | 250 | ||||||
Rev., 3.75%, 8/1/2037 | 500 | 497 | ||||||
Rev., 4.00%, 8/1/2038 | 350 | 353 | ||||||
Rev., 4.00%, 8/1/2039 | 250 | 252 | ||||||
City of Woodbury, Charter School Lease | ||||||||
Rev., 3.00%, 12/1/2030 | 250 | 257 | ||||||
Rev., 4.00%, 12/1/2040 | 200 | 212 | ||||||
Rev., 4.00%, 12/1/2050 | 250 | 263 | ||||||
Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs | ||||||||
Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040 | 2 | 1 | ||||||
Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041 | 50 | 51 | ||||||
|
| |||||||
Total Minnesota | 4,290 | |||||||
|
| |||||||
Mississippi — 0.6% |
| |||||||
Mississippi Development Bank, Harrison County, Coliseum and Convention Center | ||||||||
Series A, Rev., GTD, 5.25%, 1/1/2030 | 160 | 213 | ||||||
Series 2010A, Rev., GTD, 5.25%, 1/1/2034 | 100 | 138 | ||||||
Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project | ||||||||
Series A, Rev., 4.00%, 1/1/2039 | 1,250 | 1,448 | ||||||
Series A, Rev., 4.00%, 1/1/2040 | 1,000 | 1,157 | ||||||
|
| |||||||
Total Mississippi | 2,956 | |||||||
|
| |||||||
Missouri — 1.9% |
| |||||||
Bi-State Development Agency, Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2025 | 400 | 489 | ||||||
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects | ||||||||
Series 2019A, Rev., 5.00%, 2/1/2029 | 550 | 618 | ||||||
Series 2019C, Rev., 4.00%, 2/1/2032 | 390 | 428 | ||||||
Series 2019C, Rev., 4.00%, 2/1/2033 | 865 | 943 | ||||||
Series 2019C, Rev., 4.00%, 2/1/2034 | 1,000 | 1,084 | ||||||
Series 2019A, Rev., 5.00%, 2/1/2034 | 1,010 | 1,124 | ||||||
Series 2016A, Rev., 5.00%, 2/1/2036 | 2,500 | 2,783 | ||||||
Series 2019A, Rev., 5.00%, 2/1/2042 | 1,000 | 1,104 | ||||||
Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program Series E-4, Rev., AMT, GNMA/FNMA/FHLMC, 4.25%, 5/1/2021(d) | 15 | 15 | ||||||
St. Louis County Industrial Development Authority, Friendship Village Series 2018A, Rev., 5.00%, 9/1/2028 | 630 | 707 | ||||||
|
| |||||||
Total Missouri | 9,295 | |||||||
|
| |||||||
Montana — 0.1% |
| |||||||
Cascade County Elementary School District No. 1 Great Falls, School Building GO, 3.63%, 7/1/2038 | 335 | 375 | ||||||
Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038 | 75 | 79 | ||||||
|
| |||||||
Total Montana | 454 | |||||||
|
| |||||||
Nevada — 0.5% |
| |||||||
City of Las Vegas, Special Improvement District No. 611, Local Improvement | ||||||||
3.50%, 6/1/2030 | 200 | 210 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
3.50%, 6/1/2031 | 160 | 166 | ||||||
3.75%, 6/1/2032 | 260 | 271 | ||||||
4.00%, 6/1/2033 | 185 | 195 | ||||||
4.00%, 6/1/2034 | 185 | 194 | ||||||
4.00%, 6/1/2035 | 185 | 193 | ||||||
4.00%, 6/1/2040 | 450 | 464 | ||||||
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048 | 375 | 411 | ||||||
City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024(b) | 190 | 190 | ||||||
County of Clark, NV Passenger Facility Charge, Las Vegas-Mccarran International Airport Passenger Facility Series 2019E, Rev., 5.00%, 7/1/2033 | 200 | 255 | ||||||
|
| |||||||
Total Nevada | 2,549 | |||||||
|
| |||||||
New Hampshire — 0.3% |
| |||||||
City of Manchester, School Facilities Rev., NATL-RE, 5.50%, 6/1/2027 | 100 | 130 | ||||||
|
| |||||||
New Hampshire Business Finance Authority, The Vista Project | ||||||||
Series A, Rev., 5.25%, 7/1/2039(b) | 200 | 205 | ||||||
Series A, Rev., 5.63%, 7/1/2046(b) | 1,000 | 1,035 | ||||||
|
| |||||||
Total New Hampshire | 1,370 | |||||||
|
| |||||||
New Jersey — 5.2% |
| |||||||
New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project Series 2019A, Rev., 5.00%, 10/1/2039(b) | 2,000 | 1,952 | ||||||
New Jersey Economic Development Authority, Charter School, Golden Door Charter School Project | ||||||||
Series 2018A, Rev., 5.13%, 11/1/2029(b) | 210 | 226 | ||||||
Series 2018-A, Rev., 6.25%, 11/1/2038(b) | 525 | 599 | ||||||
New Jersey Economic Development Authority, Charter School, Marion P. Thomas Charter School, Inc., Project Series 2018-A, Rev., 5.00%, 10/1/2033(b) | 1,000 | 1,063 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surplus Series A, Rev., NATL-RE, 5.25%, 7/1/2024 | 380 | 433 | ||||||
New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039 | 1,200 | 1,367 | ||||||
New Jersey Economic Development Authority, Transit Transportation Project | ||||||||
Series 2020A, Rev., 4.00%, 11/1/2037 | 1,500 | 1,637 | ||||||
Series 2020A, Rev., 4.00%, 11/1/2038 | 750 | 818 | ||||||
Series 2020A, Rev., 4.00%, 11/1/2039 | 2,000 | 2,180 | ||||||
New Jersey Economic Development Authority, White Horse HMT Urban Renewal LLC Project Rev., 5.00%, 1/1/2040(b) | 3,000 | 2,909 | ||||||
New Jersey Educational Facilities Authority, Seton Hall University Issue, Tax-Exempt | ||||||||
Series 2020C, Rev., AGM, 3.25%, 7/1/2049 | 700 | 732 | ||||||
Series 2020C, Rev., AGM, 4.00%, 7/1/2050 | 725 | 822 | ||||||
New Jersey Health Care Facilities Financing Authority, St. Josephs Healthcare System Rev., 5.00%, 7/1/2041 | 1,500 | 1,698 | ||||||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan | ||||||||
Series 2018A, Rev., AMT, 3.75%, 12/1/2031 | 750 | 800 | ||||||
Series 2018A, Rev., AMT, 4.00%, 12/1/2032 | 400 | 434 | ||||||
Series A, Rev., AMT, 4.00%, 12/1/2033 | 500 | 541 | ||||||
Series 2018A, Rev., AMT, 4.00%, 12/1/2034 | 300 | 324 | ||||||
Series A, Rev., AMT, 4.00%, 12/1/2035 | 200 | 215 | ||||||
New Jersey Transportation Trust Fund Authority, Transportation Program Series 2019BB, Rev., 4.00%, 6/15/2036 | 1,000 | 1,086 | ||||||
State of New Jersey, Covid-19 Emergency Bonds GO, 5.00%, 6/1/2028 | 4,700 | 5,907 | ||||||
|
| |||||||
Total New Jersey | 25,743 | |||||||
|
| |||||||
New Mexico — 0.6% |
| |||||||
City of Santa Fe, El Castillo Retirement Residences Project Series 2019A, Rev., 5.00%, 5/15/2034 | 650 | 704 | ||||||
|
| |||||||
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group – La Vida Llena Expansion Project | ||||||||
Series A, Rev., 5.00%, 7/1/2033 | 360 | 395 | ||||||
Series A, Rev., 5.00%, 7/1/2034 | 375 | 407 | ||||||
Series A, Rev., 5.00%, 7/1/2039 | 1,225 | 1,316 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series 2011B, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 3/1/2028 | 55 | 55 | ||||||
|
| |||||||
Total New Mexico | 2,877 | |||||||
|
| |||||||
New York — 4.6% |
| |||||||
Buffalo & Erie County Industrial Land Development Corp., D’youville College Project | ||||||||
Rev., 4.00%, 11/1/2035 | 510 | 549 | ||||||
Rev., 4.00%, 11/1/2040 | 1,035 | 1,098 | ||||||
Build NYC Resource Corp., Inwood Academy for Leadership Charter School Project | ||||||||
Series 2018A, Rev., 4.88%, 5/1/2031(b) | 500 | 547 | ||||||
Series 2018A, Rev., 5.13%, 5/1/2038(b) | 250 | 271 | ||||||
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series 2017A, Rev., 4.00%, 11/1/2042 | 1,000 | 1,010 | ||||||
Metropolitan Transportation Authority | ||||||||
Series 2019B-1, Rev., BAN, 5.00%, 5/15/2022 | 200 | 207 | ||||||
Series 2020A-1, Rev., BAN, 5.00%, 2/1/2023 | 500 | 526 | ||||||
Monroe County Industrial Development Corp., St. Anns Community Project | ||||||||
Rev., 4.00%, 1/1/2030 | 2,000 | 2,023 | ||||||
Rev., 5.00%, 1/1/2040 | 2,145 | 2,253 | ||||||
Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project | ||||||||
Series 2020A, Rev., 5.00%, 6/1/2040(b) | 630 | 742 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2059(b) | 540 | 622 | ||||||
New York Liberty Development Corp., Goldman Sachs Headquarters Rev., 5.25%, 10/1/2035 | 525 | 758 | ||||||
New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., AGM, 3.00%, 9/1/2050 | 1,850 | 1,894 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project | ||||||||
Rev., AMT, 5.00%, 1/1/2022 | 1,000 | 1,033 | ||||||
Rev., AMT, 5.00%, 1/1/2025 | 3,250 | 3,621 | ||||||
Rev., AMT, 5.00%, 1/1/2028 | 500 | 587 | ||||||
Rev., AMT, 4.00%, 10/1/2030 | 1,000 | 1,126 | ||||||
Rev., AMT, 4.00%, 1/1/2036 | 500 | 537 | ||||||
Rev., AMT, 5.00%, 1/1/2036 | 375 | 425 | ||||||
Onondaga Civic Development Corp., Le Moyne College Project | ||||||||
Rev., 5.00%, 1/1/2037 | 300 | 343 | ||||||
Rev., 5.00%, 1/1/2038 | 200 | 229 | ||||||
Rev., 5.00%, 1/1/2043 | 500 | 565 | ||||||
Suffolk County Economic Development Corp., Peconic Landing at Southold Project, Inc., Forward Delivery Rev., 5.00%, 12/1/2029 | 750 | 852 | ||||||
Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project Rev., 5.00%, 7/1/2042 | 365 | 405 | ||||||
Yonkers Economic Development Corp., Charter School of Educational Excellence Project | ||||||||
Series 2019A, Rev., 4.00%, 10/15/2029 | 200 | 215 | ||||||
Series 2019A, Rev., 5.00%, 10/15/2039 | 315 | 353 | ||||||
|
| |||||||
Total New York | 22,791 | |||||||
|
| |||||||
North Carolina — 0.2% |
| |||||||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage, Galloway Ridge Series 2019A, Rev., 5.00%, 1/1/2031 | 625 | 682 | ||||||
|
| |||||||
North Carolina Medical Care Commission, Retirement Facilities, Pennybyrn at Maryfield Project Series 2020A, Rev., 5.00%, 10/1/2040 | 355 | 392 | ||||||
|
| |||||||
Total North Carolina | 1,074 | |||||||
|
| |||||||
North Dakota — 0.0%(e) |
| |||||||
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2012A, Rev., 3.75%, 7/1/2042 | 40 | 41 | ||||||
|
| |||||||
Ohio — 3.8% |
| |||||||
City of Centerville, Graceworks Lutheran Services Rev., 5.00%, 11/1/2027 | 380 | 409 | ||||||
City of Middleburg Heights, Southwest General Health Center Project, Tax-Exempt Series 2020A, Rev., 4.00%, 8/1/2041 | 550 | 637 | ||||||
Cleveland-Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project | ||||||||
Rev., 5.00%, 12/1/2033 | 1,000 | 1,069 | ||||||
Rev., 5.25%, 12/1/2038 | 500 | 536 | ||||||
Rev., 5.50%, 12/1/2043 | 500 | 539 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
County of Hamilton, Cincinnati City School District, Board of Education, Classroom Facilities Construction and Improvement GO, NATL-RE, 5.25%, 12/1/2025 | 185 | 230 | ||||||
County of Hardin, Economic Development Facilities, Ohio Northern University Rev., 5.00%, 5/1/2030 | 250 | 258 | ||||||
County of Ross, Adena Health System Rev., 5.00%, 12/1/2039 | 1,000 | 1,237 | ||||||
County of Warren, Otterbein Homes | ||||||||
Series A, Rev., 4.00%, 7/1/2037 | 1,000 | 1,121 | ||||||
Series A, Rev., 4.00%, 7/1/2039 | 500 | 557 | ||||||
Greene County Series 2007A, GO, AMBAC, 5.25%, 12/1/2028 | 45 | 58 | ||||||
Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project | ||||||||
Rev., 5.00%, 12/1/2028 | 500 | 536 | ||||||
Rev., 5.00%, 12/1/2033 | 270 | 281 | ||||||
Rev., 5.00%, 12/1/2038 | 685 | 698 | ||||||
Ohio Higher Educational Facility Commission, Tiffin University 2019 Project | ||||||||
Rev., 5.00%, 11/1/2034 | 2,875 | 3,222 | ||||||
Rev., 5.00%, 11/1/2039 | 4,890 | 5,398 | ||||||
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project Rev., 5.00%, 3/1/2034 | 2,000 | 2,094 | ||||||
Ohio Housing Finance Agency, Single Family Mortgage Series 2011 2, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/1/2028 | 5 | 5 | ||||||
|
| |||||||
Total Ohio | 18,885 | |||||||
|
| |||||||
Oklahoma — 0.4% |
| |||||||
Oklahoma City Water Utilities Trust, Water and Sewer System Rev., 5.38%, 7/1/2021(d) | 220 | 227 | ||||||
Oklahoma Development Finance Authority, Health System, Ou Medicine Project Series B, Rev., 5.00%, 8/15/2038 | 1,000 | 1,177 | ||||||
Tulsa Airports Improvement Trust | ||||||||
Series A, Rev., AMT, 5.00%, 6/1/2024 | 300 | 343 | ||||||
Series A, Rev., AMT, 5.00%, 6/1/2025 | 420 | 478 | ||||||
|
| |||||||
Total Oklahoma | 2,225 | |||||||
|
| |||||||
Oregon — 0.6% |
| |||||||
Clackamas County Hospital Facility Authority, Mary’s Woods at Marylhurst Project | ||||||||
Series 2018A, Rev., 5.00%, 5/15/2038 | 220 | 233 | ||||||
Series 2018A, Rev., 5.00%, 5/15/2043 | 310 | 326 | ||||||
Clackamas County School District No. 7J, Lake Oswego GO, AGM, 5.25%, 6/1/2025 | 165 | 201 | ||||||
Linn County Community School District No. 9 Lebanon GO, NATL-RE, 5.50%, 6/15/2030 | 20 | 28 | ||||||
Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt | ||||||||
Series 2020A, Rev., 5.00%, 10/1/2035 | 135 | 170 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2040 | 585 | 727 | ||||||
Oregon State Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030 | 10 | 10 | ||||||
Salem Hospital Facility Authority, Capital Manor Project Rev., 5.00%, 5/15/2038 | 1,000 | 1,089 | ||||||
State of Oregon, University Systems Projects Series G, GO, 5.25%, 8/2/2021(d) | 105 | 109 | ||||||
|
| |||||||
Total Oregon | 2,893 | |||||||
|
| |||||||
Pennsylvania — 7.9% |
| |||||||
Aliquippa School District | ||||||||
GO, 3.75%, 12/1/2033 | 2,000 | 2,285 | ||||||
GO, 3.88%, 12/1/2037 | 1,250 | 1,420 | ||||||
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2038 | 500 | 564 | ||||||
Allentown City School District | ||||||||
Series C, GO, 4.00%, 2/1/2034 | 1,580 | 1,858 | ||||||
Series B, GO, 5.00%, 2/1/2034 | 1,300 | 1,660 | ||||||
Series C, GO, 4.00%, 2/1/2035 | 1,000 | 1,173 | ||||||
Allentown Neighborhood Improvement Zone Development Authority, City Center Project | ||||||||
Rev., 5.00%, 5/1/2033(b) | 250 | 270 | ||||||
Rev., 5.00%, 5/1/2042(b) | 250 | 265 | ||||||
Berks County Industrial Development Authority, Healthcare Facilities | ||||||||
Rev., 5.00%, 5/15/2033 | 500 | 546 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Series 2017A, Rev., 5.00%, 5/15/2037 | 250 | 273 | ||||||
Rev., 5.00%, 5/15/2038 | 500 | 540 | ||||||
Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2037 | 1,000 | 1,066 | ||||||
Bucks County Industrial Development Authority, St. Luke’s University Health Network Project Rev., 4.00%, 8/15/2044 | 2,475 | 2,730 | ||||||
Cumberland County Municipal Authority, Asbury Pennsylvania Obligation Rev., 3.00%, 1/1/2024 | 1,000 | 976 | ||||||
Dallas Area Municipal Authority, Misericordia University Project | ||||||||
Rev., 3.25%, 5/1/2023 | 150 | 152 | ||||||
Rev., 5.00%, 5/1/2029 | 650 | 723 | ||||||
Rev., 5.00%, 5/1/2039 | 1,100 | 1,203 | ||||||
Franklin County Industrial Development Authority, Menno-Haven, Inc., Project | ||||||||
Rev., 5.00%, 12/1/2029 | 195 | 216 | ||||||
Rev., 5.00%, 12/1/2039 | 385 | 411 | ||||||
Rev., 5.00%, 12/1/2049 | 500 | 523 | ||||||
Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc., Project | ||||||||
Series 2019B, Rev., 2.88%, 12/15/2023 | 600 | 598 | ||||||
Series 2019A, Rev., 5.00%, 6/15/2032 | 545 | 590 | ||||||
Series 2019A, Rev., 5.00%, 6/15/2033 | 570 | 615 | ||||||
Series 2019A, Rev., 5.00%, 6/15/2038 | 1,110 | 1,178 | ||||||
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc., Project | ||||||||
Rev., 5.00%, 3/1/2040 | 250 | 265 | ||||||
Rev., 5.00%, 3/1/2045 | 500 | 524 | ||||||
Rev., 5.00%, 3/1/2050 | 500 | 521 | ||||||
Luzerne County Industrial Development Authority Rev., AGM, 5.00%, 12/15/2024 | 70 | 82 | ||||||
Mercer County Industrial Development Authority, Thiel College Project Rev., 6.13%, 10/1/2050(b) | 2,500 | 2,537 | ||||||
Montgomery County Higher Education and Health Authority, Arcadia University | ||||||||
Rev., 5.00%, 4/1/2034 | 275 | 313 | ||||||
Rev., 4.00%, 4/1/2035 | 205 | 215 | ||||||
Rev., 4.00%, 4/1/2036 | 520 | 542 | ||||||
Rev., 4.00%, 4/1/2037 | 545 | 567 | ||||||
Rev., 4.00%, 4/1/2038 | 695 | 720 | ||||||
Rev., 4.00%, 4/1/2039 | 725 | 749 | ||||||
Montgomery County Industrial Development Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020C, Rev., 4.00%, 11/15/2043 | 300 | 329 | ||||||
Northampton County Industrial Development Authority, Morningstar Senior Living, Inc., Project Rev., 5.00%, 11/1/2039 | 1,000 | 1,048 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2011- 112, Rev., AMT, 5.00%, 4/1/2028 | 10 | 10 | ||||||
Philadelphia Authority for Industrial Development, Independence Charter School West Project | ||||||||
Rev., 4.00%, 6/15/2029 | 360 | 375 | ||||||
Rev., 5.00%, 6/15/2039 | 500 | 532 | ||||||
Philadelphia Authority for Industrial Development, International Education and Community Initiatives Project Series 2018-A, Rev., 4.50%, 6/1/2029(b) | 700 | 742 | ||||||
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project | ||||||||
Series 2020A, Rev., 5.00%, 8/1/2030 | 265 | 317 | ||||||
Series 2020A, Rev., 5.00%, 8/1/2040 | 315 | 374 | ||||||
School District of Philadelphia (The) Series B, GO, AGM, 4.00%, 9/1/2043 | 1,250 | 1,455 | ||||||
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project Rev., 5.00%, 12/15/2038 | 750 | 812 | ||||||
West Mifflin School District, Limited Tax | ||||||||
GO, 3.00%, 4/1/2034 | 1,000 | 1,115 | ||||||
GO, 3.00%, 4/1/2038 | 1,400 | 1,541 | ||||||
Wilkes-Barre Area School District | ||||||||
GO, 3.50%, 4/15/2038 | 370 | 419 | ||||||
GO, 3.50%, 4/15/2039 | 230 | 260 | ||||||
GO, 3.75%, 4/15/2044 | 1,000 | 1,133 | ||||||
|
| |||||||
Total Pennsylvania | 39,332 | |||||||
|
| |||||||
Rhode Island — 0.1% |
| |||||||
Rhode Island Commerce Corp. Series B, Rev., 5.00%, 7/1/2022 | 250 | 266 | ||||||
Rhode Island Student Loan Authority Series 2017A, Rev., AMT, 5.00%, 12/1/2024 | 100 | 114 | ||||||
|
| |||||||
Total Rhode Island | 380 | |||||||
|
|
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
South Carolina — 1.6% |
| |||||||
South Carolina Jobs-Economic Development Authority, Bishop Gadsden Episcopal Retirement Community Series 2019A, Rev., 4.00%, 4/1/2034 | 605 | 641 | ||||||
South Carolina Jobs-Economic Development Authority, Episcopal Home At Still Hopes Series 2018A, Rev., 5.00%, 4/1/2033 | 1,485 | 1,602 | ||||||
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project | ||||||||
Series A, Rev., 4.00%, 12/1/2029(b) | 1,130 | 1,255 | ||||||
Series A, Rev., 5.00%, 12/1/2034(b) | 1,405 | 1,650 | ||||||
Series A, Rev., 5.00%, 12/1/2039(b) | 1,795 | 2,072 | ||||||
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project | ||||||||
Series 2020A, Rev., 5.00%, 11/15/2028 | 210 | 228 | ||||||
Series 2020A, Rev., 5.00%, 11/15/2029 | 110 | 120 | ||||||
Series 2020A, Rev., 5.00%, 11/15/2042 | 580 | 604 | ||||||
|
| |||||||
Total South Carolina | 8,172 | |||||||
|
| |||||||
South Dakota — 0.1% |
| |||||||
South Dakota Health and Educational Facilities Authority, Sanford Health Obligated Group Rev., 5.00%, 11/1/2045 | 500 | 579 | ||||||
South Dakota Housing Development Authority, Homeownership Mortgage Series 2012A, Rev., AMT, 4.50%, 5/1/2031 | 35 | 36 | ||||||
|
| |||||||
Total South Dakota | 615 | |||||||
|
| |||||||
Tennessee — 1.7% |
| |||||||
Chattanooga Health Educational and Housing Facility Board, CommonSpirit Health Series A-1, Rev., 4.00%, 8/1/2044 | 1,000 | 1,114 | ||||||
Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019B, Rev., AMT, 5.00%, 7/1/2039 | 625 | 782 | ||||||
Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project | ||||||||
Rev., 4.50%, 6/1/2028(b) | 500 | 526 | ||||||
Rev., 5.13%, 6/1/2036(b) | 425 | 452 | ||||||
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project | ||||||||
Series 2019A, Rev., 5.75%, 10/1/2049 | 1,000 | 991 | ||||||
Series 2019A, Rev., 5.75%, 10/1/2054 | 1,500 | 1,476 | ||||||
Series 2019A, Rev., 5.75%, 10/1/2059 | 3,350 | 3,244 | ||||||
Tennessee Housing Development Agency, Homeownership Program | ||||||||
Series A, Rev., AMT, 4.50%, 1/1/2021(d) | 20 | 20 | ||||||
Series 1A, Rev., AMT, 4.50%, 1/1/2038 | 35 | 36 | ||||||
|
| |||||||
Total Tennessee | 8,641 | |||||||
|
| |||||||
Texas — 6.3% |
| |||||||
Arlington Higher Education Finance Corp. Series 2020A, Rev., 4.00%, 6/15/2040(b) | 1,810 | 1,819 | ||||||
Arlington Higher Education Finance Corp., Winfree Academy Charter Schools | ||||||||
Series 2019A, Rev., 5.15%, 8/15/2029 | 435 | 472 | ||||||
Series 2019A, Rev., 5.75%, 8/15/2043 | 1,000 | 1,111 | ||||||
Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project Rev., 4.00%, 7/15/2045 | 940 | 904 | ||||||
City of Houston | ||||||||
Series 2018D, Rev., 5.00%, 7/1/2028 | 355 | 459 | ||||||
Rev., AMT, 5.00%, 7/1/2029 | 2,500 | 2,622 | ||||||
City of Houston, Combined Utility System, Capital Appreciation Series A, Rev., AGM, Zero Coupon, 12/1/2027(d) | 30 | 28 | ||||||
City of Temple, Reinvestment Zone Series A, Rev., 5.00%, 8/1/2028(b) | 915 | 1,031 | ||||||
Dallas Area Rapid Transit, Sales Tax, Senior Lien Rev., AMBAC, 5.25%, 12/1/2029 | 130 | 178 | ||||||
Danbury Higher Education Authority, Inc., Golden Rule Schools, Inc. Series 2019A, Rev., 5.00%, 8/15/2039 | 3,000 | 3,123 | ||||||
Matagorda County Navigation District No. 1, Pollution Control, Central Power and Light Co. Project. Series 2001A, Rev., 2.60%, 11/1/2029 | 1,000 | 1,071 | ||||||
New Hope Cultural Education Facilities Finance Corp., Beta Academy | ||||||||
Series A, Rev., 3.38%, 8/15/2029(b) | 300 | 301 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Series A, Rev., 5.00%, 8/15/2039(b) | 425 | 444 | ||||||
Series A, Rev., 5.00%, 8/15/2049(b) | 670 | 695 | ||||||
New Hope Cultural Education Facilities Finance Corp., Cityscape Schools Inc. | ||||||||
Series A, Rev., 4.00%, 8/15/2029(b) | 330 | 356 | ||||||
Series A, Rev., 5.00%, 8/15/2039(b) | 610 | 667 | ||||||
New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series A, Rev., 5.50%, 7/1/2054 | 1,000 | 1,008 | ||||||
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project | ||||||||
Series 2020A, Rev., 5.00%, 1/1/2030 | 1,075 | 1,162 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2035 | 865 | 916 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2040 | 790 | 825 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2055 | 2,000 | 2,056 | ||||||
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2039 | 1,000 | 1,018 | ||||||
New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation Series A-1, Rev., 5.00%, 12/1/2039 | 1,420 | 1,540 | ||||||
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes Inc., Project | ||||||||
Rev., 4.00%, 1/1/2029 | 300 | 299 | ||||||
Rev., 5.00%, 1/1/2039 | 205 | 211 | ||||||
Newark Higher Education Finance Corp., Austin Achieve Public Schools, Inc. | ||||||||
Rev., 4.25%, 6/15/2028 | 140 | 142 | ||||||
Rev., 5.00%, 6/15/2033 | 150 | 154 | ||||||
Rev., 5.00%, 6/15/2038 | 250 | 255 | ||||||
Permanent University Fund — University of Texas System Series B, Rev., 5.25%, 7/1/2028 | 140 | 187 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children’s Medical Center Series A, Rev., 5.25%, 12/1/2039 | 170 | 189 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project | ||||||||
Series 2020A, Rev., 6.25%, 11/15/2031 | 500 | 526 | ||||||
Series 2020A, Rev., 6.63%, 11/15/2041 | 1,455 | 1,547 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project, Tax Exempt | ||||||||
Series 2020B-2, Rev., 3.00%, 11/15/2026 | 1,660 | 1,669 | ||||||
Series 2020B-1, Rev., 4.00%, 11/15/2027 | 2,100 | 2,114 | ||||||
Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029 | 5 | 5 | ||||||
|
| |||||||
Total Texas | 31,104 | |||||||
|
| |||||||
Utah — 1.8% |
| |||||||
Mida Mountain Village Public Infrastructure District | ||||||||
Series 2020B, 6.25%, 8/1/2030(b) | 1,000 | 969 | ||||||
Series 2020A, 4.50%, 8/1/2040 | 1,000 | 1,033 | ||||||
Utah Charter School Finance Authority, Mountain West Montessori Academy Project | ||||||||
Series 2020A, Rev., 3.13%, 6/15/2029(b) | 750 | 741 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2039(b) | 475 | 509 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2049(b) | 825 | 871 | ||||||
Utah Charter School Finance Authority, Summit Academy Incorporated | ||||||||
Series A, Rev., 4.00%, 4/15/2032 | 250 | 296 | ||||||
Series A, Rev., 4.00%, 4/15/2033 | 260 | 306 | ||||||
Series A, Rev., 5.00%, 4/15/2034 | 235 | 293 | ||||||
Series A, Rev., 5.00%, 4/15/2039 | 700 | 862 | ||||||
Utah Infrastructure Agency, Tax-Exempt Telecommunications | ||||||||
Rev., 4.00%, 10/15/2033 | 500 | 540 | ||||||
Rev., 4.00%, 10/15/2036 | 500 | 534 | ||||||
Rev., 4.00%, 10/15/2039 | 700 | 742 | ||||||
Rev., 4.00%, 10/15/2042 | 475 | 498 | ||||||
Utah Transit Authority, Subordinate Sales Tax | ||||||||
Series C, Rev., AGM, 5.25%, 6/15/2025 | 40 | 48 | ||||||
Series 2006C, Rev., AGM, 5.25%, 6/15/2032 | 450 | 625 | ||||||
|
| |||||||
Total Utah | 8,867 | |||||||
|
|
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Vermont — 0.1% |
| |||||||
Vermont Student Assistance Corp., Education Loan | ||||||||
Series A, Rev., AMT, 4.00%, 6/15/2032 | 150 | 160 | ||||||
Series A, Rev., AMT, 4.00%, 6/15/2033 | 190 | 202 | ||||||
Series 2018A, Rev., AMT, 4.00%, 6/15/2034 | 155 | 165 | ||||||
|
| |||||||
Total Vermont | 527 | |||||||
|
| |||||||
Virginia — 3.6% |
| |||||||
Chesapeake Hospital Authority, Regional Medical Center | ||||||||
Rev., 4.00%, 7/1/2035 | 1,000 | 1,163 | ||||||
Rev., 4.00%, 7/1/2036 | 1,175 | 1,361 | ||||||
Rev., 4.00%, 7/1/2037 | 1,205 | 1,392 | ||||||
Danville Industrial Development Authority, Averett University Series A, Rev., 4.75%, 10/1/2032 | 760 | 773 | ||||||
Fredericksburg Economic Development Authority, Stadium Project | ||||||||
Series B, Rev., 6.13%, 9/1/2029(b) | 2,000 | 1,971 | ||||||
Series B, Rev., 7.00%, 9/1/2044(b) | 1,000 | 932 | ||||||
Norfolk Redevelopment and Housing Authority, Harbors Edge Project | ||||||||
Series 2019A, Rev., 5.00%, 1/1/2034 | 1,000 | 1,064 | ||||||
Series 2019A, Rev., 4.38%, 1/1/2039 | 1,400 | 1,416 | ||||||
Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living | ||||||||
Series 2019A, Rev., 4.75%, 9/1/2029 | 1,000 | 1,009 | ||||||
Series 2019A, Rev., 5.00%, 9/1/2034 | 2,000 | 2,022 | ||||||
Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2020A, Rev., 5.00%, 7/1/2047 | 1,550 | 2,490 | ||||||
Roanoke Economic Development Authority, Residential Care Facility, Richfield Living | ||||||||
Rev., 4.30%, 9/1/2030 | 770 | 749 | ||||||
Rev., 5.00%, 9/1/2040 | 1,640 | 1,608 | ||||||
Virginia Resources Authority, Infrastructure Pooled Financing Program Series 2011A, Rev., 5.00%, 11/1/2021(d) | 70 | 73 | ||||||
|
| |||||||
Total Virginia | 18,023 | |||||||
|
| |||||||
Washington — 3.6% |
| |||||||
Pend Oreille County, Public Hospital District No. 1 | ||||||||
GO, 5.00%, 12/1/2033 | 1,000 | 1,179 | ||||||
GO, 5.00%, 12/1/2038 | 1,255 | 1,464 | ||||||
Pend Oreille County, Public Utility District No. 1, Box Canyon Production System Rev., 5.00%, 1/1/2039 | 2,605 | 2,917 | ||||||
Washington Health Care Facilities Authority, Commonspirit Health Series A-1, Rev., 4.00%, 8/1/2044 | 1,000 | 1,115 | ||||||
Washington Higher Education Facilities Authority, Seattle University Project | ||||||||
Rev., 3.50%, 5/1/2039 | 300 | 315 | ||||||
Rev., 3.63%, 5/1/2040 | 800 | 846 | ||||||
Rev., 4.00%, 5/1/2045 | 500 | 552 | ||||||
Washington State Housing Finance Commission, Judson Park Project | ||||||||
Rev., 4.00%, 7/1/2028(b) | 535 | 558 | ||||||
Rev., 5.00%, 7/1/2033(b) | 535 | 578 | ||||||
Rev., 5.00%, 7/1/2038(b) | 300 | 321 | ||||||
Washington State Housing Finance Commission, Rockwood Retirement Communities Project | ||||||||
Rev., 5.00%, 1/1/2032(b) | 785 | 835 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2041(b) | 3,070 | 3,127 | ||||||
Washington State Housing Finance Commission, The Heart Stone Project | ||||||||
Series 2018A, Rev., 4.50%, 7/1/2028(b) | 965 | 998 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2038(b) | 825 | 848 | ||||||
Washington State Housing Finance Commission, Transforming Age Projects | ||||||||
Series 2019A, Rev., 5.00%, 1/1/2034(b) | 745 | 801 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2039(b) | 1,495 | 1,583 | ||||||
|
| |||||||
Total Washington | 18,037 | |||||||
|
| |||||||
West Virginia — 0.6% |
| |||||||
West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc. | ||||||||
Series 2019A, Rev., 5.00%, 9/1/2038 | 1,250 | 1,487 | ||||||
Series 2019A, Rev., 5.00%, 9/1/2039 | 1,400 | 1,663 | ||||||
|
| |||||||
Total West Virginia | 3,150 | |||||||
|
| |||||||
Wisconsin — 6.4% |
| |||||||
Public Finance Authority, Blue Ridge Healthcare Facilities | ||||||||
Series 2020A, Rev., 4.00%, 1/1/2045 | 750 | 845 | ||||||
Series 2020A, Rev., 3.00%, 1/1/2050 | 750 | 758 | ||||||
Public Finance Authority, Cedars Obligated Group Rev., 4.25%, 5/1/2029(b) | 1,000 | 966 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Public Finance Authority, Community School of Davidson Project | ||||||||
Rev., 3.75%, 10/1/2023 | 230 | 234 | ||||||
Rev., 5.00%, 10/1/2033 | 775 | 848 | ||||||
Public Finance Authority, Coral Academy of Science Reno | ||||||||
Series 2019A, Rev., 5.00%, 6/1/2029(b) | 370 | 404 | ||||||
Series 2019A, Rev., 5.00%, 6/1/2039(b) | 710 | 746 | ||||||
Public Finance Authority, ENO River Academy Project | ||||||||
Series 2020A, Rev., 4.00%, 6/15/2030(b) | 235 | 250 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2040(b) | 410 | 453 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2054(b) | 685 | 744 | ||||||
Public Finance Authority, Minnesota College of Osteopathic Medicine | ||||||||
Series 2019A-1, Rev., 5.50%, 12/1/2048(b)(f) | 17 | 9 | ||||||
Series 2019A-2, Rev., 7.25%, 12/1/2048(b)(f) | 46 | 23 | ||||||
Public Finance Authority, Piedmont Community Charter School | ||||||||
Rev., 5.00%, 6/15/2027 | 160 | 192 | ||||||
Rev., 5.00%, 6/15/2028 | 505 | 613 | ||||||
Rev., 5.00%, 6/15/2034 | 215 | 257 | ||||||
Rev., 5.00%, 6/15/2039 | 390 | 459 | ||||||
Rev., 5.00%, 6/15/2049 | 1,000 | 1,156 | ||||||
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Rev., 4.00%, 11/15/2042(b) | 3,955 | 3,619 | ||||||
Public Finance Authority, Retirement Facilities First Mortgage Rev., 4.25%, 10/1/2038(b) | 2,000 | 1,968 | ||||||
Public Finance Authority, Roseman University of Health Sciences Project | ||||||||
Rev., 5.00%, 4/1/2030(b) | 500 | 552 | ||||||
Rev., 5.00%, 4/1/2040(b) | 2,155 | 2,333 | ||||||
Public Finance Authority, The Evergreens Obligated Group Rev., 5.00%, 11/15/2044 | 1,565 | 1,707 | ||||||
Public Finance Authority, Ultimate Medical Academy Project | ||||||||
Series 2019A, Rev., 5.00%, 10/1/2028(b) | 2,000 | 2,200 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2029(b) | 1,850 | 2,038 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2034(b) | 500 | 537 | ||||||
Public Finance Authority, Wilson Preparatory Academy | ||||||||
Series 2019A, Rev., 4.13%, 6/15/2029(b) | 510 | 531 | ||||||
Series 2019A, Rev., 5.00%, 6/15/2039(b) | 500 | 528 | ||||||
Series 2019A, Rev., 5.00%, 6/15/2049(b) | 1,100 | 1,148 | ||||||
Wisconsin Health and Educational Facilities Authority Rev., 4.00%, 2/1/2045 | 575 | 616 | ||||||
Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc. | ||||||||
Series B, Rev., 5.00%, 7/1/2038 | 150 | 176 | ||||||
Series A, Rev., 5.00%, 7/1/2044 | 210 | 244 | ||||||
Series A, Rev., 5.00%, 7/1/2049 | 750 | 866 | ||||||
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System | ||||||||
Series 2019A, Rev., 5.00%, 11/1/2026 | 355 | 383 | ||||||
Series 2019A, Rev., 5.00%, 11/1/2027 | 370 | 401 | ||||||
Series 2019A, Rev., 5.00%, 11/1/2028 | 470 | 510 | ||||||
Series 2019A, Rev., 5.00%, 11/1/2029 | 315 | 341 | ||||||
Series 2019A, Rev., 5.00%, 11/1/2030 | 515 | 554 | ||||||
Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc., Project Series A, Rev., 4.25%, 9/15/2035 | 1,500 | 1,514 | ||||||
|
| |||||||
Total Wisconsin | 31,723 | |||||||
|
| |||||||
TOTAL MUNICIPAL BONDS (Cost $473,308) | 483,372 | |||||||
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COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%(e) |
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Southcross Holdco Equity, 0.00%, 7/9/2070‡(Cost $11) | 3 | — | ||||||
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Shares (000) | ||||||||
SHORT-TERM INVESTMENTS — 1.0% |
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INVESTMENT COMPANIES — 1.0% |
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JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.09%(g)(h)(Cost $5,125) | 5,122 | 5,125 | ||||||
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Total Investments — 98.1% (Cost $478,444) |
| 488,497 | ||||||
Other Assets Less Liabilities — 1.9% |
| 9,323 | ||||||
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Net Assets — 100.0% |
| 497,820 | ||||||
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Percentages indicated are based on net assets.
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Abbreviations
AGC | Insured by Assured Guaranty Corp. | |
AGM | Insured by Assured Guaranty Municipal Corp. | |
AMBAC | Insured by American Municipal Bond Assurance Corp. | |
AMT | Alternative Minimum Tax | |
BAN | Bond Anticipation Note | |
BHAC | Insured by Berkshire Hathaway Assurance Corp. | |
COP | Certificate of Participation | |
CR | Custodial Receipts | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
GO | General Obligation | |
GTD | Guaranteed | |
NATL | Insured by National Public Finance Guarantee Corp. | |
RE | Reinsured | |
Rev. | Revenue | |
(a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
(b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2020. | |
(d) | Security is prerefunded or escrowed to maturity. | |
(e) | Amount rounds to less than 0.1% of net assets. | |
(f) | Defaulted security. | |
(g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(h) | The rate shown is the current yield as of November 30, 2020. | |
‡ | Value determined using significant unobservable inputs. |
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.
J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This 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 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.
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
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 per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.
• | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
• | Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
• | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities |
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Collateralized Mortgage Obligations | $ | — | $ | — | $ | — | (a) | $ | — | (a) | ||||||
Municipal Bonds | — | 483,372 | — | 483,372 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 5,125 | — | — | 5,125 | ||||||||||||
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Total Investments in Securities | $ | 5,125 | $ | 483,372 | $ | — | $ | 488,497 | ||||||||
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(a) | Value is zero. |
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 the Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below. Amounts in the table below are in thousands.
For the period ended November 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 29, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at November 30, 2020 | Shares at November 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.09%(a)(b) | $ | 44,883 | $ | 170,492 | $ | 210,249 | $ | (1 | ) | $ | — | (c) | $ | 5,125 | 5,122 | $ | 49 | $ | — | |||||||||||||||||
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(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, 2020. |
(c) | Amount rounds to less than one thousand. |